New Mexico Educators Federal Credit Union
NMEFCU boasts a membership of 133,000 members but how do they stack up when it comes to mortgage rates and fees?
Should you trust New Mexico Educators Federal Credit Union for your next home loan? The claim to be a not-for-profit cooperative serving their members with low rates; however, the origination fee on their home mortgage loans tells a different story.
Rating by Robert Regehr: stars
If you’re considering taking advantage of today’s historically low mortgage rates from today’s best mortgage lenders, you might be looking at New Mexico Educators Federal Credit Union for your next home loan. Should you trust NMEFCU with your mortgage or are there better deals to be found from lenders like Amerisave? Here’s my unbiased review of New Mexico Educators Federal Credit Union mortgage offerings to help you make an informed decision and avoid leaving cash on the table.
New Mexico Educators Federal Credit Union Review
Boasting 133,000 members on their website after 75 years of business, NMEFCU is cooperative focused on educating its members on financial matters. They call themselves a “not-for-profit” cooperative alleging that profits are funneled back to their members in the form of lower interest rates and services.
In 2010 according to their annual report NMEFCU posted a loss of $6,546,793, more than double the previous year. The annual report also boasts a 96% satisfaction rate among members.
Membership is open to employees of businesses and organizations that sponsor the credit union, students and eligible family members. Additionally, if you live, work, or worship in Valencia, Socorro, or Taos County New Mexico, you are also eligible for membership.
By Phone:
(505) 889-7755 or 800-347-2838 Monday-Friday 7:30 am to 6:00 pm & Saturday 9:00 am to 2:00 pm
Mortgage Services Department:
(505) 855-5950
Online:
http://www.nmefcu.org/
Mailing Address:
New Mexico Educators Federal Credit Union
P.O. Box 8530, Albuquerque, NM 87198
NMEFCU Mortgage Rates
The mortgage section of the website is a little thin compared to other credit unions reviewed here. NMEFCU offers home loans both to purchase and refinance. It’s not clear if they service their own home loans from the website.
Interest rates on a 30-year fixed rate home loan are currently showing 3.875% (including .75 discount points) which is comparable (if not slightly higher) to what’s being offered by top mortgage companies across the country. The quote included New Mexico Educators Federal Credit Union’s origination charge of $2,825.00 on a $250,000 home loan.
This is slightly higher (1.13%) than you could reasonably expect to pay for the origination fee anywhere else. The added benefits of membership aren’t clear based on the purchase and refinance mortgage rates and fees offered by New Mexico Educators Federal Credit Union.
Should you trust NMEFCU for your next home loan? It’s best to shop around for the lowest mortgage rates and fees before making a decision. Based on what I’ve seen on the NMEFCU website regarding interest rates and fees I’m less than impressed. Do you have an opinion or an experience with New Mexico Educators Federal Credit Union that you’d like to share? Please leave a comment below.
You can learn more about getting the best deal for your next home loan without paying unnecessary discount points and fees by checking out my free Underground Mortgage Videos.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
