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I sold my house and purchased a new home in April during this pandemic. My previous mortgage company was SunTrust and I decided to go with Navy Federal. I was little put off by all the reviews but it was a great experience and better than my previous one. Everything was done online, but I still had a great contact and follow up with the Navy Federal Team. Everyone followed up timely, provided great explanations, and guided me through the process. Even the underwriting team was wonderful which is not a typical experience. I cannot recommend them enough. The portal for loading and receiving documents is easy to understand and very detailed. The support was great and I even had follow up calls after hours. Definitely A+ effortless experience.
I applied for a credit card in January 2020 before all of this pandemic stuff start going on and I was shockingly approved for $9,700. 3 months later in April 2020 I got a email from NFCU saying that they were automatically raising my limit by $500 bringing my credit line to $10,200.The next month in May of 2020 I applied for a pandemic relief loan and was approved for $5,000 with a very good interest rate and option to pay back over 2 years. My credit is not that great 580 Equifax to 650 Transunion. I do have a recent bankruptcy from 4 years earlier in 2016 and they still approved me for everything above. I really like this credit union because they really try to satisfy the customer's needs, and thankfully to God at those times I was the customer whose needs they were meeting.
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First off, I see a lot of bad reviews for the mortgage process with NFCU. I also see some good reviews. I wanted to offer my experience that I went through before I completed my refinance on my home. It’s was not all good, but not all bad either, but in the long run I was happy and satisfied with what I received, which is why I gave a 5 star rating.
I have been a USAA customer for years and still use USAA as my main bank for checking. When I started to look into refinancing my house early last year (2019) I shopped around for the best deal I could find. Believe it or not that best deal and rate was from NFCU at the time. In order to apply I had to open a checking account and become a member, which was pretty easy and I completed only on my smartphone. My application for a home loan refinance took about a week to get a response and I was pre approved. I did use the same two programs that other reviews have spoke about to upload documents... very confusing.
My loan processor(s) were very helpful and normally responded to my email within a day. When I tried to call I very really got a returned phone call. My Loan girl changed hands maybe 3-5 times with different loan processors, but each one told me about the number of mortgages applications they had because of the lower rates so I completely understood. I think it was July of 2019 when everything was finalized but closing did not take place until the end of October. This was mainly because of the sheer number of applications they were having to process.
The real thing I like about NFCU, is they keep the mortgage themselves. They don’t sell it off to another third party. My first mortgage was with USAA but that sold it right away to GMAC, who went under and sold it to Ocwen, who then converted to PHH mortgage.... very confusing. But NFCU doesn’t do that, they handle the loan themselves. Long story short, if you're looking for a good deal, good I treat rate and you okay with waiting 8-10 months to close then I would recommend going to NFCU!
I’ve read a lot of these reviews and I’m shocked! My family experience has been great! I constantly get alerts on my phone when a charge is made. My eDeposits are available immediately, customer service is super friendly. Why I stayed? I had (still do USAA for YEARS). 4 years after my bankruptcy they denied me getting a credit card so I can reestablish credit, & denied my loan for a mortgage (1st time buyer). Seems I'm only eligible to buy whatever products they’re selling. I’m only keeping USAA because my direct deposit is available early.
I just knew Navy Fed was going to do the same thing since I’ve only been a member for 2 years. & Surprisingly, after applying for a mortgage loan & credit card, I was approved. The woman on the phone even laughed when I screamed. Even my credit card limit was high (my interest rate is 7.7%) I was shocked and extremely happy. I had my son joined. So far he’s had 3 separate instances of someone putting fraudulent charges on his account. Each time, navy fed alerted him and he got his money back. Maybe the institution varies where you live? Hopefully I never experience anything as awful as the other reviewers.
First of all, I'll start off by saying ALL Credit Unions I've had are FAR AND AWAY SUPERIOR to ALL BANKS PERIOD. 7 Years ago I already have my accounts with San Diego County Credit Union for YEARS. Love them, very small local only bank, very friendly people, they're great. 3 years ago, NFCU opened a new Branch near me, my brother & Nephews all bank with NFCU & kept after me to open an account, but I didn't see the point, I was happy with SDCCU, why should I open another account with yet another bank? I also have an online only Capital One 360 account for the past 15 years.
So finally they talked me into it, I opened a Personal Bank/Savings account with NFCU only because this made it made money transfers to and from my brothers/Nephews easier. It's been over 3 years now, I have to say I'm very very impressed! NFCU Online access experience is Superior to SDCCU. Then last year they approved a $25.000 Platinum Card @ only 8.24% Rate after 0% interest runs out in 15 months, with only a "GOOD" credit score rating. How can you beat this?
Well, now I just found out from my Nephew they will allow me to apply again for 2 more of these same Platinum cards! (Apparently they allow anyone up to 3 cards total, even if all 3 are Platinum Cards!) SO, they just approved my brother for his 2nd 0% platinum card RIGHT when he needed it MOST, even though his credit is only fair due to high Utilization, which this card is now going to help with TREMENDOUSLY! At this point, Impressed is an understatement! I have absolutely nothing negative to say about NFCU.
One last piece of VERY GOOD advice... Never ever under any circumstances should anyone ever bank or have anything to do with Bank of America or Chase! The two worst banks ever in the history of mankind! Total stupidity to have anything to do with BOA or Chase! And many of you are nodding your head in agreement with this right now, aren't you?
Navy Federal gave us an excellent rate, they worked with us to get everything done quickly as the seller was in a hurry due to having already purchased another home. Closing went smooth and seamless. They were available and able to answer any questions and concerns we had along the way. I was very pleased with the experience overall. Buying a home is a stressful experience, and they made it as stress free and seamless as anyone possibly could.
Navy Federal credit union is horrible. Beware of them. I have an auto loan with them at a 2.89% rate. I decided to refinance it 7 months later to get the 1.79% rate that they advertised. They refused. Even though my income has increased and my credit score is very good, they refused. But remember, they were quick to loan me the money to purchase. They are also quick to refinance loans from other lenders as you can find on their website. I'm extremely disappointed. They claim they take care of veterans but really it isn't true. BEWARE OF NAVY FEDERAL CREDIT UNION. IF YOU HEAR OR SEE THEIR COMMERCIALS ANYWHERE, PLEASE RUN.
I started my Mortgage refi with Navy Federal on March 11, 2020. I made an appointment at the branch and provided the documentation they required and it was scanned into their system. I have had a very positive experience with my banking there so I never thought the Mortgage experience would be any different! Problems started soon enough with HomeSquad (online where you can electronically sign your documents). It wasn't working in most cases and the system kept asking me to sign the same documents over and over. My first processor was nice enough but after a month I was transferred to someone else. Finally after 2 weeks she called me at 4:30 p.m.. She sounded incoherent and never faxed the papers I couldn't sign online. Another 2 weeks goes by and I am Very unhappy and I ask for another processor. After trying to deal with her I now realize that these processors don't know what they're doing!
I am a licensed Realtor for over 30 years so I do know what I'm talking about! I cannot tell you the anxiety and stress these people caused me. It was a simple refi and with my qualifications and credit rating it should have been no problem. Finally, 4 months later I cancelled the refi, I just couldn't take any more of their nonsense!!!
I have been with Navy Federal for 5 years. I am very satisfied with my accounts, the customer service is outstanding and I’ve never had a problem when it comes to questions about my accounts. I highly recommend this credit union.
NFCU is completely online, until you need help, then the incredible customer service crew takes charge! In one phone call, questions are answered, problems solved! They have branches near bases, I’ve never used one, ATMs are everywhere! Love it!
Navy Federal Credit Union author review by Barbara Friedberg
Navy Federal Credit Union was founded in 1933 with seven members and has grown to have 5 million today. Members must be affiliated with the Department of Defense, Coast Guard, National Guard or U.S. Armed Forces. Immediate family members of the Navy Federal Credit Union can also join.
Products and services: Navy Federal Credit Union offers a complete suite of checking, savings, credit cards and loan products. They also provide online and mobile banking.
Credit cards: The credit union has credit, debit, prepaid, specialty prepaid and gift cards.
Membership benefits: There are a variety of promotions and benefits for Navy Federal Credit Union members including low loan rates, loan and insurance discounts, discount partner offers and more.
Saving benefits: To support saving and financial security, the credit union offers a special high interest rate certificate of deposit.
Mobile and text banking: The mobile app allows customers 24/7 account access and is supported by Apple, Android and Kindle Fire devices. The text banking provides alerts as well as transfers and account information.
Advice and planning: The resource center offers extensive information about managing money, retirement, financial planning, taxes, military and work life. This portal also includes financial calculators, free navy financial planning and home buying seminars.
Security center: The fraud protection portal gives advice regarding credit and debit card fraud, phishing scams, online and mobile security along with ATM security.
Navy Federal Credit Union Company Information
- Company Name:
- Navy Federal Credit Union
- 820 Follin Lane SE
- Postal Code:
- United States
- (888) 842-6328
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