Ed Force One

Has anyone used the mortgage service available through Union Plus? I spoke with a guy on the phone today and he said rates are competitive to the banks, but there are benefits like 6 months unemployment coverage.

Just curious if anyone else has used them. There's comfort, of course, in sticking with my bank that I've been with for over 20 years and finance our current mortgage through.

TransWorld

I wonder if the unemployment has an elimination period. In other words, if you know or suspect you are going to be unemployed tomorrow, can you take out the mortgage today and still expect coverage. It’s like the question of buying life insurance when you just got a stage IV cancer diagnosis.

Qotsaautopilot

Dave Devine
National Bank of Kansas City

Hes worked with pilots on here and doesn’t fumble with how we get paid. I shopped many mortgage brokers on ‘16 when rates where down and he was the best all in cost with rate and closing, and easy to work with via phone and email. I do not live in Kansas or MO.

Would use him again.

Duckdude

The American Airlines Credit Union is very good. They don’t sell their mortgages, which I understand is pretty common. They work with lots of crew, obviously. Any airline employee can join, don’t have to be with AA - I’m not.

A nice feature (although in the current environment probably isn’t such a big advantage) is that at any time you can pay 1% of your outstanding loan balance and reset the interest rate to the current rate. Almost no paperwork required. Payoff date doesn’t change.

I bought my home in 2002 at maybe 7.5% or so, and have three times paid the fee to get it down to just over 3% now.

Another nice feature is they rebate some of the interest you pay a few days before Christmas each year. It has varied over the years from between $150 ish to $500 ish. And I have a fairly small mortgage - I qualified for it with just my income as a 4th year Trans States FO in 2002, so that gives you an idea of the loan size. I’d imagine on a large mortgage the rebate could be quite large.

ClncClarence

I used NBKC a year ago and they were great. Best rates I could find and easy to work with. If you’re a Costco member they have insanely low origination fees. Like $275 or something.

Qotsaautopilot

yes took advantage of the Costco executive member deal as well

Aviatormar

I just did this about 2 months ago and it was great. They have a system that links to your bank and you grant them read only accessed so you don’t even have to send over pdf’s or statements. Closed on time and with the Costco program we only paid 275 in lender fees. Highly recommend nbkc bank

CincoDeMayo

So you get the low origination fees with NBKC by telling them you have Costco Executive? Or is it through Costco directly who uses NBKC?

ClncClarence

I found them through the Costco lender program but I’m not 100% sure if it’s necessary to get the quote that way. Costco does not originate loans, they just have a network of lenders that offer lower rates to their members.

CincoDeMayo

Thanks......