Found a credit union that has better rates than NFCU!

[bbb925]

I've been researching credit unions and came across L&N credit union. They have lower rates than NFCU. They also offer the 5/5 arm with 100% financing, no pmi and no closing costs. NFCU doesn't offer the no closing costs so that can be a huge savings up front. I have attached the link in case anyone is interested. I'm thinking of applying with them and NFCU on the same day to see what they each have to offer next month. Please post back if anyone applies with either.

www.lnfcu.com

[CH-7-Mission-Accomplished]

I'm not sure I would trust a credit union with a website that looks like this one.  (Ha).  I mean did they hire fourth graders to design it?

If you are in the Louisville area and qualify for membership why not give it a shot?

Keep in mind that this credit union has only $900 million in assets versus $69 billion for Navy Fed.  By comparison this is a very, very small player.  I would go onto Yelp and read reviews of them and maybe ask around with some real estate agents.  Some places promise the moon but can't seem to ever approve anything.

[bbb925]

I'm not in Louisville but they did say nationwide. I belonged to a little credit union in California called Riverside County Credit Union which switched to the name Altura. They were little as well but I never had a problem financing things with them. I'm not sure if this credit union does loans all over the U.S. But they said nationwide so I thought it might be a good option for people who can't get into NFCU as well. I looked at reviews and they are mixed like most are. I guess it's another option to add should the rates check out to be good and they approve. Sometimes small can be good

[CH-7-Mission-Accomplished]

If you click on "about us" it says:

"Today, the credit union has a Community Charter and is open to the Louisville Metro, Southeastern, and Northern Kentucky areas as well as some surrounding counties."

[bbb925]

Do you think that's their only branch locations? If they're "nationwide" and they mostly only service Kentucky than they are really confused.lol. I'll call them tomorrow to see if they do long distance loans...lol. I don't have a local NFCU branch either and I have to do all my banking online with them. All my loans came from Virginia and I was no where near there. Maybe they do the same? If they didn't say nationwide I would have thought local but that's the reason I put it as an option. I'll check back tomorrow and let everyone know if they're truly nationwide or KY wide.

[CH-7-Mission-Accomplished]

I did not see the "nationwide" reference, but it may mean that for their members (from that limited region) they will make loans nationwide.  Does that make sense?

There are quite a few credit unions that have these geographic restrictions, but then they have a wildcard for membership like being a member of the financial fitness association or donating to a certain charity.  Most credit unions, however, only serve their local area and/or specific employers.  As they try to grow bigger, though, some do try to expand their reach.

[bbb925]

I just read up on the community charter as that wasn't something I was familiar with. That is the deal breaker for anyone not in the Kentucky region. I guess you have to be affiliated with that community somehow or work for a specific company. So unless you're in KY or the counties they service it would be a no go. Thanks for the info!

[bbb925]

Rereading their quote "They are one of the largest credit unions in the nation". So, not nationwide like I previously mentioned. Bummer. Maybe someone in Kentucky might be interested. .lol. I better go to bed now because my comprehension this late at night is appalling!

[Revelate]

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@bbb925 wrote:
Rereading their quote "They are one of the largest credit unions in the nation". So, not nationwide like I previously mentioned. Bummer. Maybe someone in Kentucky might be interested. .lol. I better go to bed now because my comprehension this late at night is appalling!

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They aren't even top 100 by assets.

They only have something like 700m in assets according to Google, that's pretty small.  For reference based on the title, NFCU is nearly two orders of magnitude larger by assets.

[CH-7-Mission-Accomplished]

You should also check out NASA FCU.  They offer 100% LTV, no PMI.  I'm not sure about their rates and it doesn't say no closing costs.  They also allow co-borrowers who do not occupy the property, which is rare and can help young people getting their first home if their parents can cosign.

https://www.nasafcu.com/mortgagespecial/