State Employees’ Credit Union Mortgage Review 2023
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Our Take
4.5
The bottom line:
State Employees' Credit Union in North Carolina offers a wide selection of conventional loans for members and displays online mortgage rates, but government-backed loans aren't available.
Full Review
Pros & Cons
Pros
- No private mortgage insurance required, even with a down payment less than 20%.
- 100% percent financing available.
- Participates in mortgage credit certificate and down payment assistance programs.
Cons
- Does not have government-backed loan options.
- Membership eligibility is limited, and loans are available only for properties located in Georgia, North Carolina, South Carolina, Tennessee and Virginia.
Compare to Other Lenders
Min. credit score620 | Min. credit score580 | Min. credit score620 | Min. credit score620 | Min. credit score620 |
Min. down payment3% | Min. down payment5% | Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity |
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Full Review
What borrowers say about SECU mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. NerdWallet assesses borrowers’ subjective experiences with lenders using customer satisfaction scores from J.D. Power and Zillow. SECU of North Carolina didn’t have sufficient data from either source for NerdWallet to share.
SECU mortgage variety of loan types
5 of 5 stars
SECU is one of North Carolina's top five mortgage lenders by loan volume as of 2021, according to the latest federal data available.
SECU offers conventional fixed-rate and adjustable-rate mortgages, including a special option for first-time home buyers; construction loans; historic preservation mortgages and manufactured home mortgages, but does not offer government-backed home loans, like FHA and VA loans. Mortgages are available for properties in Georgia, North Carolina, South Carolina, Tennessee and Virginia.
SECU HELOC
The lender also offers a home equity line of credit, or HELOC. These second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.
SECU’s HELOC can be used for primary residences, second homes and rental properties. SECU offers a special repayment option for borrowers who work as educators, allowing them to skip HELOC payments during the summer months when they may have less income available.
SECU mortgage ease of application
5 of 5 stars
SECU, whose membership primarily includes North Carolina state and public school employees and their families, has more than 250 branches and offers 24/7 member service via a toll-free support line.
An online mortgage application is available once you're granted member access to the website.
Additional online conveniences — like document upload and automated loan tracking — are available, too, and the lender says you can electronically sign documents.
SECU mortgage rates and fees
2 of 5 stars
State Employees' Credit Union earns 2 of 5 stars for average origination fee.
State Employees' Credit Union earns 2 of 5 stars for average mortgage rates.
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.
SECU mortgage rate transparency
4 of 5 stars
SECU posts current interest rates online for its loan products and lets you calculate the monthly payment.
Alternatives to SECU mortgage
Here are some comparable lenders we review that borrowers can consider.
CrossCountry offers a broad selection of mortgages, including government-backed home loans, and PNC Bank offers low-down-payment mortgages and programs for first-time home buyers.
More from NerdWallet
Methodology
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
