eDCU Blog

After a long absence, we’re back doing first mortgage loans and we’re so excited! The lack of full service mortgage products has been a big hole in our offerings to you. 

Mortgage lending is very complex and highly regulated. To be successful at it, you really need to bring in the experts and that is exactly what we have done. eDCU has entered into a partnership with an Oregon credit union, Consolidated Community CU to offer a vast array of mortgage products to our members. 

So why would you choose us and CCCU?

 We work hard every day to earn your trust. So selecting a partner who has the same belief was paramount. Since CCCU is a credit union, they get it. They understand the difference credit union relationships bring to its members and they are going to do everything in their power to treat our members just as great as they treat their own. 

Next, CCCU is very efficient at what they do. And as a credit union making sure that you don’t overpay is very important to them. I’d be acting in bad faith if I said “we’re always the lowest cost” because that’s not always the case. But take my word when I say we are going to be one of the lowest AND we will make sure we understand your goals and objectives to be sure you are getting into the right type of mortgage for YOU. The most important thing your mortgage loan officer will do for you is learning about you and your plans. We will get these key pieces of information to be sure you understand all your options and the costs of those options. It’s all about extending that trust relationship and making sure you’re an educated consumer. When you are educated, then you have the power to go shop and make sure you’re happy with the deal you end up with; whether it is with us or with another lender that had a smokin’ deal for you. 

Finally, and this goes back to the relationship – your mortgage loan officer will be there with you from your initial inquiry and application all the way to closing. You won’t be passed along to various loan processors. You won’t have to repeat yourself or explain your story all over again. This is unique! And we’ll be by your side the whole time too! 

What about rates and fees?

It’s funny. That is usually the first question most mortgage borrowers ask. And it makes sense. But let's consider a a few things:

• Every lender is going to have their own way of charging fees for processing, underwriting, document preparation and stuff like that.
• Every mortgage loan is going to have 3rd party fees for things like title insurance and appraisal. These are fees lenders cannot “upcharge”. You pay the actual cost. That’s the law. So these fees are basically going to be the same from lender to lender.
• Every mortgage loan is going to have some form of pre-paid expenses. These are things like pro-rated property tax and pre-paid interest. These too are actual costs and won’t be different from lender to lender. 

So now that we categorized fees and costs, you can see that what can set one lender apart from another is how much they charge for actually processing and doing your loan. It would be nice if it was always so simple to just ask each lender what their fee is, but it isn’t always that simple and here’s why – mortgage rates are generally packaged with cost variables. For example, are they quoting a rate that includes fees to buy down the rate? 

To keep it simple, you will get estimates from lenders you shop. Look at those variable fees THEY control. Also look at the APR or Annual Percentage Rate they quote. The APR is simply a statement of the total cost of the loan including the interest and fees as an annualized rate (it is not the actual interest rate you pay on the money you borrowed). 

What products do we have?

Most anything you would need.

• Conventional loans
• FHA loans
• VA loans
• Purchase loans
• Refinance loans
• Fixed rate loans
• Variable rate loans
• And more

How do I get started?

Call your favorite eDCU Account Manager and they can begin this conversation with you and guide you thru the process. Or go to our website and start a short application on the secure site.

NMLS ID #653511