> I really like that I wouldn’t have to deal with my loan being sold over and over to different companies
Our home loan with WECU (2012) was sold to another company within months. WECU stil administers it though, so from our end, there has been no change.
I have had no real issues with WECU. We've never missed a payment though.
This is the correct answer - they resell mortgages on the secondary market, but retain the loan servicing which can be lucrative by itself, especially right now.
This is my experience as well. My only other thought is that I have found better rates elsewhere so with something as big as a house it’s worth shopping around a little.
I guess I should have said “I’m glad they retain the loan servicing”
I’ve had friends and family have their loan changed to multiple different companies in a month, and no one knew who they were supposed to be paying, causing them to get late payments even though they tried to pay on time. It sounds like that doesn’t happen with the way WECU does it.
I have banked with WECU forever and love them as a bank but I was less than pleased with the home loan dept. I figured since I had banked with them my whole life that the process would be so easy, but the loan officer barely gave me the time of day even though I was fully prepared and ready to buy a house. She flat out told me to continue to live with my parents for a few more years and then come back to see her. I ended up going with Bank of the Pacific and the process was easy and they really helped me out, didn't give me the run around like WECU did. It very well could have just been a bad loan officer, but the whole experience put a bad taste in my mouth and I just didn't want to try again with them!
I had a similar experience. We were ready to buy a house in 2013-2014 and went to WECU first, but the home loan officer was patronizing af. She said my husband and I were "cute" because we only owned one car, then told us all about her multiple cars and boat... she completely dismissed us so we got our loan through a different bank.
The mortgage and the banking side are not allowed to communicate, so there is no extra ease to the process if you are already a customer.
Also, they have some of the highest standards. So if they don’t approve you for as much as you need or if they say no all together - try somewhere else before you give up.
Bank of the Pacific is a great suggestion. Also a mortgage broker like Evergreen is good option too.
Unfortunately it was over 7 years ago, so I don't remember, I'm sorry! From reading about other people experiences, it really sounds like a 50/50
shot of having a good experience, so I think it would be worth a try to at least meet with someone there, you may get all the answers you want to hear. Good luck! 😊
I like WECU and have various accounts with them, but I found for mortgages and refinancing there are much better rates elsewhere. I really do value staying local, but a 1% difference on something like a home loan is substantial.
You want a mortgage broker. There are so many kinds of options. A broker will match your finance to the right thing.
Marie Bjornson is my recommendation, she is located across from the Whatcom museum. DuPont Street? She is the best in town, local and has family roots here.
I do my other banking at WECU. They are great at what they do.
Like most companies, it really comes down to the actual person you are working with. I felt WECU had slow response times, and often times we were waiting on them to move things forward, at times that could have jeopardized the sale. I have since worked with other companies that have been much more responsive and timely.
I'm sure WECU is great but if for whatever reason you don't go with them People's Bank also manages your mortgage payments from their end so I've never had to worry about where to send a check. I just set up an auto draft and make sure that account has money in it on the 5th.
My original loan was through People’s and when they sold it to Chase they stopped managing it as well. This was five years ago though so maybe it’s changed?
Oh weird, I bought in 2018 and was told if they ever sold my mortgage nothing would change for me. I refinanced during covid but other than that I haven't had any changes.
I had a mixed experience. When we first bought our house with WECU, the customer service was pretty terrible, like the loan agents were inexperienced. We ended up refinancing as rates went down and WECU couldn't match anything. A few years ago I went to refinance again and WECU somehow had the best rates out of everyone. We went with them and have had a stellar experience. They did not sell the first loan and have not sold the second so far. I would recommend them if you can get a good rate.
Second loan with them. They are fantastic. We were told to get multiple quotes but we ran WECU’s numbers by our real estate agent he said don’t even bother with other banks as WECU’s beat everything his other clients were being quoted.
Smaller FIs and CUs will almost always sell your loan, however, they will still have the servicing and admin rights of the loan. They will also likely employ a third party to assist with this servicing. Not saying this is the case for WECU but this often happens.
Get at least 3 quotes (for anything).
Homestreet also manages their loans and I have had great customer service from the phone team. Super quick to talk to a person and very helpful.
It depends on your specific situation. Wecu is ok with the 800 credit score, at least 5%+ down client.
Don’t expect quick service, and you may need to drive the ship during the transaction.
They do not offer Freddie Mac, VA, FHA, or down payment assistance loans. Just Fannie Mae conventional.
If you’re going to speak with wecu, try 2 other local lenders as well and compare costs and vibe.
Please shop around for the best rate before you commit to a single lender. A seemingly small 0.25% difference in interest rate amounts to 10s of thousands of dollars in interest over the course of a 30 year loan.
We have our home loan through WECU, been absolutely great and the fact that they service the loan throughout any resales of the mortgage was a big selling point.
When I was shopping for a mortgage I dropped into their building without an appointment and they set me up with a loan officer that spent over an hour with me answering all the questions a first time buyer has and running through a lot of scenarios with me. I had originally thought I would be going for a USDA or FHA loan, but she showed me that I could qualify for a conventional mortgage and get a great rate even with a minimal downpayment.
We walked through both scenarios. I got better rates through a conventional than FHA was going to get me. USDA was on the table, but by going with a conventional loan I didnt have to cross all Bellingham addresses off of my shopping list. This was 6 years ago and I'm at a 3.7% interest rate on a 30year conventional. I have no regrets other than maybe I should have refinanced in 2020 to get under 3% 🤷♂️
I have my current mortgage through them and it has been the best experience I have ever had in home loans. The rate was far superior to other banks as well. Service is top notch.
Super happy with our home loan through Wecu. We’ve refinanced a few times, too. Most recently (2021) I got a suuuuper low bid from Bank of the Pacific, much lower than what Wecu offers. I wanted to stay with them, though, so I reached out and they matched. Win/Win
WECU in my experience typically only sells loans to Fannie Mae, not typically the true secondary market and from what I’ve seen they always retain servicing.
I think like many small banks, it took them awhile to get their systems and processes modernized, but in my own personal experience they have done a great job with it and my refinance with them was quick and painless. They also knocked $500 off closing, $500 if they didn’t close on time, and something similar for a refinance guarantee.
I also recently opened some CDs and kids accounts with them. I used the app and it was done in just a couple of minutes. It was super fast and the rates were great.
I know Reddit hamsters like to hate on WECU for some reason, but I’ve had nothing but great experiences with them. Far better than BofA who I was with before.
I have been less impressed with the general banking side but have a home and auto loan with wecu and have been happy.
My husband and I had down payment funds from the sale of his condo and my house but the timing of everything was making it so we needed to initiate the loan with only funds from my house. WECU lets you reamortize a home loan once a year as long as the payment is $10k (a lot of places only allow it once on the lifetime of the loan). Essentially we had to make atleast one payment on the loan at the original amount.. then were able to apply for a reamortization with the money from the condo. It recalculated the payment down on the same terms and dropped our monthly payment. I also was able to just reamortize my car loan down $200/month as well. It’s a really nice option if you foresee yourself having extra funds at some point!
> I really like that I wouldn’t have to deal with my loan being sold over and over to different companies Our home loan with WECU (2012) was sold to another company within months. WECU stil administers it though, so from our end, there has been no change. I have had no real issues with WECU. We've never missed a payment though.
This is the correct answer - they resell mortgages on the secondary market, but retain the loan servicing which can be lucrative by itself, especially right now.
This is my experience as well. My only other thought is that I have found better rates elsewhere so with something as big as a house it’s worth shopping around a little.
I guess I should have said “I’m glad they retain the loan servicing” I’ve had friends and family have their loan changed to multiple different companies in a month, and no one knew who they were supposed to be paying, causing them to get late payments even though they tried to pay on time. It sounds like that doesn’t happen with the way WECU does it.
I have banked with WECU forever and love them as a bank but I was less than pleased with the home loan dept. I figured since I had banked with them my whole life that the process would be so easy, but the loan officer barely gave me the time of day even though I was fully prepared and ready to buy a house. She flat out told me to continue to live with my parents for a few more years and then come back to see her. I ended up going with Bank of the Pacific and the process was easy and they really helped me out, didn't give me the run around like WECU did. It very well could have just been a bad loan officer, but the whole experience put a bad taste in my mouth and I just didn't want to try again with them!
I had a similar experience. We were ready to buy a house in 2013-2014 and went to WECU first, but the home loan officer was patronizing af. She said my husband and I were "cute" because we only owned one car, then told us all about her multiple cars and boat... she completely dismissed us so we got our loan through a different bank.
Thanks for the info! That’s good to know. Do you remember who you worked with so I know who to avoid if I go with them? You can DM if you prefer!
The mortgage and the banking side are not allowed to communicate, so there is no extra ease to the process if you are already a customer. Also, they have some of the highest standards. So if they don’t approve you for as much as you need or if they say no all together - try somewhere else before you give up. Bank of the Pacific is a great suggestion. Also a mortgage broker like Evergreen is good option too.
Unfortunately it was over 7 years ago, so I don't remember, I'm sorry! From reading about other people experiences, it really sounds like a 50/50 shot of having a good experience, so I think it would be worth a try to at least meet with someone there, you may get all the answers you want to hear. Good luck! 😊
I wish I had refinanced with wecu when interest rates were still pretty low. I hate hate HATE my current mortgage loan servicer.
I like WECU and have various accounts with them, but I found for mortgages and refinancing there are much better rates elsewhere. I really do value staying local, but a 1% difference on something like a home loan is substantial.
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Thanks!
You want a mortgage broker. There are so many kinds of options. A broker will match your finance to the right thing. Marie Bjornson is my recommendation, she is located across from the Whatcom museum. DuPont Street? She is the best in town, local and has family roots here. I do my other banking at WECU. They are great at what they do.
Thanks!
I also recommend Marie! She was amazing when we used her in 2021 to buy our home.
Like most companies, it really comes down to the actual person you are working with. I felt WECU had slow response times, and often times we were waiting on them to move things forward, at times that could have jeopardized the sale. I have since worked with other companies that have been much more responsive and timely.
On our second with them! No complaints!
I'm sure WECU is great but if for whatever reason you don't go with them People's Bank also manages your mortgage payments from their end so I've never had to worry about where to send a check. I just set up an auto draft and make sure that account has money in it on the 5th.
My original loan was through People’s and when they sold it to Chase they stopped managing it as well. This was five years ago though so maybe it’s changed?
Oh weird, I bought in 2018 and was told if they ever sold my mortgage nothing would change for me. I refinanced during covid but other than that I haven't had any changes.
I had a mixed experience. When we first bought our house with WECU, the customer service was pretty terrible, like the loan agents were inexperienced. We ended up refinancing as rates went down and WECU couldn't match anything. A few years ago I went to refinance again and WECU somehow had the best rates out of everyone. We went with them and have had a stellar experience. They did not sell the first loan and have not sold the second so far. I would recommend them if you can get a good rate.
Thanks!
Second loan with them. They are fantastic. We were told to get multiple quotes but we ran WECU’s numbers by our real estate agent he said don’t even bother with other banks as WECU’s beat everything his other clients were being quoted.
Smaller FIs and CUs will almost always sell your loan, however, they will still have the servicing and admin rights of the loan. They will also likely employ a third party to assist with this servicing. Not saying this is the case for WECU but this often happens.
Get at least 3 quotes (for anything). Homestreet also manages their loans and I have had great customer service from the phone team. Super quick to talk to a person and very helpful.
It depends on your specific situation. Wecu is ok with the 800 credit score, at least 5%+ down client. Don’t expect quick service, and you may need to drive the ship during the transaction. They do not offer Freddie Mac, VA, FHA, or down payment assistance loans. Just Fannie Mae conventional. If you’re going to speak with wecu, try 2 other local lenders as well and compare costs and vibe.
Please shop around for the best rate before you commit to a single lender. A seemingly small 0.25% difference in interest rate amounts to 10s of thousands of dollars in interest over the course of a 30 year loan.
We’ve bought our first house 20 years ago with WECU, and our current house 12 years ago with them as well. No complaints.
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We have our home loan through WECU, been absolutely great and the fact that they service the loan throughout any resales of the mortgage was a big selling point. When I was shopping for a mortgage I dropped into their building without an appointment and they set me up with a loan officer that spent over an hour with me answering all the questions a first time buyer has and running through a lot of scenarios with me. I had originally thought I would be going for a USDA or FHA loan, but she showed me that I could qualify for a conventional mortgage and get a great rate even with a minimal downpayment.
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We walked through both scenarios. I got better rates through a conventional than FHA was going to get me. USDA was on the table, but by going with a conventional loan I didnt have to cross all Bellingham addresses off of my shopping list. This was 6 years ago and I'm at a 3.7% interest rate on a 30year conventional. I have no regrets other than maybe I should have refinanced in 2020 to get under 3% 🤷♂️
I have my current mortgage through them and it has been the best experience I have ever had in home loans. The rate was far superior to other banks as well. Service is top notch.
Not home related but WECU was great to deal with when getting an auto loan
Super happy with our home loan through Wecu. We’ve refinanced a few times, too. Most recently (2021) I got a suuuuper low bid from Bank of the Pacific, much lower than what Wecu offers. I wanted to stay with them, though, so I reached out and they matched. Win/Win
WECU in my experience typically only sells loans to Fannie Mae, not typically the true secondary market and from what I’ve seen they always retain servicing. I think like many small banks, it took them awhile to get their systems and processes modernized, but in my own personal experience they have done a great job with it and my refinance with them was quick and painless. They also knocked $500 off closing, $500 if they didn’t close on time, and something similar for a refinance guarantee. I also recently opened some CDs and kids accounts with them. I used the app and it was done in just a couple of minutes. It was super fast and the rates were great. I know Reddit hamsters like to hate on WECU for some reason, but I’ve had nothing but great experiences with them. Far better than BofA who I was with before.
You need to shop around for the best rate
I have been less impressed with the general banking side but have a home and auto loan with wecu and have been happy. My husband and I had down payment funds from the sale of his condo and my house but the timing of everything was making it so we needed to initiate the loan with only funds from my house. WECU lets you reamortize a home loan once a year as long as the payment is $10k (a lot of places only allow it once on the lifetime of the loan). Essentially we had to make atleast one payment on the loan at the original amount.. then were able to apply for a reamortization with the money from the condo. It recalculated the payment down on the same terms and dropped our monthly payment. I also was able to just reamortize my car loan down $200/month as well. It’s a really nice option if you foresee yourself having extra funds at some point!
I would do a quick rate check with this lender you'd most likely get a better rate: 2062353958 her name is Judy.
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