San Diego County Credit Union Mortgage Review 2023: Everything You Need To Know

Unlike traditional banks, credit union members are also the business's proprietors. These groups' principal goal is to benefit the members. Hence they are not for profit. For this reason, credit unions may often provide more attractive interest rates on savings accounts, lower interest rates on loans, and cheaper costs overall.

Yet, some criteria must be completed before you may join a credit union. The rules that apply are varied for each type of credit union. The San Diego County Credit Union is one of the largest locally-owned financial organizations.

Mortgage loans and other services are restricted to members of the Financial Fitness Association and those who live or work in the counties of southern California where the credit union is headquartered. This credit union is routinely named the greatest mortgage house lender in San Diego. It has gained a reputation as one of the top financial organizations in California.

About San Diego County Credit Union

The San Diego County Credit Union (SDCCU) is a financial cooperative that serves the three counties of San Diego, Riverside, and Orange. SDCCU was established in 1938 and has provided financial services, including banking, mortgage, vehicle, and personal loans, to customers in southern California for over 80 years.

With 425,000 members, San Diego County Credit Union has developed into the city's largest locally-owned financial organization due to its rapid membership growth. Everyone who lives or works in Southern California, including Los Angeles, Riverside, and counties farther north like Santa Barbara and San Luis Obispo, is eligible to join the organization.

Members have access to 43 branches located throughout Riverside County, San Diego County, and Orange County. The San Diego Humane Society and the San Diego Blood Bank are two of the many charitable organizations that receive financial support from the credit union and the other 75 local and national charitable organizations.

Instead of issuing shares or paying out dividends to members like a typical credit union would, SDCCU uses its returns to promote reduced lending rates and fees for its members by leveraging its financial resources.

San Diego County Credit Union Mortgages

Fixed-Rate Mortgages

The rate and points members are eligible for with this option depending on their FICO ratings, loan-to-value/combined loan-to-value ratios, cash-out refinances, high-balance loans, and subordinate financing.

This mortgage is available for owner-occupied single-family houses, townhomes, condos certified by Fannie Mae, and PUDs in California, and it may cover conforming loans of up to $484,350. Ten, fifteen, twenty, and thirty-year leases are all on the table, with the longer options suitable for investment houses rather than primary residences.

No-Closing-Cost Mortgages

Members of SDCCU enjoy more freedom and safety with this alternative than with more traditional alternatives. This 5/5 ARM has introductory rates from 3.375 percent to 4.557 percent. In addition to not paying any origination fees, members who choose this option will have their rates adjusted no more than once every five years, or a maximum of 2.2 percent.

You may use this promotion for loans up to $1.5 million at 80% LTV. Only main residents, owner-occupants, or those seeking refinancing from a lender outside the United States are eligible for the promotion. Where applicable, SDCCU will cover the cost of your closing, including the credit report, appraisal, title services, tax service, recording fees, lender's title insurance, flood certification, and.

Adjustable Rate Mortgages

This mortgage plan has a risk-based pricing structure, reduced closing costs, and a free rate lock for 60 days. Loans for owner-occupied, single-family homes up to $1,500,000 with a maximum LTV of 80% are available to members. Loan-to-value (LTV) caps of 95% and 80% on cash-out refinances and 95% on purchase loans are available with this option.

Conforming loan limits of $484,350 are also supported. A 30-year loan with a 3.375 percent interest rate and an APR of 4.580 percent would have an approximate payment of $4.42 per $1,000 borrowed, with no origination fees.

Pros:

• Many banking choices are available
• Credit Cards, Both Secured and Unsecured
• Get free withdrawals at any of the 30,000 ATMs nationwide
• You can get a free checking account or eliminate your monthly maintenance costs.

Cons:

• Annual Percentage Yields are modest when compared to other options.
• The requirement for membership

San Diego Accounts

Doing some homework might help you pick the right checking account. SDCCU's FREE checking with e-statements includes no fees, making it ideal for new account holders on a small budget. If you make a direct deposit of $100 monthly or maintain a daily balance of $1,000 or more, the $5 monthly charge for classic checking will be eliminated.

With no minimum balance requirements and monthly service charges, SDCCU's savings accounts suit savers of all ages and deposit sizes. When joining SDCCU, new members must open a primary account with a minimum balance of $1. Nevertheless, to receive the 0.03% APR, a balance of at least $100 is required.

San Diego Services

The credit union takes great satisfaction in the individualized attention it gives each member, whether consumers or businesses. On its website, visitors may access a wealth of personal finance and commercial enterprise information.

With the credit union's online banking capabilities, members may register an account, move their accounts to the credit union, terminate their previous bank accounts, and set up direct deposit.

Where available, SDCCU's website displays predicted rate amounts for each mortgage product, including 10-, 15-, 20-, and 30-year terms. The credit union's connection with and support for local nonprofits also helps establish it as an institution with lasting significance in the area.

Conclusion:

If you're looking for an alternative to big banks, go no further than SDCCU Mortgage. While credit unions turn off many individuals due to membership requirements based on one's occupation or affiliation, SDCCU welcomes practically everyone.

The only requirements are membership in the Financial Fitness Association or proof of employment or residence in Southern California. After joining, you'll have convenient access to several banking options. You may sign up for an account in person, over the phone, or online.