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State Employees Credit Union Loan Requirements

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Pros And Cons Of Refinancing Through Secu

How to Sign Up for State Employees Credit Union (SECU) | Step By Step

SECUs refinance loans have drawbacks, but there are a number of benefits that could make up for them.

Pros

  • Second homes and investment properties eligible for refinancing
  • No application fee or credit-report fee
  • 110% no-cash-out refinancing into an ARM

Cons

  • Refinance fee on top of origination fee
  • Limited loan types, especially for adjustable-rates
  • Relatively low maximum loan amount for investment properties

Find Out: How to Refinance Rental and Investment Properties

State Employees Credit Union Summary

State Employees Credit Union is the second largest credit union in the United States and features extensively all across North Carolina with over 250 branch locations and 1,000 ATMs.

No matter what your banking needs, the chances are NCSECU has you covered. The credit union offers home, auto, and personal loans, insurance for your home, health, auto and life, as well as investment products, such as annuities.

A standout feature is that each member earns interest on checking account balances, but a $1 monthly charge applies to each checking account balance too.

You can even get help with estate planning, probates, wills, guardianships and powers of attorney.

Perhaps the biggest drawback is that the NCSECU is primarily available to employees of the state of North Carolina and eligible federal employees.

What Is The State Employees Credit Union

The term State Employees Credit Union refers to a nonprofitfinancial institution that is owned by employees of the state of North Carolina. The SECU was founded in 1937 and is now one of the largest in the United States by asset size and number of members.

The credit union’s main purpose is to provide affordable financial services to its members including checking and savings accounts, loans, mortgages, and investment savings vehicles.

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Providing Help In Your Time Of Need

We provide low cost loans quickly for state employees. WorkPlaceCredit® knows the role you play in supporting our states. At times, you may need access to fast money, personal loans, and installment loans. Thats why were here to offer flexible terms that are right for you.

Installment Loans

A personal installment loan program, where you can borrow from $2,000 up to $6,000, at an interest rate of 20.99%, repayable over a period of 12 to 36 months. Please note a 4% origination fee will be charged with each installment loan.

Payday Loans

Have an unexpected expense? Get a low cost, fast personal loan and avoid the high cost predatory lenders out there.

Short-Term Loans

Receive quick cash with our short-term loans. Our loans can be created for your unique needs. Low cost loans as quickly as today.

Emergency Loans

Our emergency loan is a lifesaver! Get an emergency loan of up to $1,500 at an interest rate of 29.99% with no origination fee and repayable over a period of 6 to 12 months. *Only one emergency loan can be active at any time.

State Employees Credit Union Mortgage Review

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State Employees Credit Union has some notable perks, including no down payment or mortgage insurance requirement.

Edited byChris JenningsUpdated April 25, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

State Employees Credit Union is a full-service financial institution headquartered in North Carolina. Memberships are available to current and retired employees of the state of North Carolina, government employees working in North Carolina, and eligible spouses and immediate family members. Youll need to visit a local branch or call customer service to apply for membership.

Once you join, youll have access to the SECU Fast Mortgage service, which allows you to apply online and receive up to 100% financing on your home loan no down payment or private mortgage insurance required.

At a glance: SECU offers innovative loan programs with no private mortgage insurance required even for low-down-payment loans, but membership is restricted to North Carolina state employees and eligible family members.

In this review:

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Money When Youneed It The Most

Are you a state employee? You deserve a loan based on what you can afford, NOT your credit score.

We provide affordable loans to help state employees when they need money fast.

Fast Decision

Once your application is approved, your funds will be deposited in your account in 24-48 hours.

Easy Application

Tell us about yourself, submit your documents, and finish your application within 10 minutes.

Rebuild Credit

We report payments to credit bureaus, so you can enjoy no late fees with our automatic payment process through payroll deduction.

Reliable loans

Why Might A One

If you’re building on your own land, a new construction loan can provide financing and flexibility. Other benefits and features include:

  • Ability to finance up to 90 percent of the value of the home
  • Terms up to one year
  • Loan made directly to you, not the builder
  • Pay closing costs only once when you choose RBFCU for your permanent financing

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Ncsecu Home Equity Lines Of Credit

Home equity lines of credit are available for primary residences, second homes and rental properties in North Carolina, South Carolina, Georgia, and Virginia.

It is a secured open-end variable rate loan that allows you to borrow against your home equity.

You can receive advances repeatedly over a 15-year draw period up to the maximum loan amount.

And you can borrow up to 90% of the value of your home without being charged any origination fees or discount points however processing fees up to $1,600 may be applied.

To give you an idea of how much you would pay monthly for a home equity line of credit on a home valued at $150,000 where you borrow a full 90%, heres a quick home equity line of credit calculation.

Approximate Property Value

NCSECU offers a wide variety of accounts, including checking, savings, Coverdell and 529 plans.

Nc State Employees Credit Union Mortgage Review 2022

$80,000 Credit Limit! How to Get Approved | SECU MD

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

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Nc Secu Ease Of Application

Like many credit unions, SECUs website isnt flashy but an online mortgage application is available once you’re granted member access.

Additional online conveniences like document upload and automated loan tracking are available, too, and the lender says you can electronically sign documents.

SECU also offers 24/7 member service via a toll-free support line. It also has a massive number of branch offices, with more than 270 across North Carolina alone.

Nc Secu Mortgage Loan Types

North Carolina State Employees Credit Union, or SECU, is one of the top five largest mortgage lenders in North Carolina by loan volume as of 2020, the latest data available. SECU, whose membership is primarily composed of state and public school employees and their families, has over $45 billion in assets and more than 272 branch locations.

SECUs mortgage lineup is fairly solid, but the lender does not offer government-backed home loans, like FHA and VA loans. Home loans offered include conventional 10-, 15-, 20- or 30-year fixed-rate mortgages 5/5 ARMs construction loans historic preservation mortgages and manufactured home mortgages. Lending for all home loan types is limited to properties located in Georgia, North Carolina, South Carolina, Tennessee and Virginia.

SECU does offer jumbo loans but doesnt call them that on its website. Thats because SECU does not have separate underwriting standards for loans over the Federal Housing Finance Agencys county limit, as most lenders do. Individual members can get a home loan up to $1.5 million.

Low-down-payment borrowers will appreciate this: SECU does not require private mortgage insurance on conventional loans with down payments of less than 20%.

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Nc Secu Mortgage Rates And Fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • N.C. State Employees’ Credit Union earns 3 of 5 stars for average origination fee.

  • N.C.State Employees’ Credit Union earns 2 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

On its website, SECU says that it charges an origination fee of 1% of the total loan amount on purchase mortgages, up to $2,500, and that there’s an additional 0.5% fee for refinance transactions. It claims to charge no application or credit report fees.

Borrowers should consider the balance between lender fees and mortgage rates. While it’s not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points a fee paid with your closing costs to reduce your mortgage rate.

Deciding whether you want to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

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We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

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Ncsecu Adjustable Rate Mortgages

The maximum term for a standard 5-year adjustable rate mortgage is 30 years, meaning the interest rate can only be changed every five year period.

The more money you deposit initially and the lower the loan-to-value ratio, the lower your interest rate will likely be.

An origination fee of 0.75% is charged with a cap limit of $1,500 but you wont be charged credit report fees or application fees.

And private mortgage insurance is not required.

As much as 110% financing is available for no cash out single family primary residences or no cash out refinances.

But if you want to take out a loan to purchase a rental property, you will be limited to 80% financing.

A Short History Of Ontario Public Employees Fcu

Since its inception in 1959 the Ontario Public Employees Federal Credit Union has been serving its members in the ONTARIO, California area with exceptional financial products. You can find their current interest rates on used car loans, new car loans, 1st mortgage loans and interest rates on both fixed and adjustable mortgages here on these pages. Currently led by Charlene Jackson, the Ontario Public Employees FCU has grown its membership to over 2,156 with assets of more than $20,540,794. They have a main office and 1 branch offices. Please see the credit unions website or contact them by phone at 984-8781 or email them at [email protected] to get exact details . There are many other credit unions in the local area. See them all here. .

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How Does Secu Stack Up

If you like SECUs special loan programs but dont live in one of the states SECU serves, Northpointe Bank might have what youre looking for. Like SECU, Northpointe is a full-service financial institution with home loans for residential and investment properties. And it also caters to buyers with special financing needs with a large number of proprietary loan products.

Credible can help you compare mortgage rates from our partner lenders and potentially save you thousands of dollars on your loan. We also make it easy to upload your documents when youre ready to apply for a mortgage loan.

All your loan processing happens right on our platform, but our dedicated support team has your back in the event you need assistance.

Check todays mortgage rates:

Read More: What You Need to Know About Working With a Mortgage Broker

The company above is one of Credibles approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesnt affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay are not impacted by this compensation.

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State Employees Credit Union Mortgage Refinancing Review

SECU-Loans

Best for:

  • Residents of North Carolina or other eligible states
  • Homeowners with enough equity for a cash-out refinance
  • Homeowners looking for a home-equity line of credit

Standout feature: SECUs mortgage refinance loans include cash-out options.

The SECU home refinance selection is limited, but its also very straightforward, so youll know right away what your options are.

The fixed-rate and adjustable-rate loans are the same products as described above for purchases. You can take cash out in some instances and finance larger amounts depending on the interest rate and loan type you choose.

For example, while SECU lets you finance up to 100% of a conventional purchase loan, the lender also allows financing of up to 110% on adjustable-rate loans if youre doing a no cash-out refinance.

Tip:

Mortgage refinance programs
  • Conventional: 10, 15, 20, 30 years
  • Manufactured home: Up to 15 years
Adjustable-rate loan terms
  • Origination fee: 1% of loan amount, up to $2,500
  • Refinance fee: 0.50% of loan amount
Min. credit score Contact lender for credit requirements
Max loan-to-value ratio
  • 100% with no cash out 110% for ARM
  • 90% with cash out for primary or second home
  • 80% with no cash out for investment property
  • 65% with cash out for investment property

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Secu Mission And Offerings

As mentioned above, the main purpose of the union is to provide its members with affordable and accessible financial services. These services include:

Member deposits with SECU are federally insured by theNational Credit Union Administration , one of the two organizations that offer deposit insurancethe other being the Federal Deposit Insurance Corporation .

Over time, the union expanded its offerings to include investment accounts, estate planning, trust services, and insurance products. SECUs investment accounts help members save for retirement and education by providing low-cost diversified stock and bond mutual funds. Investment advisors assess a members goals and risk profile in order to choose the best mutual fund for the members tax-advantaged or taxable investment account. Members who want to invest in stocks, bonds, or other mutual funds can do so online or with the help of assistance representatives. The traditional, Roth, and simplified employee pension individual retirement accounts have no service or transaction fees. These accounts require a minimum opening deposit of $25.

How State Employees Credit Unions Mortgage Products Compare To Other Lenders

While SECU doesnt offer government-backed mortgages, like FHA and VA, the credit union has quite a few specialty loans that might help fill that gap, such as the First Time Homebuyers Mortgage that allows borrowers to finance 100% of their home purchase. The lender also offers special construction loans and finances manufactured homes something many lenders wont even consider.

SECU also offers the following borrower assistance programs:

  • SECU Mortgage Assistance Program. SECU members who find themselves struggling to make their mortgage payments can sit down with a loan officer through the SECU Mortgage Assistance Program and develop an individualized financial plan. Options include temporarily modifying the payment amount, temporarily deferring payment or modifying the loan terms.
  • Mortgage Credit Certificates. Mortgage Credit Certificates are federal income tax credits for 30% of the mortgage interest payments for a maximum benefit of $2,000 per year. MCCs are issued through the NC Housing Finance Agency for a members first home. You can apply for an MCC with your loan application for a nonrefundable fee of $475.
  • FHLBA Grant Program. The Federal Home Loan Bank of Atlanta offers a special grant to first-time homebuyers. As long as the borrower contributes at least $1,000 toward closing costs, FHLBA matches it four times up to $5,000, and the borrower doesnt have to pay it back as long as they stay in the home for five years.

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How The State Employees Credit Union Works

Employees of the state of North Carolina founded the SECU in 1937. The union was formed to provide consumer financial services to state and public school employees along with their families. At the time it was developed, the SECU had less than two dozen members and about $450 in assets. As of March 2022, the union’s assets have grown to $53.1 billion with many as 240 offices across North Carolina that serve more than 1.7 million members. SECU has a network of 1,100 automated teller machines situated in every county in North Carolina.

In order to become a member, individuals must be employed by the state of North Carolina. Federal employees who work for North Carolina state agencies, people who work for the state’s public school boards, members of the state’s National Guard, certain county employees, and retirees from any of the above also qualify. Membership also extends to certain immediate family members including spouses, siblings, and children of existing members. Those who fall into any of these categories can become members by opening a Share Accounta savings accountwith an initial minimum deposit of $25 or more.

Qualifying individuals can become members of the SECU by opening a Share Account with an initial minimum deposit of $25.

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