Golden 1 Credit Union Mortgage Review 2024
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Our Take
4.0
Golden 1, a California-based credit union, specializes in down payment and closing cost assistance in the Golden State. Its experience with jumbo loans will be a plus for any buyer navigating the state’s high home prices. However, the lender doesn’t offer VA or USDA loans. Most likely to appeal to first-time homebuyers in California.
Pros
- Experienced with first-time home buyer assistance programs in California.
- Closing cost discount when you buy through a preferred real estate agent network.
- Interest rate discounts available to account holders.
Cons
- Membership is mostly limited to California residents.
- Can’t customize rates online.
- No VA or USDA loans.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Golden 1 is a credit union based in Sacramento, California. Loans are limited to borrowers in California. Membership is open to California residents; those who work in California or are members of select employee groups; and existing members’ families. To become a member, simply open a savings account with a balance of $1 or more.
🏠 Popular loan types include: Fixed or adjustable rate; conventional; FHA; jumbo; rate-and-term or cash-out refi
🔑 Specialty loan options include: First-time home buyer loans
💵 Home equity borrowing options: HELOC
Golden 1 offers a few incentives to reduce the cost of homebuying. They include:
Buyer Advantage Program: Credits members up to 25% of their agent’s commission toward closing costs when they work with a Golden 1 preferred real estate agent.
Home Loans Relationship Discount Program: Offers rate discounts up to 0.375% based on a member’s eligible deposit balances with Golden 1 checking, savings or investment accounts.
On My Way Homeownership Program: Helps connect low- to moderate-income buyers with available assistance from multiple sources.
Golden 1 is an approved lender with the California Housing Finance Agency (CalHFA) and is well-versed in specialty loans for first-time home buyer programs in California.
» MORE: How to apply for a mortgage
How we score Golden 1 mortgages
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Golden 1 has a NerdWallet home loans rating of 4 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
What borrowers say about Golden 1 mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet assesses customer satisfaction scores from J.D. Power and Zillow. Golden 1 Credit Union didn’t have sufficient data from either source for NerdWallet to share. We also contacted Golden 1 customer support.
🤓 Our Nerds say ...
Golden 1 offers online chat with a live customer service agent. That’s a nice feature we don’t see at all mortgage lenders, let alone regional credit unions. When we tested it out, we were connected with a representative in under a minute.
Alternatives to a home loan from Golden 1
We recommend comparing mortgage rate offers from three or more lenders.
San Diego County Credit Union focuses on California borrowers and offers jumbo loans.
For a credit union with wider membership guidelines, Bethpage Federal Credit Union serves customers in nearly every state.
» MORE: Best CalHFA mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
