Navy Federal Mortgage - Closing (loan, preapproval, credit, loan)
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I'm shopping around for loans now to start the first time home buying process and NFCU loans are looking great based on some preapprovals. One concern I've seen noted in other forums is NFCU's strict and/or slow closing process, especially on some of their low down payment products (FHA, HomeBuyers Choice, etc.), which is what we're looking at.
If you have experience as a buyer using NFCU is there anything I should be prepared for during closing when using one of those products?
I'm not a buyer, but I work with buyers who have gotten their loan through Navy Federal. They definitely have their own process. You cannot speed things up, unless there's a dire emergency. I had a buyer who's father lived out of the country and was dying. She needed to get to him. NFCU actually went outside their box to make it happen, and the dad died 2 weeks later.
Other times, when people just want to close quicker for the heck of it, they work their own time frame and you just have to deal with it. That's with most credit unions.
I looked at them for a VA loan last year. They had slightly better rates than the lender I went with but the closing costs were really high, enough that it negated the lower rate. It may be better for a non-VA loan though. Based on past experience with them they can be very rigid so if you need someone with some flexibility you may wish to look elsewhere.
We recently purchased a home and looked at both NFCU and USAA for VA loans. NFCU ended up being a far better deal. They paid $2,500 in closing costs and gave us a $250 VISA gift card at closing. We had absolutely no problems or delays throughout the process.
The NFCU headquarters is in our backyard and we get a ton of referrals from the folks over there, including the employees. They have two speeds, slow and slower. I recommend the OP find another lender, only because we have seen sellers favor the non-credit union offer in a multiple contract situation.
I am considering NFCU so can they close in 30 days of given a contract? I was totally unaware of the slow NFCU process so this is a bit surprising hope it will not hold up me buying a home. thanks
I am considering NFCU so can they close in 30 days of given a contract? I was totally unaware of the slow NFCU process so this is a bit surprising hope it will not hold up me buying a home. thanks
They prefer 45 days, but it depends on the person you get handling the file. Some move quicker than others. Some are more hands on while others just pass the file to the processor.
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