The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Navy Federal Credit Union / refinance

1 United States Review updated:

Nfcu's refinance promises are not being carried out. I applied for a refinance of an nfcu mortgage which would have lowered my monthly payments $400 (Nearly 25%) , but was rejected because of "inadequate income", despite being current on the mortgage at the higher payment. The rejection was despite fico scores over 800, liquid assets exceeding the amount of the mortgage and a loan to equity ratio under 60%. Because of the reason nfcu gave for my rejection, I applied under the federal home affordability program that has a stated goal of reducing mortgage payments to 31% of income. Nfcu rejected that application because they claimed I have "too much equity" in the property. The comments from nfcu president cutler dawson and vp for lending jack gafney about nfcu's willingness to help its members are not supported by the actions of the loan committee. If you want to refinance, save yourself time and effort (And the $250 fee) and take your business elsewhere. After 30 years as an nfcu member i'm looking for another place to put my money.

Sort by: UpDate | Rating

Comments

  • Dc
      7th of Apr, 2009
    0 Votes

    Refinancing online with NFCU is BAIT & SWITCH. First they show you low rates on the website. Say that they are based on 80% LTV rates then when you attempt to get one of those advertised 'as low as' rates, they then tell you your not qualified because they index all their rates to be 60% LTV (loan to value ) . So despite the fact you have R-1 credit a 780 FICO score and a decent job (documented) that has not laid you off in 23 years (Healthcare) They NFCU still want to play games. We tried twice to apply with them. Gave them full documentation and everything. the best they would go for is 5.12% rate even though 4.625 is ADVERTISED on their website.

    The Department of Justice & HUD need to look into their practices, I did not withdraw my application, the loan officer nor his boss as he said it was would meet or beat the going rate with SUNTRUST, or BBT.

    Going to leave NFCU and all their BS. I see now why the BBB at (www.bbb.org) has a poor rating on their mortgage division. That and I am a 25 year member of NFCU. Something is definitely wrong in the way they
    approve loans now. Oh..BTW we have more then 50% equity in the house & we are doing a Refi of an existing NFCU Home Equity Loan. They don't want to lower our payment rate.. too bad another company already has lined up to take your place.

  • Qu
      10th of Jun, 2009
    -2 Votes

    All rates state as low as... that doesn't mean you are perfect and will get that rate... and every institution that posts rates does the same thing becuase with so many different factors there is no way to tell you what your rate will be without submitting your request.

  • Cb
      13th of Sep, 2010
    +1 Votes

    My experience was the same. Great credit, applied to refinance, and was rejected, yet met all of the criteria. I requested reconsideration a year and a half ago, and never received a response. I have used NFCU for 30 years, and will take my business elsewhere.

  • Al
      1st of Oct, 2010
    0 Votes

    Yup! Good for you! I would NEVER use NFCU for any loan purposes. We currently have a home loan with them (what a joke - the whole mortgage department is unprofessional and rude!). We plan on refinancing with another lender asap!
    p.s. NFCU is supposed to be this 'great' credit union for Veterans and Military personnel? In my opinion, they treat their members almost as poorly as the Veterans of the Vietnam war were treated after returning from Nam.

  • Al
      1st of Oct, 2010
    +1 Votes

    AWESOME!! GOOD FOR YOU! I am doing the same thing!! Just say "NO" to NFCU!!

  • Md
      6th of Mar, 2012
    0 Votes

    HORRIBLE, HORRIBLE MORTGAGE LOAN DEPARTMENT. I WOULD BE ASHAMED OF MYSELF IF WORKED THERE. THEY CONSTANTLY LIE ABOUT EVERYTHING. "YOUR LOAN SHOULD CLOSE ANY DAY NOW, WE HAVE ALL NECESSARY PAPERWORK." 5 MONTHS OF THE SAME B.S. THEY CONSTANTLY LOSE YOUR PAPERWORK, AND KEEP ASKING FOR YOU FOR IT AGAIN! THEN, THEY KEEP PASSING YOUR LOAN TO DIFFERENT LOAN PROCESSORS AND YOU HAVE TO START ALL OVER WITH THEM.

Post your comment