Are you considering Hudson Valley Federal Credit Union for a purchase or mortgage refinancing loan? How does HVFCU stack up against the best mortgage lenders like Navy Federal Credit Union and Amerisave? Remember that it’s important to focus not only on get the lowest mortgage rates, but to also compare the fees you’ll pay at closing. Here is my unbiased review of Hudson Valley Federal Credit Union services, interest rates and fees.
Hudson Valley Federal Credit Union
HVFCU is a community-based non-profit credit union serving several counties in New York.
Should you trust Hudson Valley Federal Credit Union with your home loan? How do their interest rates, fees and services stack up compared to others?
Hudson Valley Federal Credit Union Profile
Founded in 1963 by several IBM employees, Hudson Valley Federal Credit Union started its first year with just 14 members. Today, according to the NCUA, HVFCU has 253,080 members and $3,352,417,790 in assets. Originally serving Poughkeepsie, New York, membership is open to anyone that lives, works, attends school, worships or even volunteers in Putnam County, Dutchess County, Ulster County or Orange County. HVFCU is a full service, non-profit financial cooperative focused on serving the financial needs of the community.
Hudson Valley Federal Credit Union does not pay a dividend to its members like some; however, they claim to return profits to you with lower interest rates, higher savings rates and low-cost or free services. This is becoming more common with credit unions and the dividend paid by those that still offer one usually only amounts to a few cents. (You’re really not missing anything with or without the dividend)
HVFCU Contact Information
Monday through Friday, 8 am to 7 pm & Saturday, 9 am to 5 pm
Hudson Valley Federal Credit Union
159 Barnegat Road
Poughkeepsie, NY 12601
Hudson Valley Federal Credit Union Review
HVFCU has a nice website and offers a full range of services including online banking. They claim several advantages for their mortgage loans including low purchase and refinance rates, no application fees (a common lender junk fee), local decisions and local loan servicing.
The fact that they service their own mortgages means home loans are not sold and that you’ll be making your payments to HVFCU directly. There is also no prepayment penalty when you sell or refinance, which is useful if you’re taking advantage of the fixed period on a 5/1 ARM to lower your monthly payments.
They do charge a slightly refundable, $600 rate lock fee. I say slightly refundable because if you close on your new home loan the money goes back to you. If your loan doesn’t go through after you’ve locked you’re out six hundred bucks.
Purchase and refinance mortgage rates are published on the website and at the time of this review a 30-year, fixed-rate home loan is 4.25% with zero discount points. This is slightly higher than I’ve seen from other mortgage lenders.
I was able to get a fee disclosure by requesting a mortgage refinance quote online. Estimated closing costs on a $250,000 home loan came to $4,521.65. There was a $375 appraisal fee, $17 for a credit report and no origination fee. Paying nothing for mortgage loan origination is a pretty good deal.
Do you have an opinion or an experience with Hudson Valley Federal Credit Union that you’d like to share? Please leave a comment using the form below.
Overall I am impressed with HVFCU. (I’m not crazy about the mortgage rate lock fee, refundable or not) While their refinance rates were slightly higher than what I’ve seen without paying discount points their fees and services were excellent.
You can learn more about getting the best deal for your next home loan while avoiding unnecessary fees and markup by checking out my free Underground Mortgage Videos.
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Check out my free Underground Mortgage Refinancing Videos and you’ll discover how easy it is to save thousands of dollars getting the best refinance rates without paying unnecessary markup or lender junk fees.
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Rate is not everything. trying to refinance my mortgage from a big bank to credit union to lower rate and from 30 to 15 yrs. almort all lender charged me a origination fee and few application fee.. which is a lot. at hvfcu its nothing. I dont want to deal with a so called mortgage specialists, so applied online and its processing from their main branch. they have a great website and web banking including mobile banking that is almost similar to citibank ( citibank is the most technologically advanced bank I ever see). great customer / member service. you can go to almost any other credit union for your branch service (for your hudson valley credit union accounts). its called shared branch service. lots of free atm like 7-11..cvs..