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04-08-2008, 08:02 PM
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Member
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Join Date: Apr 2008
68 posts, read 41,170 times
Reputation: 58
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SECU mortgage
Can anyone speak to there experience with State Employees' Credit Union mortgages? I'm am looking at their first time buyers program but any information about their mortgages in general would be welcome.
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04-08-2008, 08:55 PM
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Spring shows what God can do with a drab and dirty
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Join Date: Mar 2007
Location: I'm not sure
11,768 posts, read 11,506,977 times
Reputation: 4522
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Are you a member? It the only way you can get a morgage, bank account or car loan with them.
I dont have any experience with their morgage sector but I love the low interest rate they had with my car loan.
Wish you luck.
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04-09-2008, 12:24 PM
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Member
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Join Date: Apr 2008
68 posts, read 41,170 times
Reputation: 58
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I am indeed a member.
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04-09-2008, 04:53 PM
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Chatty Cathy
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Join Date: Sep 2007
Location: Piedmont NC
4,107 posts, read 2,664,312 times
Reputation: 4620
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I've been a member of SECU since I started teaching for NC, back in 1979. I have opened accounts for my husband and my daughter. We ALL love SECU.
I had one mortgage with them, from about 1989 until we sold our home in 1994. No problems that I ever recall. Good interest rate as best I remember -- below what other banks were getting.
Check out the SECU website online. Maybe you can glean more info.
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04-09-2008, 05:24 PM
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Member
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Join Date: Jan 2007
67 posts, read 54,491 times
Reputation: 45
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I just got a mortgage last month. It was the 2 year ARM with 10% down. The initial rate was 4.25% and adjusts only every two years with a maximum increase or decrease of 1%. There is also no PMI on their ARMs even if you finance 100%. My credit is good and they did not even ask for income verification! The fixed rate mortgages are pretty competitive with what the banks offer but do require PMI for less than 20% down. The loan officers will push you towards the 2 year ARM so make sure you let them know you want hear about all of your options.
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04-09-2008, 07:23 PM
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Senior Member
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Join Date: Jul 2006
235 posts, read 226,123 times
Reputation: 79
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We are currently inprocess with the SECU and they have been wonderful. We have a 25 year fixed rate at 5.75%. We started out with 6% but they lowered their rates and anyone in process got their rates lowered. What a nice surprise! We are putting 10% down and according to the GFE, we are not paying PMI. It was the best deal by far in our research. Hope this helps.
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06-25-2008, 09:48 AM
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Member
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Join Date: Nov 2007
Location: Chapel Hill, NC
98 posts, read 62,563 times
Reputation: 41
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It looks like their fixed rates just went up, now at 6.75% for the 30 year at 10% down.
Anyone here have one of their All Savers Mortgage? This looks very favorable if you can afford a 15 year mortgage. |
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06-25-2008, 09:53 AM
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Senior Member
Status:
"Epic week!"
(set 9 days ago)
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Join Date: Nov 2006
Location: North Raleigh, NC
5,832 posts, read 6,493,820 times
Reputation: 3623
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Typically SECU has great rates for ARMS, but they usually can't compete when it comes to 30 year fixed since they are limited in their offerings in the area. Worth looking into though.  |
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06-25-2008, 12:08 PM
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Must...Have...Java!
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Join Date: Jan 2008
Location: Central NC
384 posts, read 324,370 times
Reputation: 101
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I've been very happy with SECU and have used them for just about everything "loan related".
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