I am a Navy Federal Credit Union (NFCU) Member who is now looking to buy my dream home in a community at the lowest prices since it was was first built 10 years ago. I've owned my current home for about 15 years and all three Credit Scores are in the 720's - 730s, and the only debt I have is car payment, current low mortgage - which will become a rental, and three retail credit cards (all under $1000 balance with less than 10% utilization each) I applied online for a mortgage pre-approval with Navy Federal three weeks ago, along with two other pre-approvals from major banks which were both obtained within two days of application. I contacted NFCUat the end of the week I applied on the status of my application with them, and received no response. I contacted them on Friday and finally spoke with the individual who had my file. I asked what was the standard procedure for pre-approvals in terms of how long it takes for a response - even though the website boasts a QUICK RESPONSE, and was told that it still had to go through their "committee" before I could get a pre-approval but still got no definite time estimate. I politely told the individual that it was fine now that I understand their process, but that the banks which I had pre-approvals through only took a couple of days. The 'loan handler' then told me to GO AHEAD AND LOOK FOR A HOME USING ONE OF THE OTHER BANKS PRE-APPROVALS, but that I don't have to use them in the end. I'm nervous about doing that because I don't want to be denied by NFCU after I've made an offer and have a contract in hand. The NFCU is 100% financing with no PMI, and leaves me with lots in cash in reserves, and for furnishing the new house which just can't be beat by anyone else.
She also asked a couple of other questions that led me to believe she hasn't even looked at my information yet, so I went back into their site and and updated some things on my pending application to make it clearer. This must have triggered an alert as if I were submitting a brand new application, because yesterday I got a myfico notification that my score had dropped 11 points due to an inquiry from NFCU, which I don't understand since they just did an inquiry the day after my initial application three weeks ago. I'll be really pi$$ed about that if I end up being denied by them in the end.
Has anyone else had any WEIRD experiences with NFCU or other lenders that are just HMMM???
why the worry if you have preapproval with other banks?
was nfcu that much cheaper?
As i said : NFCU is 100% financing with no PMI, and leaves me with lots in cash in reserves, and for furnishing the new house which just can't be beat by anyone else.