Clear to Close with NFCU

[JGGM]

Hi All - 

I just wanted to share some data points for those looking at getting a mortgage with NFCU. I originally applied on June 9, 2021 right before closing on my old house, just so I could get a pre-approval. I got an approval pretty quick, though their rate they quoted me was not good, at like 3.625%. They told me they would rate match, so I also applied at better.com and got a 2.875% rate. NFCU matched it within 24 hours. 

I submitted a fully-executed contract to NFCU on 6/17/21. Honestly, the process was easy, but I am a control freak. Communication with NFCU was not as great as I would hope. Emails would take more than a day to get a response. That being said, any time I called the processor or loan officer and left a message, I would get a call back by the end of the business day. Additionally I called their main number a couple times and someone could answer my questions pretty easily it seemed. 

My middle score was 803. Purchase price is $360,000. I'm putting 10% down. Rate was matched to 2.875%, no loan origination, no PMI, and a $500 lender credit. Could I have gotten a better rate? Maybe. But no PMI is pretty nice too. In 27 days, I went from application (without a purchase contract) to 'clear to close'.  Appraisal took about 10 days to get back, from the time it was ordered. Underwriting was painless - but I also have $0 in debt at this point, so I'm sure that helps. 

All that being said, obtaining a mortgage with NFCU was a relatively easy process. My only gripe with them is how long email communication takes. I get that I'm not the only customer they're dealing with, but in the year 2021 I do think emails should be replied to in a more-timely manner. I will say I was probably more 'proactive' (see also: annoying) than some people might be. If I didn't get a resonse, I'd just call until I could speak to a live human being. 

Just my two cents, hope it helps other in the MF community looking at NFCU as a mortgage option.

[cammyspot]

Thanks, this is so helpful. Can you please share if you apply for a conventional, FHA, or the No down payment loan?

[JGGM]

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@cammyspot wrote:

Thanks, this is so helpful. Can you please share if you apply for a conventional, FHA, or the No down payment loan?

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Sure - mine is Conventional. I think they gave me an option to do 5% down, but I chose 10%.

[pizzadude]

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@JGGM wrote:

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@cammyspot wrote:

Thanks, this is so helpful. Can you please share if you apply for a conventional, FHA, or the No down payment loan?

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Sure - mine is Conventional. I think they gave me an option to do 5% down, but I chose 10%.

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Congrats on the approval!!  How did you go about avoiding PMI with 10% downpayment?

[brk1971]

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@pizzadude wrote:

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@JGGM wrote:

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@cammyspot wrote:

Thanks, this is so helpful. Can you please share if you apply for a conventional, FHA, or the No down payment loan?

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Sure - mine is Conventional. I think they gave me an option to do 5% down, but I chose 10%.

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Congrats on the approval!!  How did you go about avoiding PMI with 10% downpayment?

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NFCU conventional loans do not have PMI, as they do not sell their loans until they are <=80% LTV (thus they don't have to comply with Fan/Fred requirements for >80%LTV loans.

[pizzadude]

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@brk1971 wrote:

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Congrats on the approval!!  How did you go about avoiding PMI with 10% downpayment?

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NFCU conventional loans do not have PMI, as they do not sell their loans until they are <=80% LTV (thus they don't have to comply with Fan/Fred requirements for >80%LTV loans.

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That's cool, I wasn't aware of that -- thanks!

[cammyspot]

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@JGGM wrote:

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@cammyspot wrote:

Thanks, this is so helpful. Can you please share if you apply for a conventional, FHA, or the No down payment loan?

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Sure - mine is Conventional. I think they gave me an option to do 5% down, but I chose 10%.

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@JGGM Great thanks so much! I am thinking about applying with them in the next few months.

[chijo]

Thanks for the feedback. Navy Fed is on my short list of mortgage lenders to use. I keep learning little tidbits of things about them. Happy with them so far.

[JGGM]

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@chijo wrote:

Thanks for the feedback. Navy Fed is on my short list of mortgage lenders to use. I keep learning little tidbits of things about them. Happy with them so far.

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You're welcome. I followed advice given to me from @Anonymous and just stayed on top of them the whole time. 

[pizzadude]

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@JGGM wrote:

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@chijo wrote:

Thanks for the feedback. Navy Fed is on my short list of mortgage lenders to use. I keep learning little tidbits of things about them. Happy with them so far.

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You're welcome. I followed advice given to me from @Anonymous and just stayed on top of them the whole time. 

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Did NFCU pull all the standard mortgage scores for your approval?