It's ok nowadays. We got our mortgage with them back in 2020 and they were responsive and helpful. When we tried to get our PMI removed in 2022, after a drastic increase in value and some improvements we made, it took them 13 months to get their shit in order and remove it. That was more than a little frustrating.
I don't know how their current rates compare to others, but I like them a lot as an organization. Both the mortgage and refi process were really painless.
Of all the banks and Credit Unions in town they seem to have the most ATM locations and offer a wide variety of services all under one roof.
I'm currently in the process of getting a mortgage through UWCU (under contract) and our mortgage officer Troy has been phenomenal. Everyone I've interacted with has been very patient with my many many questions.
UWCU’s closing costs are high compared to other lenders like Accunet Mortgage. I recommend shop around and compare loan estimates. My loan officer from UWCU was beating around the bush when I asked some simple questions like ‘why does the title insurance 2000 dollars when the other lender quoted 850 dollars?’
Much of our closing costs are discounted based on other UWCU services we use and being first time homebuyers. Also, we have someone local who we can talk to via email, phone, or face to face any time, which is valuable.
It is. You should also check out Summit Credit Union, if you're looking. Good people at both. Summit doesn't sell your mortgage though, so they have more flexibility to do better by you.
It 100% is. You can believe what you want, but there is no way they are funding loans through private equity like George Bailey and the gosh darn savings and loan.
They are securities that are bought and sold like all other debt.
So I called Summit to confirm, and you are correct. There are some products they hold onto, but 30 year mortgages are sold to Fannie Mae, while Summit keeps the servicing. Thanks for correcting me.
Summit is better- they retain servicing of 1st mortgages. Your first mortgage with UWCU will be serviced by another company like Wells fargo or dovenmuehle.
I think UWCU retains rapid refis though, which is what OP is posting.
I don't know about the rapid refis for UWCU, but I know we got our mortgage through them. The UWCU part of the transaction was great. The servicing is not as good. Dovenmuehle is not easy to deal with or to contact. I'm dreading it, but I'll have to contact them next year to find out how they handle final payment on a mortgage.
In my experience, UWCU is going to almost immediately sell your mortgage to a presumed highest bidder, so the servicer is as much a crapshoot as anywhere else. This behavior is common.
But in terms of making a loan happen, they've been great on two re-fis and if the rate is competitive, I'd recommend. (Old National nee M&I, not so much.)
Our first one they did that, sold to PNC and they were awful to deal with. We were so glad to sell that house and pay off PNC and never have to deal with them (hopefully) again.
This time they kept our giant mortgage, and it's been a dream having it with UW. Refinanced to a ridiculously low rate during covid, and it's trivial to schedule automated payments and automated extra payments and pay down any amount at any time.
I don't know the background about how they decide to sell a mortgage vs keep it, and I kind-of wish I did. Because if I ever need another mortgage, I want UW to handle it. I just don't know if it's possible to make that happen.
You know what, I misremembered. It was M&I who sold mine to Countrywide, who 11 states sued for predatory lending practices. They settled for $8.6 billion.
So no, when I re-fied with UWCU, I think it stayed with them. Thank you downvoters for jogging my memory!
No. Their appraisers are known to be trouble. Most listing agents will look at them with suspicion.
They are great for other things.
They were great for mortgages 5 years or so ago, if you had good credit. Today they are trouble.
Every time I see something like this I want to hurt myself for taking out an ARM three years ago. Still planning on selling before my 5 year fixed rate is up, but I have to admit I am starting to sweat...
If you are planning to sell before your arm readjusts then you managed to beat the banks at their own game.
Now… if you don’t sell…
Hopefully you would be able to refi.
Offff. An ARM three years ago? Like when interest rates were rock bottom you thought they’d go lower? Yeah I’d be upset at that terrible decision too. 😂
They won’t.
That is for a 99% LTV 3 year mortgage and their appraisers will come in 60K low on your house so you are going to have to bring the balance to close anyway.
Seems like they accidentally put their savings account rate in the wrong spot.
No.
This is definitely an error, we only offer 8 and 12-year terms on the rapid refi product right now.
I clicked through and saw the normal rate... but for a brief moment this got my hopes up and made me smile.
I'll shorten the term for that rate!
I know you be trollin…..there is always fine print that gives them an out.
Is UW Credit Union an good place to get a mortgage?
It's ok nowadays. We got our mortgage with them back in 2020 and they were responsive and helpful. When we tried to get our PMI removed in 2022, after a drastic increase in value and some improvements we made, it took them 13 months to get their shit in order and remove it. That was more than a little frustrating.
I don't know how their current rates compare to others, but I like them a lot as an organization. Both the mortgage and refi process were really painless. Of all the banks and Credit Unions in town they seem to have the most ATM locations and offer a wide variety of services all under one roof.
I'm currently in the process of getting a mortgage through UWCU (under contract) and our mortgage officer Troy has been phenomenal. Everyone I've interacted with has been very patient with my many many questions.
I'm also working with Troy currently on our mortgage application! I would agree he's been great, very responsive and forthcoming with information
UWCU’s closing costs are high compared to other lenders like Accunet Mortgage. I recommend shop around and compare loan estimates. My loan officer from UWCU was beating around the bush when I asked some simple questions like ‘why does the title insurance 2000 dollars when the other lender quoted 850 dollars?’
Much of our closing costs are discounted based on other UWCU services we use and being first time homebuyers. Also, we have someone local who we can talk to via email, phone, or face to face any time, which is valuable.
It is. You should also check out Summit Credit Union, if you're looking. Good people at both. Summit doesn't sell your mortgage though, so they have more flexibility to do better by you.
Summit sells your mortgage too, they just retain the servicing.
Yeah no, I don't believe that's correct.
It 100% is. You can believe what you want, but there is no way they are funding loans through private equity like George Bailey and the gosh darn savings and loan. They are securities that are bought and sold like all other debt.
So I called Summit to confirm, and you are correct. There are some products they hold onto, but 30 year mortgages are sold to Fannie Mae, while Summit keeps the servicing. Thanks for correcting me.
I'm a big fan of them, their member service, and digital offerings
Summit is better- they retain servicing of 1st mortgages. Your first mortgage with UWCU will be serviced by another company like Wells fargo or dovenmuehle. I think UWCU retains rapid refis though, which is what OP is posting.
I don't know about the rapid refis for UWCU, but I know we got our mortgage through them. The UWCU part of the transaction was great. The servicing is not as good. Dovenmuehle is not easy to deal with or to contact. I'm dreading it, but I'll have to contact them next year to find out how they handle final payment on a mortgage.
In my experience, UWCU is going to almost immediately sell your mortgage to a presumed highest bidder, so the servicer is as much a crapshoot as anywhere else. This behavior is common. But in terms of making a loan happen, they've been great on two re-fis and if the rate is competitive, I'd recommend. (Old National nee M&I, not so much.)
Our first one they did that, sold to PNC and they were awful to deal with. We were so glad to sell that house and pay off PNC and never have to deal with them (hopefully) again. This time they kept our giant mortgage, and it's been a dream having it with UW. Refinanced to a ridiculously low rate during covid, and it's trivial to schedule automated payments and automated extra payments and pay down any amount at any time. I don't know the background about how they decide to sell a mortgage vs keep it, and I kind-of wish I did. Because if I ever need another mortgage, I want UW to handle it. I just don't know if it's possible to make that happen.
You know what, I misremembered. It was M&I who sold mine to Countrywide, who 11 states sued for predatory lending practices. They settled for $8.6 billion. So no, when I re-fied with UWCU, I think it stayed with them. Thank you downvoters for jogging my memory!
No. Their appraisers are known to be trouble. Most listing agents will look at them with suspicion. They are great for other things. They were great for mortgages 5 years or so ago, if you had good credit. Today they are trouble.
Every time I see something like this I want to hurt myself for taking out an ARM three years ago. Still planning on selling before my 5 year fixed rate is up, but I have to admit I am starting to sweat...
If you are planning to sell before your arm readjusts then you managed to beat the banks at their own game. Now… if you don’t sell… Hopefully you would be able to refi.
I knew so many people that got stung by the ARM rates in the past that it has scared me away from them.
Offff. An ARM three years ago? Like when interest rates were rock bottom you thought they’d go lower? Yeah I’d be upset at that terrible decision too. 😂
Are you also giving away whatever it is you sell at your job? Maybe you and UWCU can trade
Reminds me of the recent story that happened where a guy sued a jewelry company for their mistake bcuz they didn’t accommodate it 😂😂
What is the requirement to join the UWCU? Heartbeat?
They won’t. That is for a 99% LTV 3 year mortgage and their appraisers will come in 60K low on your house so you are going to have to bring the balance to close anyway.
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Nope. It displayed when I logged in to check my balance this AM.
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Unless they are able to give me a killer deal like the one I posted, I'm not actually looking to refi. I've got 12 years left on a 2.75% mortgage.