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Calgunners in Service This forum is a place for our active duty and deployed members to share, request and have a bit of home where ever they are.

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  #1  
Old 03-25-2011, 8:19 PM
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Default Navy Federal Credit Union vs. USAA for a mortgage

Does anybody have any positive or negative experiences to share about their mortgage with either Navy Federal Credit Union or USAA? I figure since both companies only (or mostly) deal with members of the military, this forum would be the best place to ask.
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Old 03-25-2011, 8:49 PM
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I do know that USAA will not allow a second mortgage if you rent out the first.
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Old 03-27-2011, 9:39 PM
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I have no experience with their mortgage division but I have used their loan service many times. I feel they really help out their members. As a 19 year old kid (at the time) with no credit and asking for a loan they stepped up and helped out. I would go with navy fed. But like I said I have no experience with home mortgage
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Old 03-28-2011, 7:25 AM
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I have many friends who have gotten loans through NF. They got some really good interest rates.

USAA is also a good bank but you can run into a lot of problems with them do to a lack of branches in California.

I would suggest you go with NF just because they have branches locally. Did you already apply for your VA loan?
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Old 03-28-2011, 8:17 AM
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+1 Navy Fed Credit Union
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Old 03-28-2011, 8:38 AM
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Both sources you mentioned are not "lenders" and simply use pass-through pricing from one of the big banks.

This can be fine if you have a vanilla mortgage - Not so good if you might have any minor issues:

1) You have recently disputed items on your credit report
2) The big bank is risk-adverse in your zip code. (They currently have a large number of delinquent clients and/or a high number of foreclosed properties relative to the number of clients.)
3) Depending on the big bank - Numerous other "overlays" may disqualify other applicants. (Overlays = Additional underwriting guidelines. Example: A 640 credit score is required for a 4.5 30yr fixed rate - To avoid potential buy-backs on defaulting loans - The "overlay" increases the credit score requirement to 700...)

I talk with great clients everyday - High credit scores / Good assets and income / Good equity - Yet the big banks (and their conduits) turn them away for a variety of issues completely unrelated to the actual client.

There are 213 nationwide lenders currently offering mortgage options to CA residents. The best way to learn all your low rate options - Is to find a broker specializing in "non-government / Non-Freddie-Fannie" portfolio lending...
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Last edited by DannyInSoCal; 03-28-2011 at 8:43 AM..
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Old 03-28-2011, 8:49 AM
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+1 to DannyinSoCal's comments. USAA won't broker any mortgages for condos that have any sort of HOA budget delinquencies regardless of your down payment size.
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Old 03-28-2011, 11:33 AM
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VA loan is the way to go. nobody turns that thing down.
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Old 03-28-2011, 1:11 PM
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Navy Fed
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Old 03-28-2011, 6:05 PM
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The bad thing about NFCU they still have ARM's does anyone else still peddle that crap
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Old 03-28-2011, 6:18 PM
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Quote:
Originally Posted by todd2968 View Post
The bad thing about NFCU they still have ARM's does anyone else still peddle that crap
Actually - ARMs arent evil.

In fact - Interest Only ARMS can be very beneficial for investors. Both in property or stocks/commodities/etc...

Here is why:

Let's say you pay your principle down $50,000 over 10 years and then sell your house. You get a $50,000 bigger check.

You paid and extra $50,000 in payments and received an extra $50,000 - Zero % return on your $50,000 over 10yrs.

Typically we are telling our current clients buying homes they are in for a minimum of a 10yr hold.

Property values will continue to decline through 2014 - Then plateau.

In this market - Unless the client has substantial reserves (4 to 5 times annual income) - And has a solid plan for investing the payment savings offered by ARMs - We recommend a 15/20/25/30yr fixed program...
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Old 03-28-2011, 9:53 PM
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Thanks for all of the replies.

Quote:
Originally Posted by DannyInSoCal
...Both sources you mentioned are not "lenders" and simply use pass-through pricing from one of the big banks...
Quote:
Originally Posted by Killer Bee
...and contrary to a previous post.. I know for a fact Navy Fed carries their own paper...
I've always had the impression that NFCU was the actual lender. They are always mentioning how well their home loans are doing compared to other lenders because NFCU never engaged in subprime lending. And they list lifetime servicing of the loan as one of the benefits of NFCU mortgages.

Either way, the mortgage I am hoping for is pretty vanilla.
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Old 03-29-2011, 5:12 AM
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I've had a NF mortgage for 20 years. Service has been great along with the interest rate I got.

NF will never sell your mortgage to someone else and they service it for the entire term. You'll never get a letter saying to send your payment to someone else.

They do require an escrow account for taxes, insurance etc. so you send them one payment and they pay your associated bills.


Having local branches is plus and their on line services are good also.

They may have higher lending requirements than somewhere else, but I think high standards are a plus.

I'm very happy with what they offer.
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Old 04-12-2011, 8:34 PM
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One of the problems I've had with USAA is address changes, they say they've updated them all, and inevitably some insurance or mortgage or bank account pops up later with an old address. Last time I asked customer service why they couldn't do a better job updating all my accounts with one call I got some lame excuse. You would think that the group that deals exclusively with military who move frequently would have at least that task perfected, but they don't.
They seem to have been on the decline ever since they moved from TX to CO. I am happier so far with PenFed (Pentagon Federal Credit Union).

Last edited by turbosbox; 04-12-2011 at 8:36 PM..
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  #15  
Old 12-07-2013, 9:16 PM
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Have no idea about mortgages but don't think you can't beat USAA for all their products. Great company and great service.
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  #16  
Old 12-09-2013, 10:30 PM
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USAA for car insurance.

Navy Fed for loans, including mortgages.

Personally, Navy Fed has always been able to offer me higher interest return on investment accounts and lower interest rates on loans. Also lowest interest rate out of anyone on credit card too.
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  #17  
Old 12-09-2013, 10:54 PM
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Navy Fed member here for many years. I've been very happy with them.. except for them relocating further from my house they are easy to use, friendly and their online access is very easy.

Don't forget they deal with the general public now too.
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  #18  
Old 12-15-2013, 9:52 PM
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Surprised his forum has been resurrected... As a member of both institutions and a mortgage professional, here's my take;

Navy fed for auto loans and CD's.

USAA for insurance.

As for mortgages I would say, forget brand names and go with the lowest cost. Brand names can cost you thousands and thousands of dollars. And both USAA and NF sell their loans in the secondary market. Usaa transfers servicing whereas NF pledges to let you continue making payments to them. Either way, the mortgage interest you're paying isn't benefiting either institution, but rather some mortgage backed security some retirement fund purchased. Better that money stays in your pocket. I'm not a big fan of banks, btw.
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