I am considering buying a house with a VA loan. I don't know where to start as far as banks go. I have done a lot of other business with USAA, and I like what I've experienced so far. On the other hand I have read some bad reviews about USAA's mortgage department on yelp.com. I am also going to check with my local credit union. Does anybody have any input?
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which Mortgage company?
- Thread starter N60699
- Start date
berline
Market Tracker
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- 4
I think we'll be researching this together. I just started thinking today about who I want to go with on my next mortgage. For me, it's between Navy FCU and USAA. I'm reading that NFCU may be better for mortgages. They finance 100% of the loan for the life of the loan. Also, with some of their mortgages, there is not PMI which will save you some $$.
All things being the same r close to the same, I'm gonna continue to research/ confirm which bank I want to give my money...or, which bank I want to take money from.
All things being the same r close to the same, I'm gonna continue to research/ confirm which bank I want to give my money...or, which bank I want to take money from.
I will be going with a VA loan since I don't have much to cover both the down payment and closing costs. I thought that there is no PMI with a VA loan; is that correct? I don't know anything about the Navy Credit Union. I was in the Air Force, maybe that is why.
James48843
TSP Talk Royalty
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I have USAA and I am happy with them. Have been since 1998 for mortgage, then a refinance. Only thing odd is they service it through another company- mortgagequestions.com But I've never haqd any problems. What did yelp say?
PessOptimist
Market Veteran
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Odd? Your mortgage company servicing the loan throiugh another company? This seem to be and have been a standard practice for a long time. Some of my past mortgages changed servicing entities so often I could hardly keep track of where to send the check.
Like James asked, what did yelp have to say? I have had to have very little contact with my past mortgage "servicers" as long as I paid the monthly and kept track of the escrow account.
To the IP (N60699, is that your tail number?) and berline, either one or the local CU the IP mentioned should be fine. Look around for the best interest rate and closing cost deal. Maybe (?) avoid those that advertise on late night TV and local radio.
N, just be prepared if you go to NFCU to have someone announce "wingnut on deck".:nuts:
Good luck on buying a home. Just please don't look at it as an investment which will increase hundreds of per cent in value. It is a place for you and your family to live.
PO
RealMoneyIssues
TSP Legend
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VA Funding Fee...
berline
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If you can get approved for the conventional loans through NFCU, they will finance 100% (no down payment) and you could also have the seller pick up the closing costs. This is what I've done in the past and what I plan to do this time. In fact, as closing, I left with a check for ~3k. The Seller agreed to pay all closing costs < 5K, which meant I was reimburse for everything I had paid up front (loan org fee, 1st year insurance, inspections, etc.). Looking at the rates, you can use the Home Buyers Choice with is really just a conventional loan they offer, and the rates are much better than the VA loan.
With all that being said, if you can’t get approved, you get cant approved. The VA loan is a great alternative if you are not able to qualify for the conventional. Chair Force or not (I kid), you should be able to open an account with them.
With all that being said, if you can’t get approved, you get cant approved. The VA loan is a great alternative if you are not able to qualify for the conventional. Chair Force or not (I kid), you should be able to open an account with them.
Thanks for all the replies. I'll have to check out NFCU. I like the idea of a lower rate than a VA loan plus closing costs included. For the record I am prior AF and current FAA. According to their website I qualify for membership because I'm a federal employee. NFCU's closest branch is about 150 miles from here. However, USAA isn't local either (I'm in mid MI). BTW N60699 is a cessna 150 I used to fly a few years ago; don't ask why I picked it for my handle.
berline
Market Tracker
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Just wanted to clarify a couple things. The closing costs being covered by the seller has nothing to do with the lender. This would be a possibility regardless of the lender; you just have to stipulate it in the contract. Also, when I got my first mortgage, I never stepped a foot into a local branch. Now days, everything can be submitted online and thru the mail/fax. I’m currently living overseas and will get everything started online and may not have to visit a branch this time either.
Looking at NFCU’s mortgages as of this weekend, looking like you may be interested in something like this:
HomeBuyers Choice Mortgage
With 100% financing for purchases, a HomeBuyers Choice Mortgage is ideal for first-time homebuyers.
Looking at NFCU’s mortgages as of this weekend, looking like you may be interested in something like this:
HomeBuyers Choice Mortgage
With 100% financing for purchases, a HomeBuyers Choice Mortgage is ideal for first-time homebuyers.
- No down payment required
- Fixed-rate terms available
- No Private Mortgage Insurance (PMI) required
