Refinance mortgage with credit union

[squirrlygirl]

I'm looking for opinions on whether this is normal or not specifically for a credit union. We've taken out mortgages and refi's several times through a broker, but this is our first time through our credit union.

We filled out the application online last Monday (almost two weeks ago) and were instantly "approved", which was just really weird to see those words pop up on the screen. We received forms on Tuesday to sign and a list of items to send in (current mortgage statements, a pay stub, W-2's, the survey). We sent it back Wednesday. Then we never heard anything, so DH called Tuesday of this week and was told that everything was fine, they were working on it, and would call if they needed anything. It's now Friday evening, and they still haven't scheduled an appraisal (though they took the money for it 3 days ago).

Is this lack of progress normal? Shouldn't we have heard something by now? Was that man that took a picture of our house yesterday our appraisal? I hope not as I just don't see that being very accurate!

 

[EthansMom]

It might take a week or so.

We refied with our credit union earlier this year. It took a week or so for the appraisal... and then, we were contacted directly by the appraiser not by anyone at the credit union. It then took MONTHS for the credit union to do all of their paperwork and the closing paperwork had all kinds of wrong numbers on it. In the end, though, we locked in a great rate with our credit union (and we like them) so that's good.

In our case, the credit union was SLAMMED because of low interest rates.

 

[jerrifox]

Hey, I work in real estate in NC and deal with credit union loans some of the times. Some credit unions that are localized will move pretty fast and sometimes keep the client out of the loop...they will close the loan but you may not even know when closing is. On the other hand, the more national credit unions are so bogged down they can barely find their own heads so stay on top of them. As far as your appraisal, if you've recently refi'd they may be able to update your old one..not sure. Anyway, good luck Hope you got a great rate!

 

[squirrlygirl]

It's been 4 years since our last appraisal, so I don't think they can update it. I'm not even sure how big the credit union is anymore. "Our" credit union was taken over by a larger one a while back.

If this goes through we're going to save $300 a month

 

[BriarfoxinWA]

If they only ordered a "drive-by" appraisal...then yes the guy taking a picture of your house could have been it.

 

[kellyg403]

Hey, I work in real estate in NC and deal with credit union loans some of the times. Some credit unions that are localized will move pretty fast and sometimes keep the client out of the loop...they will close the loan but you may not even know when closing is. On the other hand, the more national credit unions are so bogged down they can barely find their own heads so stay on top of them. As far as your appraisal, if you've recently refi'd they may be able to update your old one..not sure. Anyway, good luck Hope you got a great rate!

Hey Jerrifox..I am in Jacksonville also! Small world, thought I was the only disney groupie in j'ville!

OP, at a home we were renting before the owners were doing a refi or something and a man came by taking pictures of the outside of the house. Never knocked on the door or anything..kinda scared the heck out of me. Anyway, after contacting the owners found out it was an appraiser. So yes, they can come by and take pictures and call it an appraisal!

We also were thinking of refi with our local credit union, and yes it was several days in the making. Our next door neighbor was in the same boat with their credit union. They turned in the paperwork and never heard from them again until the morning they were supposed to close to let them know what time it was! My neighbor and I walk each morning and she was saying they were calling every couple days to see what the heck was up but the mortgage officer kept saying everything was fine, they would call when/if they needed something. And they did! They were called that morning at 8 and closed at noon. So I don't know if there are just different ways of doing things or if this is normal with credit unions! HTH some to alleviate some of your doubts/fears!

Kelly