Great Desert Schools Federal Credit Union Review

Are you considering a purchase or mortgage refinancing loan from Desert Schools Federal Credit Union? Does DSFCU offer competitive purchase/refinance rates and fees compared to top mortgage lenders like Amerisave and Navy Federal Credit Union? Here’s my unbiased review of Desert Schools Federal Credit Union to help you find the best lender without leaving cash on the table.

Desert Schools Federal Credit Union Profile

Founded in 1939 by 15 school teachers, their motto is “Not for Profit, Not for Charity but for Service.” Their core values are referred to as the big four on the Desert Schools Federal Credit Union website: you, your aspirations, career development, and the shared community.

The most recent annual report was not available on the website; however, according to the 2010 annual report, Desert Schools Federal Credit Union is Arizona’s largest credit union. The balance sheet shows a loss for 2010 of 19 million dollars; however, DSFCU claims this is a 77% improvement over 2009. At the end of 2010, Desert Schools Federal Credit Union had $2,805,734,248 in assets.

I was unable to locate membership numbers on the website. Desert Schools Federal Credit Union offers accounts for both individuals and businesses. Membership is open to businesses and individuals, who live, work, worship or attend school in Gila, Maricopa, and Pinal Counties, Arizona.

DSFCU Contact Information

By Phone:

(800) 456-9171
(602) 433-7000

Online:

www.desertschools.org

By Mail:

Desert Schools Federal Credit Union
PO Box 2945
Phoenix, AZ 85062-2945

Desert Schools Federal Credit Union Review

DSFCU has an impressive website complete with online access. The mortgage information available on the site is also impressive and even addresses the new HARP Program. Desert Schools Federal Credit Union indicated that they will participate in HARP 2.0 but only for home loans backed by Fannie Mae. It appears DSFCU will not support Home loans held by Freddie Mac.

Purchase and mortgage refinance rates were published on the website along with estimated fees at closing. The fee disclosure listed an $895 processing fee which is typically a junk fee and Desert Schools Federal Credit Union requires a $345 appraisal fee. The estimate did not list an origination fee and did not indicate if one would be charged later. The loan origination fee is paid to the person or company arranging your home loan and should not be more than one percent of your mortgage amount.

Additional disclosures revealed that Desert Schools Federal Credit Union is only licensed to originate home loans in the State of Arizona.

Do you have an experience or an opinion of Desert Schools Federal Credit Union that you’d like to share? Please leave a comment below.

Overall I was impressed with Desert Schools Credit Union compared to others that I’ve reviewed here. The website is feature-rich and offers many resources for its member’s financial needs. The only negative was the mortgage loan processing fee which is a common junk fee.