cancel
Showing results for 
Search instead for 
Did you mean: 

NFCU...Long phone call getting info today!

tag
pizza1
Community Leader
Super Contributor

NFCU...Long phone call getting info today!

OK,...Im really hoping to go with NFCU for my mortgage loan later this year, and really had a lot of questions for them...so I called them up!

 

Why go with Navy?

First, I have some history with them, 2 yrs now, with checking/savings/LOC/car loan/CC, and thought having some history with the lender would help. Secondly, I like the fact that they will own my loan for its entirety, meaning my mortgage will never be sold. 

 

Found out that they will, for preapproval, pull all CRA, and take my middle score of the three.  ( i already knew that).  I basiclly I asked how many times they will pull my reports, during the duration of the process. I was told once (the initial time), and they might have to pull again if I dont start the loan process within such amount of time after they pull the reports and the reports expire.  So, If I get approval, and find a home right away and start the process, its only pulled that once. 

 

asked from start to finish how long the process could take..

 

if there are no snags along the way, usually within 45 days. 

 

Im looking at the 100% Home Buyers Choice Program, with a small DP, no PMI, and estimating what my middle score will be at th time of preapproval, she off record quoted my 5.19%.  mmmm, Im a First time Homebuyer, and at the time of buying will be 3yrs post BK7. I could qualify for FHA with a lower %, and a DP, but required PMI. 

 

Decisions, decisions.....

 

They also told me that they would match any other offer of terms that was better, providing I provide proof of it, and if If they couldnt for whatever reason they would give me $1k for my troubles.  Something tells me that they would find a way to match it if lower. 

 

So, Is 5% high for a mortagage loan with someone who has a 3 yr BK, plus a middle score of around 690+??

 

 

 

 

 

Message 1 of 24
23 REPLIES 23
Anonymous
Not applicable

Re: NFCU...Long phone call getting info today!


@pizza1 wrote:

OK,...Im really hoping to go with NFCU for my mortgage loan later this year, and really had a lot of questions for them...so I called them up!

 

Why go with Navy?

First, I have some history with them, 2 yrs now, with checking/savings/LOC/car loan/CC, and thought having some history with the lender would help. Secondly, I like the fact that they will own my loan for its entirety, meaning my mortgage will never be sold. 

 

Found out that they will, for preapproval, pull all CRA, and take my middle score of the three.  ( i already knew that).  I basiclly I asked how many times they will pull my reports, during the duration of the process. I was told once (the initial time), and they might have to pull again if I dont start the loan process within such amount of time after they pull the reports and the reports expire.  So, If I get approval, and find a home right away and start the process, its only pulled that once. 

 

asked from start to finish how long the process could take..

 

if there are no snags along the way, usually within 45 days. 

 

Im looking at the 100% Home Buyers Choice Program, with a small DP, no PMI, and estimating what my middle score will be at th time of preapproval, she off record quoted my 5.19%.  mmmm, Im a First time Homebuyer, and at the time of buying will be 3yrs post BK7. I could qualify for FHA with a lower %, and a DP, but required PMI. 

 

Decisions, decisions.....

 

They also told me that they would match any other offer of terms that was better, providing I provide proof of it, and if If they couldnt for whatever reason they would give me $1k for my troubles.  Something tells me that they would find a way to match it if lower. 

 

So, Is 5% high for a mortagage loan with someone who has a 3 yr BK, plus a middle score of around 690+??

 

 

 

 

 


Are they saying they will beat the terms for other 100% financing offers? Otherwise you are comparing apples to oranges. If it is truly no PMI, 5% isn't bad.

Message 2 of 24
Anonymous
Not applicable

Re: NFCU...Long phone call getting info today!

Hi there!

 

Although I cannot answer your question on if it is a good deal I too am actually half way through getting my first mortgage from Navy Federal.  I am doing the buyers choice 100% as well and I locked in right around that rate a few weeks ago and my middle score was 663.

 

Anyways I just wanted to add that, although a great Credit Union that I love, their mortgage folks are NOT very communicative - I have had to bug and pester them throughout the entire process.  The LO was flighty and never answered the phone or emails, now I am dealing with the processor and the story is the same.  I have been in final underwriting going on my second week.  My closing date is Feb 1st so I hope it gets out of final underwriting soon so I can see if there are any conditions.

 

I do not want to hijack your thread and your question, just want to let you know of my experience dealing with them on a mortgage.

 

Best of luck to you no matter what you decide!!!

Message 3 of 24
pizza1
Community Leader
Super Contributor

Re: NFCU...Long phone call getting info today!


@Anonymous wrote:

@pizza1 wrote:

OK,...Im really hoping to go with NFCU for my mortgage loan later this year, and really had a lot of questions for them...so I called them up!

 

Why go with Navy?

First, I have some history with them, 2 yrs now, with checking/savings/LOC/car loan/CC, and thought having some history with the lender would help. Secondly, I like the fact that they will own my loan for its entirety, meaning my mortgage will never be sold. 

 

Found out that they will, for preapproval, pull all CRA, and take my middle score of the three.  ( i already knew that).  I basiclly I asked how many times they will pull my reports, during the duration of the process. I was told once (the initial time), and they might have to pull again if I dont start the loan process within such amount of time after they pull the reports and the reports expire.  So, If I get approval, and find a home right away and start the process, its only pulled that once. 

 

asked from start to finish how long the process could take..

 

if there are no snags along the way, usually within 45 days. 

 

Im looking at the 100% Home Buyers Choice Program, with a small DP, no PMI, and estimating what my middle score will be at th time of preapproval, she off record quoted my 5.19%.  mmmm, Im a First time Homebuyer, and at the time of buying will be 3yrs post BK7. I could qualify for FHA with a lower %, and a DP, but required PMI. 

 

Decisions, decisions.....

 

They also told me that they would match any other offer of terms that was better, providing I provide proof of it, and if If they couldnt for whatever reason they would give me $1k for my troubles.  Something tells me that they would find a way to match it if lower. 

 

So, Is 5% high for a mortagage loan with someone who has a 3 yr BK, plus a middle score of around 690+??

 

 

 

 

 


Are they saying they will beat the terms for other 100% financing offers? Otherwise you are comparing apples to oranges. If it is truly no PMI, 5% isn't bad.


yes, Im sorry, I should have been more clear.  Whatever loan I decide to go with, conventional, 100%, whatever...If I find the same laon/terms etcc someplace else with a lower APR, they said they will match it, and if they cant, and I go with the other lender, they will pay me$1k for my troubles. 

Message 4 of 24
pizza1
Community Leader
Super Contributor

Re: NFCU...Long phone call getting info today!


@Anonymous wrote:

Hi there!

 

Although I cannot answer your question on if it is a good deal I too am actually half way through getting my first mortgage from Navy Federal.  I am doing the buyers choice 100% as well and I locked in right around that rate a few weeks ago and my middle score was 663.

 

Anyways I just wanted to add that, although a great Credit Union that I love, their mortgage folks are NOT very communicative - I have had to bug and pester them throughout the entire process.  The LO was flighty and never answered the phone or emails, now I am dealing with the processor and the story is the same.  I have been in final underwriting going on my second week.  My closing date is Feb 1st so I hope it gets out of final underwriting soon so I can see if there are any conditions.

 

I do not want to hijack your thread and your question, just want to let you know of my experience dealing with them on a mortgage.

 

Best of luck to you no matter what you decide!!!


HI!!  

 

Gosh no youre NOT hijacking my thread!  I appreciate any and all comments, even personal experiences especially with NFCU!!! LOL..

 

OK...So Im assumming that since your rate is around the same, that depends on the tier we are thrown into. Ive also heard that the loan process is either hit or miss.  You either get a great agent/officer, or you dont, ha! 

 

They also told me, that if I were to put $5k down, roll in the fee, that I could still (on the high end), need to have around $6500 for closing. Im very interested in hearing about your experience, and what you put down if any, loan amount, and your est closing costs.  Throw it at me!!!!  LOL...Smiley Wink

Message 5 of 24
Anonymous
Not applicable

Re: NFCU...Long phone call getting info today!

You bet!  I'll run my numbers buy you this evening when I have a bit more time for sure!

Message 6 of 24
Anonymous
Not applicable

Re: NFCU...Long phone call getting info today!

HI Pizza1!

 

Here are the numbers I have (from the Loan Estimate Doc) - sorry for the delay!

 

New Construction

Purchase price: $240,000

I got my pre-approval letter 24 hours after I applied online

 

 

Total Closing Costs: $9,921

Deposit (Earnest Money) $2000

Had seller put money towards closing $4000

 

So Navy says I will need $3,921 cash to close.  This was after putting $5000 down - not sure how much that altered the numbers.

 

At least in my scenario (not sure if this is for all 100% Home buyers choice loans) there is a 1.75% NFCU Funding Fee that they roll into your loan.

 

They also told me that these estimates are high, just like they told you.

Message 7 of 24
dursty87
Established Contributor

Re: NFCU...Long phone call getting info today!

I went with Navy Federal for my first mortgage last year and my overall experience was good. I will say that I did have communication issues with my LO but my processor was fantastic. Always kept me in the loop at where I was at in the process and always answered the phone when I called and asked a question. I don't even think I talked to my LO more than twice but that was fine with me.

I closed in 32 days which was great. They only pulled my credit once and that was during the pre approval process so that part is accurate at least for me. I did conventional and I do love the fact that they service their loans for the life of it (I don't think they own them the whole time, but they definitely service them) which was important to me as well. It makes things easy to just have it auto transferred from my checking account every month. BTW if you set up auto pay, even though your mortgage is due on the 1st, they don't take the payment out til the 10th.

The closing cost estimates they gave me were way high compared to what I ended up having to bring to closing. I'll have to look at my paperwork when I get home (currently on vacation) but IIRC it was $4000 difference on a $150k purchase price.

Message 8 of 24
pizza1
Community Leader
Super Contributor

Re: NFCU...Long phone call getting info today!


@Anonymous wrote:

HI Pizza1!

 

Here are the numbers I have (from the Loan Estimate Doc) - sorry for the delay!

 

New Construction

Purchase price: $240,000

I got my pre-approval letter 24 hours after I applied online

 

 

Total Closing Costs: $9,921

Deposit (Earnest Money) $2000

Had seller put money towards closing $4000

 

So Navy says I will need $3,921 cash to close.  This was after putting $5000 down - not sure how much that altered the numbers.

 

At least in my scenario (not sure if this is for all 100% Home buyers choice loans) there is a 1.75% NFCU Funding Fee that they roll into your loan.

 

They also told me that these estimates are high, just like they told you.


Thank you so much for the info!!!  Really helpfulSmiley Happy 

Message 9 of 24
pizza1
Community Leader
Super Contributor

Re: NFCU...Long phone call getting info today!


@dursty87 wrote:
I went with Navy Federal for my first mortgage last year and my overall experience was good. I will say that I did have communication issues with my LO but my processor was fantastic. Always kept me in the loop at where I was at in the process and always answered the phone when I called and asked a question. I don't even think I talked to my LO more than twice but that was fine with me.

I closed in 32 days which was great. They only pulled my credit once and that was during the pre approval process so that part is accurate at least for me. I did conventional and I do love the fact that they service their loans for the life of it (I don't think they own them the whole time, but they definitely service them) which was important to me as well. It makes things easy to just have it auto transferred from my checking account every month. BTW if you set up auto pay, even though your mortgage is due on the 1st, they don't take the payment out til the 10th.

The closing cost estimates they gave me were way high compared to what I ended up having to bring to closing. I'll have to look at my paperwork when I get home (currently on vacation) but IIRC it was $4000 difference on a $150k purchase price.


Thank you as well for the info!!  Any info regarding mortgage loans with NFCU helps me!!  Appreciate it!!

Message 10 of 24
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.