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Wells Fargo Home Loans Review

Wells Fargo is obviously a fairly famous large company that offers many kinds of financial products, including retail home loans. Wells Fargo divides its loan options up into fixed rate vs. adjustable rates, new construction loans, low interest and low down payment loans like and a first time buyers program. A few loans are separately listed, like jumbo loans and home improvement loans, as well as union family loans, military family loans, and veteran family loans,  All of these types of loans are listed under the large category of “Personal Loans” and the only other category is “Commercial.”  Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation and not generalizable without calculation.

Web site Organization and Clarity

Wells Fargo’s website is crowded on the page and involves too many layers and is somewhat haphazardly organized with lots of items double listed. The do have lots of tools to help you calculate your financial status and several to evaluate your eligibility for their various discount programs. The loan process many times boils down to what you can afford. The website asks what your preferred mode of communication is: digital, personal or through email evaluating your income, assets and employment, your Loan Consultant can give you an idea of the mortgage amount for which you may qualify.

Wells Fargo’s Plethora of Financial Services

Strangely enough, there is little description of the straight up fee associated with a particular loan outside of the calculators. The number of discounts alone is challenging, so calculating whether Wells Fargo is the lender with the best deal is a complicated calculation. The Commercial Loan section of the site is laid out a lot more logically and clearly than the Personal Loan section and it makes sense that Wells Fargo

Veterans United Home Loans Review

Most loan companies try to offer the broadest range possible of loans – conventional, government based and usually a company specific portfolio of custom designed options. Although a wide range of offerings can be helpful to gain a sense of the range of possible loans, seeking a loan company that specializes in a particular category can be preferable. For veterans, the government provides many home loan opportunities that can ease their financial worries.  Veterans United is a company that specializes in providing home loans and home refinancing services through the existing government programs. Their website is well organized and provides an educational section that allows the buyer to understand the relevant issues to home ownership and purchase.

VA Loans

VA loans allow veterans and their spouses to get a loan without the usual credit score required to purchase a loan. Initially, that means those without the credit history to justify a loan can get one that will fit their needs. After the home’s purchase, the fact that the mortgage is guaranteed by the federal government means that there is no need to purchase mortgage insurance. The cost of mortgage insurance is a monthly expense that a VA home loan can eliminate. Finally, the VA loan does not require a down payment, which is often the biggest barrier to homeownership.

Veterans United Support Services

Veterans United seems to be a credible and well prepared loan company that claims to serve its customers best by its specialized focus on the VA loans offered by the government. They provide very specific information and no doubt have counselors who are well versed in the terms and conditions such loans offer. Furthermore they provide future clients with many tools to assess the viability of a VA loan versus other loan options. For their convenience, Veterans United offers digital tools like the Affordability Calculator, Mortgage Payment Calculator, VA Loan Calculator and the VA Loan Limit Calculator.

Veterans Administration Home Loans Review

The Veterans Administration offers special home loan deals to members of the armed services, veterans and their families. As part of the VA’s mission to serve the military, we provide a home loan guaranty benefit and other housing-related programs to help service members, veterans and their families buy, build, repair, retain, or adapt a home for their own personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide servicepeople with more favorable terms.

Options Under the VA Loan Programs

The VA has several loan programs; there is a specific direct loan program for Native American veterans, servicepeople and their families. There is also a specific loan program for veterans who seek a primary residence purchase in what is considered a rural area. The Specially Adapted Housing (SAH) program offers grants to certain service members and veterans with severe service-connected disabilities to assist them in building, remodeling, or purchasing an adapted home. Veterans and service members with specific service-connected disabilities may be entitled to this type of grant, up to the current maximum of $ 15,462.

Your Average VA Home Loan

There are many benefits to getting a VA loan rather than any other conventional loan, and probably better than a FHA loan. Banks and mortgage lenders are retailers who charge the client for the for the privilege of their expertise and service in setting up, evaluating and processing the loan application. There is some hint about the “cost” of the loan from the percentage difference between the interest rate and the APR – since the APR is legally required and must be provided to account for the lending institution’s charges, although not all charges are required to be included. Finding out what those costs are is very relevant to your eventual financial obligation and more importantly how much upfront money it costs to get the loan.

USAA Bank Home Loans Review

USAA is a huge financial company, providing lots of different financial products besides home loans. They also sell every kind of insurance, including health, as well as investment opportunities, retirement accounts and even shopping discounts. They are a national company, and offer a full range of home loan options. They are very upfront about the interest rates that go with their home loans and mortgages. For example, their website provides a specific interest rate for 10-year, 15-year, 20-year and 30 year fixed rate mortgages well as the Annual Percentage Rate and points associated with each of their options.

Knowing the Details

USAA’s home website is one of the best for simplicity and clarity. The site is set up to provide very detailed information about the conditions under which each financial product is offered. For example, their pre-qualification rate and agreement is good and frozen for 90 days, so there is little chance of surprises on closing day. They claim that they are also more efficient about closing, averaging 5 days earlier than the national average. Their application process is all on line, eliminating the need for gathering papers from all over – the process is stream lined and digital.

The Advantages of  Large Institution

USAA has all the advantages of a large financial institution. They are well organized, broadly invested and competitive in their rates and conditions. The details are well spelled out, providing transparency and predictability to any purchase of loan products you chose. The benefits of a large company in this venue are hard to beat. They are involved in the home acquisition process with 16,000 top notch real estate agencies to help you find your home. They provide all the details and and all the resources needed to help you predict what your options and financial liabilities will be when purchasing real estate, be you investor or homebuyer.

US Bank Home Loans Review

US Bank is a full service financial institution, providing all sorts of financial products like savings accounts, checking accounts, credit cards, personal and commercial loans and accounts, as well as investing opportunities. The home loan section of their business is very well represented on their website. They are a national company that can offer home loans and refinancing options to people across the country. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, and VA loans. The terms offered are 10, 15, 20 and 30-year mortgages and their website provides an interest rate and an APR for each type of loan. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation.

What Goes Into the Mortgage Lending Decision

When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Your monthly Debt to Income ratio – your total income, minus monthly credit payments and other debts — will also be considered. The loan process many times boils down to what you can afford. A good way to check your potential finances is to utilize a monthly payment calculator such as the ones found here with
After evaluating your income, assets, liabilities and employment you can have a better idea of what you will be able to afford.

Look Beyond the Best Case Scenario

US Bank is obviously a solid institution and has very up to date information on the macroeconomic factors that will go into your loans overall cost. The tables they provide for the cost of loans are presented assuming a client with an excellent credit rating. It also assumes that the borrower is buying a single family home to live in personally. The numbers look great because of those factors.

United States Department of Agriculture Home Loans Review

Established in 1991 by the US Department of Agriculture (USDA) rural development loans are designed to help medium income Americans buy a home in rural and suburban communities. Also known as Rural Development Loans (RDL) these loans offer many advantages to clients who are interested in purchasing a home in a rural or suburban town with a population of less than 20,000. For example, they require no down payment, are available for reduced interest rates, and are guaranteed by the government, giving banks and lenders the assurance that they can’t lose. If for some reason the borrower defaults, the government will reimburse the bank for the loan, as long as they have been approved to offer USDA loans. Another good quality is that USDA loans can allow flexible credit standards, somewhat controlled by the bank who is the intermediary. Furthermore, there is a mechanism to roll closing costs into the loan, spreading it out over the monthly payments.

USDA Loan Application Website and Accessibility

The site is designed to inform potential borrowers , determine eligibility for a home loan and to apply for the USDA home loan programs. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by the USDA. You can research all this information from this site along with links to the USDA homepage to check qualifying household income and property eligibility tester.

Finding Expertise and Guidance in Applying

Much like any other loan, there are specialists employed by banks who have particularly studied the requirements and advantages to the USDA home loans. Applying for a USDA home loan is easy and secure you can fill out a quick online application or call to speak to a USDA loan specialist to see if you qualify for the program. USDA Loans .Net  has all the information you need to know.

United Home Loans Review

United Home Loans is a local lender in the Chicago area that has a broad range of financial products, including home loans. The “Chicago Area” seems to include Illinois, Wisconsin, Michigan, Indiana and Minnesota under their First Time Buyers introduction to home loans.  They offer a fairly traditional array of home loans; 30- year, 15-year fixed rate and adjustable rate mortgages, FHA loans, VA loans, jumbo loans and 3% down HomeReady loans. The actual areas served by the United Home Loans local business include Florida, Colorado and Tennessee as well as the midwestern states listed above.

A Local Business that Spans the Midwest

United Home Loans self-describes as a local financial institution. Their focus is on Chicago area properties, so they can lay claim to a certain level of expertise with regard to their knowledge of the market and the property offerings of their area, as well as the regulatory climate across the Midwest. Strangely, they describe the following as “Midwest” home loan programs: FHA home loans with as little as 3.5% down, conventional fixed-rate home loans with as little as 5% down, PMI buyout programs (eliminates monthly mortgage insurance), tax credit programs available through IHDA (Illinois Housing), down payment assistance programs through IHDA, VA financing with no down payment required for qualified veterans. None of these is particularly unique to the Midwest, except the two Illinois Housing Authority programs.

Website Transparency and Accessibility

The website is fairly sophisticated, with a fair number of educational materials, giving borrower’s some basic information about how their loans and processing work. The language is pretty elementary, so it is fairly accessible if not that informative. They keep real time interest rates posted and their explanations of points and apr’s are clear if simplistic. If they have a description of the fees and service charges borrower’s will accrue and be responsible for at closing, it is well hidden in their site.

Union Bank Home Loans Review

Union Bank is a full service bank, offering many types of financial products like checking accounts and credit cards. However, they seem to offer one of the most credible loan service departments as far as their expertise and upfront commitments. Their website is informative, transparent and accessible. They claim that there are no outside actors and that the loan’s application review and underwriting is all done at Union Bank, simplifying the process and keeping the costs of processing down to a lower level than other lending institutions.

Distinguishing Features of Union Bank’s Loan Portfolio

The range of loan products available is broad and includes fixed rate mortgages, adjustable rate mortgages, FHA loans, VA loans, jumbo loans, HARP refinance services: mortgage refinancing, cash-out refinancing, new home loans, and reverse mortgages, down payment loans for first time buyers, physicians loans, renovation and construction loans.  Union Bank has a large inventory of loans for clients that don’t meet traditional lending standards. They offer a HomeReady program, an Economic Opportunity Mortgages and refinancing loan program as well as the traditional government backed loans like FHA and VA loans. They also offer investment loans for second homes or investment properties. The adjustable rate loans they offer also include the flexibility to switch from an adjustable rate to fixed rate within a particular time period for no charge.

Great to Know What You’re Getting Into

Although there are lots of companies to choose from when looking to acquire a home loan, there is definitely something to be said for using an institution that enjoys the flexibility of a bank as opposed to an investment company, a mortgage broker or even a mortgage company. Continuity of service and inhouse processing gives a bank the opportunity to offer better deals. This bank actually does seem to use their flexibility to do just that.

Third Federal Home Loans Review

Third Federal Home Loans offers a variety of mortgage products, including the basics like conventional loans, FHA loans, VA loans, USDA loans. They have in-house underwriting, which allows us to provides clients with a consistent level of customer service throughout the entire loan application process and claim to keep your loan and service it in house after closing.  There is certainly something to be said to be consistently working with the same institution throughout. Such an arrangement reduces the borrower’s  concerns to the singular contractual relationship with one service provider. Of course that usually implies a local lender, which is exactly what flat branch is: a Cleveland based retail home loan institution.

Unique Opportunities to Decrease Application Costs

Third Federal offers a fair number of different loan programs from the usual offerings. For example, their Lowest Rate Guarantee program, if you find a lower purchase mortgage rate, they claim that they will beat it or pay you $1,000. This requires that you provide them with the other lender’s advertisement, webpage, email, rate sheet, or other documentation of mortgage rates. In most cases, they say that you will have a rate decision the same day. \They also have a rate lock program that is one way; it can’t go up, but  if rates go down further, you can lock again. They also have a program that allows you to lock in your rate at the preapproval stage as opposed to approval for 60 days. This is somewhat rare, but it is true that there is usually a charge for locking into a rate and you should inquire as to the cost of the different lengths of time you can purchase.

Closing Costs and Surprise Endings

Borrowers are often shocked by huge closing costs at the end the refinance process. Third Federal offers $295 closing costs on all Smart ARMs and 10-year fixed refinances. They also claim to offer lower closing costs on other loan products, but are much less specific on the website about those savings.

The LoanDepot Home Loans Review

The LoanDepot Home Loans company has risen to a very respectable level over the last few years, offering a range of home loans to rival the opportunities offered by banks. They claim to have pioneered the online lending industry and to maintain an “unblemished track record” of responsible lending. The site also provides a real time interest rates and APR’s that are associated with the various types of loans they offer.

Direct Lending, Digital Updates and In House Underwriting

The LoanDepot is a direct lender as well as the underwriter for the loan, allowing them to control the entire process. Having one dedicated service provider is very helpful at all stages of the process, since you have a central location and contract encompassing the entire exchange. The use of digital tools to prepare for and apply for the loan obviously speeds the process up – there is no need to find convenient mutual meeting times or places. Also, there is no one who will say that they have no idea where you are in the process, because you have a digital means to check on the progress of your application. A great deal of their digital tools (calculators, etc.) and information are provided by a different company, called Bankrate. Bankrate provides all sorts of real time data as well as the advertised rates of all sorts of lenders.

How the Process Works

The customer reviews found in relation to this company are either wonderful or terrible. This is a function of the type of company they are and the type of service they offer. If your life fits their blanks, the process is smooth and perfect for a generation that loves to do everything from a keyboard. Much like their customers, the company struggles when reality doesn’t fit the form. The LoanDepot offers refinancing and home equity loan options as well as the standard 15-year, 30-year fixed and adjustable rate mortgages.

The Federal National Mortgage Association (Fannie Mae) Home Loans Review

The Federal National Mortgage Association Deals with natural disasters and their effect on mortgaged properties and their owners. For guidance on special circumstances related to servicing loans in areas affected by natural disasters, servicers may contact Fannie Mae’s Single-Family Servicing Servicer Support Center Where to Find Selling Guide Requirements for Disaster Relief. In that section they describe all the various disaster related financial products like home equity loans for repairs, mortgage protection, etc. they provide grants and loans to homeowners with property and livelihoods negatively impacted by natural disasters.

Details of Fannie Mae’s Function as Support for the Homeowners in Natural Disasters

Fannie Mae (FNMA/OTC) is reminding those affected by the floods in the Harvey affected parts of the country of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages, servicers have the ability to grant an initial period of forbearance to any borrower they believe has been affected by this natural disaster. Additional forbearance is available with approval from Fannie Mae. In addition, Fannie Mae guidelines authorize servicers to delay foreclosure sales and other legal proceedings in these areas. In addition, borrowers may use lump-sum disaster-relief grants or loans to satisfy Fannie Mae’s minimum borrower contribution requirement.

Other Functions of Fannie Mae

There is certainly not room here to discuss Fannie Mae’s role in the macroeconomic real estate market in the United States. Suffice it to say that Fannie Mae is a purchaser of mortgages; loans from approved mortgage sellers and securitizes them; it then sells the resultant mortgage-backed security to investors in the secondary mortgage market, By purchasing the mortgages, Fannie Mae and Freddie Mac provide banks and other financial institutions with fresh money to make new loans. This gives the United States housing and credit markets flexibility and liquidity. They also serve as a watchdog for mortgage fraud and disseminate standardized software to create uniform banking practices.

TD Bank Home Loans Review

TD Banks website is not for the faint of heart. The Bank has a vast array of financial products, all indexed and subcategorized on the first page of the website. The level of detail and the presentation in almost academic style is informative if you are fairly familiar with home loan vocabulary or majored in accounting.  The TD loan process seems to be designed for millennials who are fairly well informed on the issues involved in real estate. Although the bank’s website is thorough when describing the various relevant parts of the loan assessment process, the description is less than narrative.

TD Banks Focus and Interests

Although TD Bank does seem to have deep interest in commercial real estate and investment property, the individual home owner who has more than two people in their household is probably not their ideal customer. Although they obviously do not discriminate against larger households, the system is designed for the young, well credit scored well employed millennials with all the blanks neatly filled out. If there are complications or clients need to explain any part of the application more than the process allows, they can contact a loan counselor and kind of start all over.

TD Shows Lots of Options, Unclear Which Ones are Priorities

TD Bank offers many kinds of loan products available is broad and includes fixed rate mortgages, adjustable rate mortgages, FHA loans, VA loans, jumbo loans, HARP refinance services: mortgage refinancing, cash-out refinancing, new home loans and down payment accommodations for first time buyers. The costs of the loan as far as fees and service charges are not as clearly described or centered in this company’s description of their services. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application.

Suntrust Home Loans Review

Suntrust is a large company that offers many kinds of financial products, including home loans. The range of loan products available is broad and includes fixed rate mortgages, adjustable rate mortgages, FHA loans, VA loans, jumbo loans, HARP refinance services: mortgage refinancing, cash-out refinancing, new home loans, and reverse mortgages, down payment loans for first time buyers, physicians loans, renovation and construction loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation.

Transparency and Accessibility of the Suntrust Mortgage

The Suntrust website is very well designed; thorough and still user friendly. All the factors that the company has anticipated are answered in the Resource section of their website. There are articles and tables as well as step by step calculators that will walk clients through the process of applying for the loan Quite surprisingly, they have a section called Costs that Surprise First Time Buyers. That section includes home inspection, appraisal, closing costs and escrow fees. Although the closing costs do sound steep by their assessment, there is great clarity and accessibility.

Website is Educationally Driven and Easy to Understand

Whether you end up choosing to do business with Suntrust or not, any newby home shopper should check out their website just to see what’s what with the process of loan application. Lots of the issues covered on the site are not even addressed on other sites and recognizing that alone is a valuable judgement tool. The breadth of loan opportunities means that if you are gainfully employed and have a good credit rating these folks will probably be able to set you up with a low down payment home loan. It is worth finding out what the chances are of them selling your mortgage to someone else after closing. In other words, do they pledge to service the loan through its term.

State Farm Bank Home Loans Review

Very recently the State Farm Insurance Company, famous for their car insurance and all other types of insurance, has moved into the market by providing another type of product; retail financial services. They offer checking, savings and credit card services as well as a limited list of home loans. This is a huge and very credible institution; there is little question that they have the capital to fund a venture into the banking business. However, their home loan offerings are slim, if competitive, and they only offer fixed rate, adjustable rate, jumbo, and high balance mortgages, at 15-year, 30-year fixed rates and 7/1 adjustable rate loans.  As far as options go, theirs are very limited compared to most banks and mortgage lenders. Their rates are excellent, however, and they no doubt have a very experienced underwriting staff to assess loans inhouse.

Home Equity Loans and Refinancing Available

State Farm is offering both home loans to purchase property as well as home equity loans that allow clients to draw cash against their equity in their home and add it to the mortgage. These loans are usually to help with construction projects or some type of upkeep or upgrade of their home. The fact is that an equity home loan’s proceeds are entirely up to the borrower to spend as they see fit. The State Farm Bank website offers its interest rates and apr’s in real time, and their method of application allows you to lock in a rate for your loan for a given period of time, although there may be fees attached to locking into a rate.

The Good Deals are Early to Attract Business

Right now State Farm is offering a $500.00 discount on closing costs for home loans and a $250.00 discount on home equity loan closing costs. This is a limited time offer but borrowers can count on State Farm to do some deals to attract business here at the beginning of their venture.

SoFi Home Loans Review

The SoFi home loan service is primarily based online, with all the technological advantages that the digital application process has to offer. This system is designed to appeal to the millennial who makes a good salary and have a good credit rating. For those type of customers, SoFi Home Loans, LLC is the perfect company. Aside from traditional loan offerings, SoFi claims to charge no application, origination or lending fees. Their entire profit comes from the interest rate on the loan and the closing costs incurred in the process.

Financial Factors at Issue When Approving the Loan

When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Next they will consider your monthly “Debt to Income” ratio which consists of your total income, minus monthly credit payments and other debts will also be considered. SoFi’s system allows you to upload your documents or give them the permission it takes to gather the information themselves, saving you searching through boxes of papers.

SoFi’s Unique Processing Saves Time and Money

SoFi’s style of loan processing is primarily digital, although they do assign loan officers to each customer to help with processing and to answer questions. Their customer reviews seems to attest to the promptness and the thoroughness of those supporting loan officers. The fact that the company does not charge you to apply for the loan or to originate the loan is encouraging, although those are not the only fees or charges associated with loan production. The SoFi loan is processed inhouse with their own “unique” underwriting standards. These standards theoretically allow borrowers who might struggle to meet traditional employment or debt to income ratios to negotiate a loan in spite of their limitations.

Skyline Financial Corporation Home Loans Review

Skyline Financial Corporation (“Skyline”) is an independent mortgage lender headquartered in Calabasas, California. Founded in 1985, Skyline has loan officers in local branch offices throughout the country to serve their clients. Skyline has a multiple plans and a cutting edge technological system to apply for loans and to follow the prequalification process. Their business seeks a diverse clientele.  They offer one of the broad array of loan options, from first time and move-up homebuyers, to Jumbo loans, VA loans, reverse mortgages, investment properties, refinancing and everything in between. They are a direct Freddie Mac, Fannie Mae, Ginnie Mae lender and claim to “have a successful track record of creating proprietary niche loan products to serve unique financial needs.” They operate in over 20 states and have no doubt profited greatly from the California real estate boom.

Specializing in the Home Loan Process

The main business of Skyline is to provide home loans and all other financial products associated with home ownership. That means they specialize in putting people in homes as opposed to broader financial enterprises that have all sorts of other financial products. This gives them the focus necessary to be experts in the process. Their website is state of the art and the application process is “streamlined” and digitized for more efficiency. They survived the 2008 financial crisis and have come out the other side by applying new technological solutions and research on how to get their clients the loans they want and need.

A Final Cautionary Note

Any company that offers retail loans charges fees for overseeing the process of securing a home loan. The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these upfront costs over the entire loan term.

Semper Home Loans, Inc. Home Loans Review

Semper Home Loans, Inc. is based in Rhode Island and receives great reviews, at least from customers. Semper’s range of loan products available is broad and includes fixed rate mortgages, adjustable rate mortgages, FHA loans, VA loans, jumbo loans, HARP refinance services: mortgage refinancing, cash-out refinancing, new home loans, and reverse mortgages, down payment loans for first time buyers, renovation and construction loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation.

Semper Emphasizes Personal Service from Experienced Loan Counselors

Semper describes the right loan as financially feasible, aligned with the borrower’s goals as a homeowner and ultimately leaves the clients in a better place than where they first started. Their status as empowered to issue the broad range of government loans does bode well for their level of expertise. Semper’s description of the qualifying standards for these loans is nonexistent and their less than bullet point descriptions are very thin. There is very little information offered before they want your financial details. The site repeatedly directs you towards either contacting their loan counselors directly or to begin to apply for the loan.

Borrower Heads Up – The Terms and Conditions are Less than Transparent

The costs of the loan as far as fees and service charges are not as clearly described or centered in this company’s description of their services. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application. Finding out what those costs are is very relevant to your eventual financial obligation and more importantly how much upfront money it costs to get the loan. So much is left unknown from working their site that it functions more like an advertisement than a tool.

San Diego County Credit Union Home Loans Review

San Diego County Credit Union is a nonprofit cooperative with the employees as members.  As not-for-profits, credit unions return profits to members in the form of better rates, fewer fees, and more financial services. In addition, credit unions are different animals than commercial banks or retail mortgage companies in membership or clientele. Membership is usually defined by the institution and can be in terms of employment, geographic location, or any other standard the membership agrees to define as a condition for membership. SDCCU has decided the bigger the credit union, the better the credit union.

The Benefits of Membership

Originally chartered in 1938 as San Diego County Employees Credit Union. During the 1970’s, SDCCU expanded its membership to include all San Diegans and today, is open to everyone living or working in San Diego, Riverside or Orange County. Those outside of the area can open an account by joining the Financial Fitness Association, which just seems like a dodge so anyone can join – they ask for an $8 one-time fee to join the FFA for one year. They function as a financial institution very similarly to a regular bank, so SDCCU offers a broad range of loan options to its members. Conventional – Fixed 10 to 30 year terms, Jumbos – borrow up to one million dollars, refinancing options, and adjustable or fixed rate home equity loans. All of the options are listed under their Mortgage Loan tab with some of the relevant information like interest rates and apr’s for each product.

The Support Services Available to Members

As a member you would have access to all the services and the very well organized digital application process as well as a Dedicated Mortgage Team to work with you throughout the process. The numerous benefits of credit union membership are too numerous to list, but the mortgages seem to be an excellent deal.

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