Hughes Federal Credit Union

Are you considering a purchase or mortgage refinancing loan from Hughes Federal Credit Union? Does Hughes FCU offer competitive interest rates and fees compared to the best mortgage companies like Amerisave and Navy Federal Credit Union? When it comes to getting a good deal on your home loan one of the most important and often overlooked aspects are your closing costs.

The more you pay the less benefit you’re getting from today’s low purchase and refinance rates. Here’s my unbiased review of Hughes Federal Credit Union services, interest rates and fees to help you make an informed decision for next home loan without leaving cash on the table.

Hughes Federal Credit Union

Founded in 1952, Hughes Federal Credit Union serves the Tucson area. They claim to be a member-owned, financial cooperative that returns profits to their members with lower interest rates, higher savings rates and low-cost services.

Their website boasts a five-star rating from Stable Bauer Financial and an A+ Rating from the Better Business Bureau. BBB ratings don’t mean much these days as an A+ rating is something you pay for and not earn. Hughes FCU is federally insured by the National Credit Union Administration and according to the NCUA website the credit union has 62,811 members and $559,293,830 in assets.

Membership is open to anyone that lives, goes to school, works or worships in Tucson, Arizona. Hughes Federal Credit Union claims to offer higher interest rates on savings accounts, offer better loan rates, and offer more competitive services and fees than other banks and credit unions in Tucson. Perusing the website gives the impression that Hughes FCU likes to toot their own horn; however, can they back it up?

Hughes FCU Contact Information

By Phone:

(520) 794.8341
(800) 253.8245
Fax: (520) 205.5839

Online:

www.hughesfcu.org

By Mail:

Hughes Federal Credit Union
PO Box 11900 Tucson, AZ 85734-1900

Hughes Federal Credit Union Review

Hughes Federal Credit Union is a full service credit union offering all the financial services you would expect including online banking. The website is a little cluttered but somewhat easy to navigate. Purchase and refinance mortgage rates are published on the website and Hughes FCU claims there is no application fee (a common junk fee) and offers discounted closing costs.

Hughes FCU offers 15 and 30-year conventional purchase and mortgage refinance loans as well as 3/1, 5/1 and 10/1 Adjustable Rate Mortgages. If you’re not familiar with the designation the first number is the fixed rate period and the second is the interval for resetting the interest rate. The 5/1 ARM for example is fixed for the first 5 years and then resets every year on the anniversary date. FHA and VA loans are also available.

The 30-year conventional mortgage rates published on the website at the time of this review were 4.283% with zero discount points. This is higher than what I’ve seen available from the top mortgage lenders online. Even the 15-year fixed rate was higher that other lenders; so far Hughes FCU claim of offering the lowest rates are unfounded.

There is an online application but I was not able to get a quote and there is no fee disclosure available. Hughes Federal Credit Union claims to offer discounted closing costs but does not explain what fees are charged. I would recommend shopping around rather than taking their word for it and pay close attention to the loan origination fee.

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

Unfortunately there isn’t enough information available on the website to give a full review of Hughes FCU mortgage services. As always it’s best to shop around comparing both interest rates and fees to make sure you’re not overpaying at closing.

You can learn more about getting the best deal for your next home loan without paying junk fees or unnecessary markup by checking out my free Underground Mortgage Videos.