One Nevada Credit Union Mortgage Rates

The initial purchase transaction went OK. We got a very low 3.125% fixed rate in August 2017 and I don't have much complaints about that. We did not quite get to 20% down, so we pay about $33 PMI for the first 21 months of the mortgage. The PMI will fall off automatically without a refi once we get to a certain level of equity based on the purchase price.

TL;DR: Our loan officer called me up a year after the purchase and tried to scam me with a refi loan that would cost more now, probably more for the next year, and definitely more after the next year. She didn't listen to me at any point in the conversation, or she did listen to me but she just has a low opinion of my intelligence.

A year later, the One Nevada CU loan officer who helped with the purchase called to let me know that the home value had risen and that a refi could remove the PMI. I explained that we only pay $33 in monthly PMI and we have less than a year to go. The cost of the refi transaction couldn't possibly be less than the $330 in total future PMI. That's not even enough for an appraisal, much less a credit check and bank loan fee. The loan officer wouldn't give up though. She pointed out that the $33 in PMI could go to the principal instead. I tried to explain that even if the refi were 100% free, the short term PMI savings would be wiped out by paying higher interest since rates have risen. And after July 2019, we would be stuck with the higher rate for the life of the loan, much more expensive than a year with PMI. I don't think I got through to her why this was such a bad deal, or maybe she didn't care.

It just goes to show that a credit union won't hesitate to rip off less gullible consumers just as many of the larger banks have been doing. It's more than a little disappointing.

I dealt with Kenneth Hughes and have never in my life been so shocked at what transpired with him and this company. I will try to make it brief. My wife and I applied for a mortgage and one nevada had the best rate around 4.62 prequalified. fast forward a few weeks before closing and ken sent me paperwork with 5% interest rate. I asked him over the phone and he told me this just locked in the rates and once we got deletion letters from an apartment 7 years we would be good. I got deletion letters from all 3 credit bureaus and gave them to ken. He said we were good and the rate would be 4.75. and begin the s-storm. I asked if we could sign something saying that and he said we would closer to closing. fast forward a few days before closing I cant get a hold of ken and he wont answer my questions about why when he pulled my wifes credit again the apartment was still on there after I gave him the deletion letters and I called all 3 credit bureaus and they said its not on their records either. ken still assures me it will be ok and he guarantees me at least 4.87 before closing. So guess what we signed today and ken lied but he was smart and only did it over the phone. no paper trail. final rate 5.08% apr. Please never use him or you will regret it. at first he is very easy going and you wont think twice about it till the last day and its too late.