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Pittsford Federal Credit Union

Are you considering Pittsford Federal Credit Union for your next purchase or mortgage refinancing loan? How does PFCU compare to the best mortgage lenders when it comes to interest rates and fees? Remember there’s more to getting a good deal on your home loan than the interest rate; fees actually make or break the deal you’re getting. Here’s my unbiased review of Pittsford Federal Credit Union services, interest rates and fees.

Pittsford Federal Credit Union

PFCU is a community-based, not-for-profit credit union serving the suburbs of Rochester, New York.

Should you trust Pittsford Federal Credit Union with your home loan? How do they stack up when it comes to mortgage rates and fees compared to the best mortgage lenders?

Rating by Robert Regehr: 3.0 stars
***

Pittsford Federal Credit Union Profile

Founded by a group of teachers from the Pittsford Central School District in 1968, credit union holdings are no longer kept in a shoebox hidden in a classroom desk. According to the NCUA, Pittsford Federal Credit Union has 20,808 members and $324,927,757 in assets.

PFCU is a member-owned, non-profit financial cooperative. Membership is open to Pittsford school employees and anyone that lives or works in Pittsford, Mendon, Brighton, East Rochester, Perinton, East & West Bloomfield, Victor, Lima, Henrietta, Avon and Rush, New York.

They are a full-service credit union offering checking, savings, credit cards, personal loans, mortgage and home equity loans and lines of credit.

Pittsford FCU Contact Information

By Phone:

(585) 624-7474
(800) 836-8010

Online:

www.pittsfordfcu.org

By Mail:

20 Tobey Village Road
P.O. Box 346
Pittsford, NY 14534-0346

Pittsford Federal Credit Union Review

PFCU offers an extensive website and online banking. Mortgage loans are available in Serving Monroe, Orleans, Genesee, Wyoming, Livingston, Ontario or Wayne County, New York. There is a $325 appraisal fee and a $300 rate lock fee which the website states will be credit back at closing. I assume if you’re unable to close on the mortgage you’re out three hundred bucks. (Not very member friendly)

Mortgage loans are serviced by the Pittsford Federal Credit Union meaning your home loan will not be sold and you’ll make payments directly to the credit union. The website indicates that jumbo mortgage loans are available on a case-by-case basis with 10 or 15 year term-lengths. Conforming home loans (under the $417,000 limit) are available for purchase or mortgage refinance with term-lengths of 10 to 30 years.

PFCU offers one year, 3/1 and 5/1 Adjustable Rate Mortgages with a two percent margin on the LIBOR index. Caps are disclosed on the website and are capped at 2% per year with a lifetime maximum of 6%.

Purchase and refinance rates are published online and were very competitive with lenders like Amerisave and Navy Federal Credit Union without discount points. Fees are not disclosed on the website. I would recommend shopping around comparing actual closing costs like the origination fee to avoid overpaying. One percent for the loan origination fee is reasonable; however, I’ve reviewed credit unions here that charge as little as .2% for the mortgage origination fee.

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

The purchase and mortgage refinancing rates published on the website had an Annual Percentage Rate (APR) that matched the quoted interest rate for fixed-rate mortgages. This is misleading as it’s not factoring in the fees that were published on the side and implies that there are no fees for loan origination. Aside from the lack of fee disclosure and the misleading APR, Pittsford Federal Credit Union is an impressive community-based credit union.

Remember when shopping for your next home loan it’s important to compare purchase and refinance rates along with all fees. Don’t rely on the Annual Percentage Rate when shopping for a home loan as it will not give you an apples-to-apples comparison of home loans from one lender to the next.

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

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Fresno County Federal Credit Union

Are you considering joining Fresno County Federal Credit Union for a purchase or mortgage refinance loan? Does FCFCU offer competitive mortgage rates and fees compared to the best mortgage lenders? Remember there’s more to your home loan than getting a great rate, the fees you pay at closing make or break the deal you’re getting. Here’s my unbiased review of Fresno County Federal Credit Union services, interest rates and fees to help you make an informed decision without leaving cash on the table.

Fresno County Federal Credit Union

FCFCU is a member-owned financial cooperative serving 47,154 members in Fresno County, California.

Should you trust Fresno County Federal Credit Union with your home loan? How do they compare to other banks and credit unions for services, interest rates and fees?

Rating by Robert Regehr: 2.0 stars
**

Fresno County Federal Credit Union Profile

Founded January 24th, 1941 by eleven county workers, Fresno County Federal Credit Union was the brainchild of Fred E. Martin. Federally chartered in 1995, FCFCU currently has 47,154 members and $443,156,762 in assets according to the NCUA.

Membership is open to Fresno County employees and to employees of a select group of local employers, associations and the members of California Consumer Counsel.

FCFCU Contact Information

By Phone:

(559) 252-5000
800-613-2328
Fax: (559) 437-2158

Online:

www.fresnocfcu.org

By Mail:

Fresno County Federal Credit Union
P.O. Box 8027
Fresno, CA 93747

Fresno County Federal Credit Union Review

The website is fairly basic and does not offer much information about mortgage loans and home equity lines of credit. Purchase and refinance rates are published on the website which provides an online application.

FCFCU claims to offer world-class home loan services. They partner with CU Members Mortgage offering services comparable to most credit unions. The website has a rate alert feature allowing you to track a target interest rate.

Purchase and mortgage refinance rates published on the site were comparable to those offered by nationwide lenders like Amerisave and Navy Federal Credit Union. Fresno County Federal Credit Union does charge a one percent origination fee which is reasonable; however, I’ve seen other credit unions charge as little as .25 percent.

I was able to request a refinance quote online which included a $395 appraisal fee. Term lengths available include 30, 20, 15 and 10-year conventional fixed-rate loans. There are also 3/1, 5/1 and 7/1 Adjustable Rate Mortgages, FHA and VA home loans available.

The purchase and mortgage refinancing rates and fees I found on the website were reasonable but nothing to write home about. Spend a little time rate and fee shopping and you can find better deals.

Do you have an experience or opinion of Fresno County Federal Credit Union that you’d like to share? Please leave a comment below!

One common mortgage mistake many of your neighbors make is getting hung up on finding the lowest interest rates at the expense of fees. Overpaying the loan origination fee or paying unnecessary discount points or junk fees reduces the benefit you’re getting from today’s low refinance rates. That’s why it’s important to shop for the lowest interest rates AND fees.

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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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.

Hughes Federal Credit Union

Hughes FCU is a full service credit union in Tucson, Arizona.

Should you trust Hughes Federal Credit Union with your next home loan? How do Hughes FCU services, interest rates and fees compare to others?

Rating by Robert Regehr: 2.0 stars
**

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.

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Hudson Valley Federal Credit Union

hvfcuAre 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?

Rating by Robert Regehr: 4.0 stars
****

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

By Phone:

Monday through Friday, 8 am to 7 pm & Saturday, 9 am to 5 pm
(845) 463-3011
(800) 468-3011

Online:

www.hvfcu.org

By Mail:

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.

  • Free Underground Mortgage Videos

Here’s a sample to get you started paying less for the loan origination fee from today’s best mortgage lenders…

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The Dark Side of HARP 2.0

Unless you’ve been living under a rock you’ve heard about the changes President Obama made to the Home Affordable Refinance Program (HARP). The most notable change is removing the 125% loan-to-value requirement; however there are also incentives to boost lender participation.

The old HARP program is widely considered a failure due the restrictive LTV requirements and a lack of lender participation. The Washington Post sheds some light on lender incentives that reveals a dark side of HARP 2.0.

HARP 2.0 Could Be a Boom for Lenders

Banks that participate in HARP 2.0 can basically charge whatever they like as far as refinance rates and fees. The incentives under HARP 2.0 are designed to encourage homeowners to stay with their existing lender. The Washington Post cites special benefits and extreme pricing power with the ability to charge higher refinance rates to homeowners resulting in massive profits from loan origination.

This particular analyst believes homeowners will have to pay a premium for loan origination fees and other lender closing costs. Higher mortgage refinance rates means higher payments and more cash out of your pocket at closing; however, desperate homeowners may be less likely to shop around for a better deal and stay with their existing lenders. The projected mortgage refinancing boom from HARP 2.0 coupled with new incentives could generate massive profits for lenders.

One reason the original HARP program failed was lack of participation. Higher mortgage refinance rates and fees will certainly drive lenders on the HARP 2.0 bandwagon, at the expense of homeowners.

Source: The Washington Post

http://www.washingtonpost.com/blogs/ezra-klein/post/how-banks-win-big-from-obamas-new-refinancing-program/2012/03/23/gIQAzWMpVS_blog.html

Do Your Homework First

President Obama may have given lenders a blank check when it comes to charging higher refinance mortgage rates and fees; however, HARP 2.0 is still a great program for underwater homeowners. If you’re considering mortgage refinancing under HARP you’ll want to shop around comparing both refinance rates and fees.

The reason fees are so important is that the closing costs decide how good of a deal you’re getting on your mortgage refi regardless of your interest rate. You’ll need to recoup these out-of-pocket expenses before benefiting from your new home loan. The less you pay at closing, the sooner you’ll break even.

You can learn more about getting the best deal for your next home loan by avoiding unnecessary lender fees and markup by checking out my free Underground Mortgage Videos.

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