I compared a local credit union to a big bank for my mortgage

Big bank pre-approval took 2 weeks. Credit union did it in 3 days. The rate was 0.5% lower at the credit union too. They didn't try to sell me extra insurance or accounts. Has anyone else found better terms going local instead of national?

3 comments

3 Comments

kelly_rivera16d ago

Three days for pre-approval? That's insane, I waited almost a month with Chase.

casey34216d ago

Hold on, is a month for pre-approval really that bad? I feel like unless you're trying to buy a house this week, waiting a few weeks is pretty standard. Most of the time you're just gonna get a letter or an email saying "you're pre-approved up to this amount" and then you don't even use it. I've had pre-approvals sit in my email for months before I did anything. A month might be slow but calling it insane seems like a stretch unless you were literally about to make an offer.

ray56216d ago

Hang in there @kelly_rivera, a month is rough when you're just trying to move forward. I've been there too, and it does feel like forever when you're waiting.