Are you considering Neighbors Federal Credit Union for your next home loan? How does Neighbors compare to other lenders like Amerisave and Navy Federal Credit Union when it comes to interest rates and fees? If you’re in the market for mortgage refinancing, the fees you pay make or break the deal you’re getting. Here’s my unbiased review of Neighbors Federal Credit Union services, interest rates and fees.
Neighbors Federal Credit Union serves Greater Baton Rouge Louisiana.
Should you trust Neighbors Federal Credit Union with your home loan? How does Neighbors stack up when it comes to services, interest rates and fees?
Neighbors Federal Credit Union
There is surprising little information available on their website. The site does not have an “About Us” page and there is no information on how the credit union was founded or who they are. There was a link to their January newsletter announcing the 58th annual business meeting so it seems Neighbors Federal Credit Union didn’t just hang their shingle yesterday.
I was able to find membership information on the NCUA website. According to the NCUA, Neighbors Federal Credit Union was chartered in 1954 and has 57,610 members. The CEO is Kathi M Gill and at the time of this review they have $518,618,474 in assets.
The requirements for membership and an application are available online. If you live, work, worship or attend school in any of the nine Parishes of Greater Baton Rouge Louisiana you’re eligible to join. This includes East and West Baton Rouge, East and West Feliciana, Ascension, Livingston, Iberville, Pointe Coupee, & St Helena.
Neighbors FCU Contact Information
Neighbors Federal Credit Union
P.O. Box 2831
Baton Rouge, La 70821
Neighbors Federal Credit Union Review
The website is surprisingly basic compared to other credit unions reviewed here but does offer online banking and publishes interest rates. Purchase and mortgage refinance rates were comparable to those offered by the best mortgage companies online with the footnote that individual rates are based on your credit and loan details. This means your credit history, loan-to-value ratio and property type are all factored into your mortgage application.
Neighbors Federal Credit Union offers 15, 20 and 30-year conventional purchase and mortgage refinancing loans as well as a five-year adjustable rate mortgage. Closing costs like the origination fee are not disclosed online. There is an online application that will charge you a credit report fee of $15.75.
I would recommend calling Neighbors Federal Credit union before applying and asking about the loan origination fee, as well as any other application or processing fees. The mortgage origination fee should not be higher than one percent of your mortgage refinance loan amount and application and processing are common lender junk fees you’ll want to avoid.
Do you have an opinion or an experience with Neighbors Federal Credit Union that you’d like to share? Please leave a comment below.
It’s always best to shop around before taking out a home loan and be sure to pay close attention to closing cost. One common mortgage mistake is to focus only on getting the lowest mortgage rates at the expense of fees. The closing costs you pay on your home loan will make or break the deal you’re getting. The more you pay out-of-pocket the less benefit you’re getting from today’s low interest rates.
You can learn more about getting the best deal for your next home loan while avoiding unnecessary discount points and junk fees by checking out my free Underground Mortgage Videos.