Credit Union for Mortgage? (Sacramento, Gold River: good credit, loan, new home)

[Protagonista]

Well, I am finally going to make the move to Sacramento.

I'd like to buy a house sooner than later and am thinking about using Patelco as my mortgage lender.
Has anyone had any experience with them or another credit union?

I have had a good experience with a CU lender before, but they don't cover this area.
I am a member of NavyFed and could possibly use them, but they really don't have any branches up here and I have read that there pre-approval time frame is rather short.

Would love to hear what worked for others.


Also-looking into using Redfin as buyers agent.

Thanks!

[cb73]

I've been with Patelco for many years--great credit union, never a problem.

[derekjones]

Usually credit unions give their members a pretty good deal. It really depends on your situation though. Sometimes credit unions can't do certain assistance programs or work with certain credit/employment situations. Try getting approved through a couple lenders and see which works best for your situation.

[Protagonista]

I have excellent credit and thankfully don't need any assistance.

Wouldn't getting approved through a couple lenders affect my credit or is that just a myth?

[Protagonista]

cb73-

If you don't mind my asking have you had a home loan with them?

Thanks

[derekjones]

Originally Posted by Protagonista

I have excellent credit and thankfully don't need any assistance.

Wouldn't getting approved through a couple lenders affect my credit or is that just a myth?

Myth.

[lbf55]

I found a home I wanted online in Gold River and went to the Open House the next day to check it out. Took two days to pull the trigger and applied online with the Golden 1 Credit Union with the home price and amount of my down payment. I was approved immediately online pending income verification.


Within three days I submitted financial records and was given a pre-approval letter I could present with my offer. I used Golden 1 Credit Union Buyer's Advantage program where a Buyer Agent was assigned to me and they would credit 25% of the Buyer Agent's commission to my closing costs. I was assigned a Buyer Agent at 4pm, an offer was prepared, a link emailed to me that evening and we went over the offer over the phone. The offer was presented to the Seller's Agent the next day and the offer was accepted that evening with a 45 day escrow.


I met my Agent at the new home 4 times and 1 time to sign papers at the Title company a week before closing. The loan was funded a week later before noon and recorded with Sacramento county at 4pm. I met my Agent the next day at the new home where she handed me the keys.


I was pleasantly surprised how smoothly the process went. During the escrow period, documents were sent to me for review and approval using electronic signatures. The Buyer's Agent fees credited covered all of my closing costs plus a few hundred of my down payment. $449,950 - $200,000 = $249,950 (30yr loan @ 4% - 0 points)

[49erfan916]

I have patelco and i like them. Credit Unions tend to give you more favorable rates than banks and they would normally allow you to borrow more money for the same income. (which can be a bad thing and a good think for the borrower if they desire a more expensive house)

[Protagonista]

Thanks ibf55. I will look into Golden 1 CU. That is encouraging that you didn't have any last minute paperwork to contend with.

49erfan-I agree. I wish there was a site that compares CU mortgage rates like Bankrate does.

I tried looking up CU's on Yelp, but most of the reviews are about Tellers and ATMs not mortgages haha.

[Elliott_CA]

Originally Posted by Protagonista

Thanks ibf55. I will look into Golden 1 CU.

Your experience may be different but Golden 1 is known as "Slowden One." They are famous for taking forever and a day to process a mortgage app. Promised a close in 45 days and it took 80, and that's with very good credit and all docs submitted to them promptly.