Friday, March 13, 2009

Navy Federal Credit Union

A friend has mentioned Navy Federal Credit Union many times with regards to how good they are for mortgages. He tends to be very enthusiastic about Navy things, so I normally regarded his promotion of NFCU as more of that. However, as actually getting a mortgage became much more real to me and as PMI became something I might be paying in a year, NFCU's mortgages with no PMI suddenly looked really attractive.

Here is what my friend says about NFCU:
The reason is they require far less up front than anyone else I know AND they are amazing to work with. Our realtor (we used the same one twice) bragged about these people who worked really hard for us in a tight squeeze. The example I'm thinking of was with our last purchase. We were pre-approved with a certain rate that expired after a certain time period. The rates would have gone up after the period expired. We found our current house with a little less than a month left in the period and the whole process usually takes at least a month or more. BUT, they worked with us and kept our loan process moving quickly and we finished with 2 days to spare. That kind of service was apparently unheard of.

So, if you have an in to NFCU, I would also suggest adding them to your list of potential lenders. Probably towards the top.


Anonymous said...

wow! It would be so cool to avoid pmi. It adds a good $200 to our mortgage.

K. McGowan said...

I have been a loyal NFCU member for over 30 years. I have used their products exclusively but my last encounter left a bad taste in my mouth. I applied for a refinance loan and was quoted a loan at 5% with 1 1/2 points. I paid for an application fee and an appraisal. The appraisal came in $75K less than what I estimated. I was told that I would have to pay an extra point even though the loan amount was only 63% of the appraisal. When I asked why, I was told that the appraisal was lower than what I posted but no sufficient reason beyond that. I have shopped around and found several other lenders with lower closing costs and points. So as much as I have enjoyed my time with NFCU it is time to move on. Money talks!!