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Old 09-12-2014, 11:07 PM
 
Location: Midwest
978 posts, read 2,041,005 times
Reputation: 801

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I've had similar experiences with credit unions. I find them to be helpful, but at times unprofessional. They often lack services that larger banks offer. I got an auto loan with a local CU and instead of offering payment online, I had to mail a check and a payment stub via snail mail. VERY unfriendly. Chase, Wells Fargo, etc, although I hate large banks, at least offer advanced services.
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Old 09-12-2014, 11:36 PM
 
3,224 posts, read 3,510,961 times
Reputation: 3549
I had a bad experience with NC SECU trying to refi my old house several years ago. The appraisal came in very low, $50k lower than one a year prior and $30K lower than the one a few months later with the internet group I ended up refi-ing with. Their policy was that if I re-appraised, they would average the two together (maybe other places are like that as well, but the 1st was so low that it brought the average too far down). Also, I would agree that the people I spoke with in their mortgage department were a bit clueless.
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Old 09-13-2014, 04:46 AM
 
9,680 posts, read 27,091,102 times
Reputation: 4163
Quote:
Originally Posted by cheapdad00 View Post
I had a bad experience with NC SECU trying to refi my old house several years ago. The appraisal came in very low, $50k lower than one a year prior and $30K lower than the one a few months later with the internet group I ended up refi-ing with. Their policy was that if I re-appraised, they would average the two together (maybe other places are like that as well, but the 1st was so low that it brought the average too far down). Also, I would agree that the people I spoke with in their mortgage department were a bit clueless.
As said before, SECU is very conservative.

Appraisals are well known to be unreliable or designed to give the numbers a lender wants to see (real estate meltdown).
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Old 09-13-2014, 10:47 AM
 
Location: Raleigh, NC
99 posts, read 181,314 times
Reputation: 104
People in general have high expectations until they get in the buying or selling process and get educated. For some it's "yes I get it" and for others it's "the rules don't apply to me." Depends on how motivated a person is to get educated to the ways of business.

My experience with credit union's is they offer some very good products without huge managerial fee's, but like banks they don't always offer the best product to the specific needs of any one customer.

The mortgage brokers I use and refer to my home buyer clients have a larger pool of loan products to choose from, and are not always obligated to using one particular product. Meaning, the mortgage broker could have a buyer in the "loan process" with one product, but another suddenly becomes available with less fee's (or down payment), so time permitting the buyer gets moved over into that better product.

Sometimes during the "home buying process" a buyers "expectations" are that they have submitted all the required documents and are qualified. But what they missed within the interaction and failed to hear was "loan underwriters will sometimes require a last minute audit" before issuing the funding for a loan, which means the buyer (expectations - we thought we had done all this!?) now has to resubmit more updated documents. The reason underwriters do that is because they want to make sure they can sell those loans to the secondary investment market, but retain the managerial side of the business, otherwise they'd be required to "hold" those loans and would eventually run out of money to provide more loans and generate revenue.

What I tell home buyers not working with agents is to find an agent (to represent you and your best interest) that you feel comfortable working with and let that agent refer a couple different mortgage brokers. See what products they offer and the requirements to qualify for one. Gain a better understanding of the loan process and also the home buying process (how to make offers, negotiations on homes, etc.) and what to expect.

It makes the process so much easier. Hope this helps.

Last edited by superhero; 09-13-2014 at 11:08 AM.. Reason: typo
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Old 09-13-2014, 10:55 AM
 
Location: Sneads Ferry, NC
13,324 posts, read 26,800,173 times
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Quote:
Originally Posted by superhero View Post
..... What I tell home buyers not working with agents is to find an agent (to represent you and your best interest) that you feel comfortable working with and let that agent refer a couple different mortgage brokers.......
You give a very good explanation of the process. However, the OP was 7-8 months away from buying. Would still suggest they get an agent to help them become "pre-approved"?
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Old 09-14-2014, 04:02 AM
 
9,680 posts, read 27,091,102 times
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Quote:
Originally Posted by goldenage1 View Post
You give a very good explanation of the process. However, the OP was 7-8 months away from buying. Would still suggest they get an agent to help them become "pre-approved"?
After they go through their finances and determine they can afford a home of their own, that is the correct next step.

Just because one bank will loan you more than another bank, doesn't mean that you should borrow from them.
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Old 09-14-2014, 07:06 AM
 
621 posts, read 978,187 times
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Quote:
Originally Posted by Th3Numb3rs View Post
She ran our credit report, ASKED US WHAT WE THOUGHT WE’D BE COMFORTABLE PAYING, and gave us a result. I emphasize the former sentence because I blown away that SHE was asking US what we wanted to pay. Isn’t a pre-approval process supposed to tell me what I can reasonably expect to be loaned from a bank? The rep was very nice, but it just didn't seem like they had any interest in our request.

Someone tell me if I my expectations are off here. Maybe I expected way too much from this experience, and should have brought more knowledge to the meeting beforehand? Am I way off-base?
I am really sorry you felt being asked a sensible question put you off. You should have done your homework, and based on some basic research and a unique understanding of your situation that only you can have, your entry to the bank should have been accompanied by greater personal responsibility and knowledge. A good banker can guide you but you can't abdicate what is expected of you. Instead of complaining about the bank, I wish your post was more about educating yourself and being a responsible borrower.

Too many people went with the banks' guidances leading up to the massive economic disruption in the recent past. But I guess for some, the recent chapter in the school of life has become ancient folklore with no lessons to be learned.

I am surprised you are considering an ARM product. We are in a low interest period. If you think an adjustable rate will adjust in your favor when interest rates start to rise, you are in for a surprise not unlike those who played a role in the last financial crisis.

I would seriously hope you are an isolated case and that most triangle residential properties are bought with less risky mortgage products.
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Old 09-14-2014, 08:33 AM
 
Location: North Carolina
766 posts, read 1,653,324 times
Reputation: 337
Quote:
Originally Posted by local2rtp View Post
I am really sorry you felt being asked a sensible question put you off. You should have done your homework, and based on some basic research and a unique understanding of your situation that only you can have, your entry to the bank should have been accompanied by greater personal responsibility and knowledge. A good banker can guide you but you can't abdicate what is expected of you. Instead of complaining about the bank, I wish your post was more about educating yourself and being a responsible borrower.

Too many people went with the banks' guidances leading up to the massive economic disruption in the recent past. But I guess for some, the recent chapter in the school of life has become ancient folklore with no lessons to be learned.

I am surprised you are considering an ARM product. We are in a low interest period. If you think an adjustable rate will adjust in your favor when interest rates start to rise, you are in for a surprise not unlike those who played a role in the last financial crisis.

I would seriously hope you are an isolated case and that most triangle residential properties are bought with less risky mortgage products.
I think you are misunderstanding the OP. I don't think they were saying that they were considering the ARM. The first time homebuying option for NCSECU is the ARM.

And it sounds like that's what they are doing now is research still.
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Old 09-14-2014, 09:15 AM
 
Location: My House
34,936 posts, read 36,076,712 times
Reputation: 26535
Quote:
Originally Posted by local2rtp View Post
I am really sorry you felt being asked a sensible question put you off. You should have done your homework, and based on some basic research and a unique understanding of your situation that only you can have, your entry to the bank should have been accompanied by greater personal responsibility and knowledge. A good banker can guide you but you can't abdicate what is expected of you. Instead of complaining about the bank, I wish your post was more about educating yourself and being a responsible borrower.

Too many people went with the banks' guidances leading up to the massive economic disruption in the recent past. But I guess for some, the recent chapter in the school of life has become ancient folklore with no lessons to be learned.

I am surprised you are considering an ARM product. We are in a low interest period. If you think an adjustable rate will adjust in your favor when interest rates start to rise, you are in for a surprise not unlike those who played a role in the last financial crisis.

I would seriously hope you are an isolated case and that most triangle residential properties are bought with less risky mortgage products.
Actually, an ARM is still a good product, depending on one's circumstances. Let's say you buy, planning to stay in a home 7-10 years. A 2/5, 3/5, or 5/5 ARM is great (especially if they can only adjust by a max of 2 points each time) because you will pay much lower interest than you would on a fixed-rate loan, but only experience one change in rate before you sell.
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Old 09-14-2014, 02:01 PM
LLN
 
Location: Upstairs closet
5,265 posts, read 10,668,314 times
Reputation: 7188
SECU is the Walmart of financial institutions. Clearly. I go to neither.
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