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Hello all. Has anyone here gotten a mortgage with ncsecu? What was the process like? My wife and I have been preapproved with them and we just got under contract for new construction. Our file isn't horrible, and not excellent. Secu looks at the total file and not just a credit score which is why we liked them. we do have a lot of positive factors going for us credit history wise as of the past 2 years. For reference, her score they pulled from EQ is in 670s and mine was 650 ish at the time of the pull I believe(they don't pull a tri merge to get your mortgage scores. They only pull EQ FICO 8 for mortgage apps) Our Loan officer advised that our ratios/income are good. Closing is in Aug 2021 but I am already dealing with lots of anxiety thinking of what is next to come..the waiting game, underwriting, etc.. We are first time buyers btw. please advise.
I don't have experience with their mortgage process but just wanted to say thanks for posting and good luck!
Im al a member of SECU so nice to see the DPs for their lending criteria!
@designated_knitter wrote:I don't have experience with their mortgage process but just wanted to say thanks for posting and good luck!
Im al a member of SECU so nice to see the DPs for their lending criteria!
Thank you so much! I truly believe secu is a lot more understanding of past credit issues so long as things have drastically improved. We are scheduled for closing in August 2021. I will be sharing more data points along the way as we move through the process.
*update 4/9/21*
Secu sent our builder a letter confirming their commitment to lend us money for the purchase (per builder's request)
our home is one of the first homes scheduled to be built in the newest phase of the subdivision. I am hearing they are working on getting the lot surveyed, and running electrical for the new phase before they can begin construction on our home.
Per our loan officer, there will be an appraisal at drywall and a final appraisal when the home is complete. For now, all we can do is sit back and let things play out. I must admit I am very anxious/excited, but I am Hoping this process is as stress free as possible.
update 5/4/2021**
SECU reached out and advised that their mortgage interest rates have dropped. (This made my day lol) Redisclosures were sent showing a lower rate and a lower projected monthly payment. Construction still hasn't started. I decided to call the county to check status of permits. They needed a specific permit number in order to pull the permit and advise me. Unfortunately, I didn't have that info and I told them I would reach out to the builder for this info. I usually speak with the sales rep from our builder once a week for any updates. Hopefully they break ground soon
update 8/16/21
construction has finally started. Plumbing is done and the foundation should be poured this week. We are set to close at the end of October. I will be making weekly visits to monitor the build. Our lender also reached out to advise there will be two appraisals done: one at framing and one at completion. Interest rate has been locked.
Congrats! Put your hard hat on & wear closed toe shoes for those site visits. Homeowner safety first
Thank you! Absolutely! I can hardly wait for this experience to play out!
Congrats!!! I'm looking to get a new construction with NCSecu; my wife and I are both teachers in Charlotte.
Was this a construction to perm loan?
Was the process easy? Did they require you to pay off any debt, charge off and etc? Did they require reserves, and was the entire down payment needed before approval? Sorry for all the questions. I'll follow your thread closely. Again congrats!!!
Thank you so much! Our experience with secu has been great. The preapproval process is fairly easy. They are much more lenient than the traditional large banks when it comes to extending credit. One of the great things about secu, is you don't have to have a specific Fico score to qualify. They mainly consider income, and ability and willingness to pay. However, they won't give a preapproval with unpaid collections or unpaid charge offs on your credit report. Our loan officer has kept in contact with us to guide us throughout the process and to ask if we have any questions. The first time homebuyer's loan that we are using doesn't require a down payment, so that is very beneficial. The first time homebuyer's loan isn't a construction to perm loan, but they do offer those loans as well. As far as reserves, we weren't required to have them at the time of our application and preapproval. I think reserves may be required for some of their other loan products, but that could also depend on other variables in your underwriting process. In my opinion, you won't be disappointed by secu. They have a lot of perks for teachers as well. If you have any other questions I am more than happy to answer them based on our experience thus far.