Navy Federal (NFCU) Mortgage - Closing (Woodbridge: insurance, mortgage broker, credit)

[HokieDoke]

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?

Thanks!

[gammann]

I had an NFCU loan on my first home. I was happy with them, and liked the fact that they don't sell the loan. When we were buying our new home, I again went to them. We ended up buying a short-sell and the selling bank gave 30 days to close by. Even though we had already given all of our paperwork to NFCU, they said that they could not make that time frame, so we ended up going with someone else. I wouldn't mind refi'ing with them, but the fee's on their conventional loans kill it. 0.75pts plus 1% origination. Their mortgage rates don't change that often, definitely not daily like most places, and they currently have the $2500 towards closing deal. They also offer some products, that not a lot of other places do like 100% financing.

[spleuchan]

I've used NFCU twice when buying a home. The mortgage broker (not sure what they are really called) was really great and professional. We closed on time. I really like NFCU because you can put down less than 20% and not pay mortgage insurance. I'd go with them again, especially if I had less than a 20% down payment.

[tennisplyr]

I used the Costco.com: Offering thousands of items you won mortgage site, and was really happy with Weststar Mortgage in Woodbridge through Costco. I'd recommend them in a heartbeat.

[mdcrim]

I'll second Weststar through Costco. I just closed on a second refi with them. I have one neighbor who also used them with no probs. And if you go through Costco, the lender fees are capped at $600 for executive members and $750 for regular members.

[michgc]

We used NFCU for our mortgage 11 years ago and were very happy with them. Then last year, I applied for a home equity line of credit, and I was extremely frustrated with them. They. were. so. slow! I wanted it done in no more than 30 days. The person said she can do them in 15 if the property did not need a full appraisal. It did not. I think it finally closed about 35 days later. Ugh! And I could never call the processor and have her answer the phone. I always got the answering machine, which said she'd call back in 24 hours, which she did. So every time I had a question, I needed to wait a day until she'd answer it. So unacceptable in this day and age!

I have always been a huge NFCU fan, and love that they do not sell their loans, but I was so unhappy with the service and timeline on the HELOC that when I needed a mortgage for my new home, I contacted a friend who is a mortgage broker for a big company. She promised me a quick turnaround time - 21 days if necessary and no more than 30, and they were exactly true to their word. Every time I called the processor, the woman answered the phone on the first ring and answered my questions right away. It was such a breath of fresh air after having dealt with NFCU only months earlier. I hate to say it, but if you're in a rush, don't use them.

[newvadad]

My wife is a 23 year active duty Navy officer and we have all our accounts (checking, savings, retirement, 529, car loans) with NFCU except the mortgage, if that tells you anything. They were fumbling around with her first mortgage way back when so she went to Countrywide and got it closed in 30 days.

[sonnymarkjiz]

I want to refi with NFCU, since I got stuck with BOA. Is it a good ideA?

[gammann]

Originally Posted by sonnymarkjiz

I want to refi with NFCU, since I got stuck with BOA. Is it a good ideA?

I think it depends on what you are looking for. From a service standpoint they are excellent. They will never sell your loan, so you don't have worry where you send your payment changing. If you are looking for some unique loan products they are also good.

If you are looking for a conventional loan with 20% down, I'm not sure their rate/fee structure is as competitive.

[stp_fan]

To the people who are saying they don't sell their loans...NFCU does indeed sell a portion of their mortgage loans to Freddie Mac, Fannie Mae and Ginnie Mae. All major banks/financial institutions do. It's just how it works. Costco probably sells some of their loans too. They make money doing it, and it provides liquidity in the market place for the banks to make more loans.