State Employees’ Credit Union Mortgage Review 2022

Good for: North Carolina government employees and other eligible borrowers interested in conventional loans with low-down-payment options.

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Our Take

4.5

NerdWallet rating 

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.

State Employees' Credit Union
State Employees' Credit Union: NMLS#430055
Min. credit score
N/A
Min. down payment
0%
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable

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

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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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.

NASB offers a broad section of mortgages, including government-backed home loans, and PNC Bank offers low-down-payment mortgages and programs for first-time home buyers.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.

 

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).