Best Places for Loans?

We will be looking into getting a loan to redo our kitchen and I wondered if anyone knew the best place to get a loan. I belong to a credit union so I might try them.
Thanks!

Re: Best Places for Loans?

We got preapproved through our credit union and got a better rate than I was expecting. I'd try them first.

Re: Best Places for Loans?

I second the credit union. We got the best rate with them, plus an extra discount because my FH is a veteran

Re: Best Places for Loans?

Hands down the credit union. If you can join one, def join! It's so worth it. If you dont belong to one or can't join one try your bank first and go from there.

Re: Best Places for Loans?

DUMB QUESTION

how does one join the credit untion? any recommendations?

ETA: i just found out that my school is on the eligbilty list

Re: Best Places for Loans?

is this true? maximum loan amount is stated as '$359,650'. this info is from the teachers federal credit untion.


Maximum Loan amount is $359,650


Maximum loan to value ratio
Purchase: 95%
Refinance: 90% - No cash
81% - 85% - With Cash ¾% increase in posted rate.
71% - 80% - With Cash ½% increase in posted rate.
70% - With cash
Term: 10-40 years
Closing costs/points:
Closing costs - approximately 3% of the loan amount plus 3% required escrow for the funding of taxes & insurance.
No points option
1 point reduces rate 1/4%
2 points reduces rate 1/2%
Rate Lock-Ins:
Closing rate is set 48 hours prior to closing
if a lock-in has not been selected
30 day rate lock: ½ point, non refundable fee
60 day rate lock: 1 point, non-refundable fee
90 day rate lock: 1 ½ points, non-refundable fee

Re: Best Places for Loans?

TFCU is a good union, join them! I used to close residential mortgages with TFCU and a few others on LI.

Their closing costs are less, fees are less, interest rates are less.

To join all you have to do is show proof that you are eligible and open up a bank account with them. We opened up a savings account with something like $50 in it at the time just to get us started with the credit union.

Re: Best Places for Loans?

I think I only need $5 in my share account when we actually take out our mortgage.

Re: Best Places for Loans?

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Posted by TracyInQueens

I think I only need $5 in my share account when we actually take out our mortgage.

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OH yeah thats all we needed to - we pulled out the BIG GUNS and put $50 in!!

Re: Best Places for Loans?

just read that if we have a combined balance of $5k or more we receive a .50 loan discount and $200 closing cost discount. DH is a vet, so 'maybe' we will be eligible for additional discounts.

Re: Best Places for Loans?

Thanks everyone. I will most likely try BFCU first. Hopefully my dh will get a raise soon in the next couple months so I can start my kitchen!

Re: Best Places for Loans?

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Posted by Hazeleyes33

Thanks everyone. I will most likely try BFCU first. Hopefully my dh will get a raise soon in the next couple months so I can start my kitchen!

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We belong to BFCU, they have been great. We went through them for the house, boat and car. Their current rate is 5.625% for a 30 year fixed. You can go to BFCU for more info. (I sound like a commercial! )

Re: Best Places for Loans?

Thanks. I will probably go for a home equity loan as they are the lowest.

Re: Best Places for Loans?

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Posted by Hazeleyes33

Thanks. I will probably go for a home equity loan as they are the lowest.

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Talk to them about it. We were going to do a HE at frist too but there is some stipulation that if you make one late payment there are serious penalties...I cant remember what that is for the life of me though! We decided to refi instead.

Re: Best Places for Loans?

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Posted by Hazeleyes33

Thanks. I will probably go for a home equity loan as they are the lowest.

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There are some penalties w/ a HE loan which made DH and I decide to go with a refinanace instead. Forgot what it all was but ask them about it.