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Just an awful experience. After reading all the documentation on DCU's website i decided to apply for a refinance with cash back from my home. All the information on the website states that you can borrow up to 95 % of your homes equity. So i filled everything out and they did a hard inquiry and then denied me. They sent four different emails and no one even called me back. So after waiting all day i finally called them. i spoke to a few different people who were very professional ( Rich and Christine). Christine then informed me that the website didn't state the correct information and they only let you refinance with cash out up to 80 % of your home value. Which is totally normal but if that's the case they should let you know UP FRONT, before they ding your credit with a HARD inquiry! Waste of time, don't bother trying anything on line, please do your self a favor and call first before wasting anymore time!
I can't stress enough how important it is to properly vet the bank you are going to get a mortgage with after the experience I had with DCU trying to refinance my house. First and foremost, they don't service their loans, they hire an outside company called Urban Fulfillment out of Colorado to assist with the process so take timezones into account when you are trying to reach them. The application process was relatively easy, although there was some disconnect between when I uploaded the paperwork to the time the CO based processor received it which yielded a large "missing documents" email when they already been turned in. Where the deal went really bad is when the company hired a half assed appraisal company to do an appraisal on the house. The "appraiser" (I would be hesitant to call them that as they didn't do their job) came by my house and missed my garage, missed central air conditioning units outside the home, a bathroom, and close to 350-400 sq ft of living space. This resulted in an appraisal more than $50,000 BELOW my assessed value and more than $200,000 below the actual comparable value of my home. The comps they used were from the opposite side of town and not even remotely close to my house in square footage, location, bathrooms, renovations, etc. Additionally, the comps they used all sold for over assessed value by a significant amount, ranging from 115% to 160% over assessed value, so how does my house, which has been completely renovated in the last 5 years appraise at below assessed value? After providing ample documentation to the appraisal company and Urban Fulfillment they would not revise their appraisal so I terminated the relationship. I would never recommend doing business with DCU for a mortgage to anyone. I will continue to post this review on any and all review sites i can find to warn others.
With rates at all time lows, I went through the process of a refi with DCU. They forced me to open an account with them before beginning and required a minimum balance be kept. I didn't like this as no other bank I've dealt with has done that. I jumped through their hoops to do this and then found out later I wasn't even qualified to refi with them. They required a much higher than normal LTV ratio which the customer service rep never disclosed to me. I went forward with the application not knowing this fact and even paid over $300 for an appraisal. Once the appraisal came back and the LTV ratio was determined to be too high, they almost immediately stopped responding to my questions and concerns. I was unable to get any refund on the appraisal fee, let alone an explanation as to why I wasn't given this information up front. Had I been told, I would have known right away not to move forward as I know the market value of my home and the amount of my mortgage. The whole experience was very frustrating to say the least. To top it off, I recently received a letter stating I must close my checking account due to inactivity and I am finding it impossible to close over the phone. Now I must take a trip down to retrieve my money and be done with them for good.
In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.