San Diego County Credit Union Mortgage Review 2024
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Our Take
4.0
SDCCU offers conventional and jumbo mortgages and provides customized rate information on its website. Home equity loans and lines of credit are available, but it’s not a source for FHA, VA or USDA loans.
Pros
- Offers purchase, refinance and jumbo mortgages, plus loans for second homes and home equity products.
- Provides customized rate and fee quotes without requiring contact information.
- Interest rates are notably low, according to the latest federal data.
Cons
- No FHA, VA or USDA mortgages.
- Loans are available in California only.
- Mobile app has low ratings.
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
SDCCU’s mortgage loan options
3 of 5 stars
San Diego County Credit Union offers a variety of purchase and refinance loan types, including jumbo loans and mortgages for second homes. The lender doesn't offer FHA, VA or USDA mortgages, or renovation or construction-to-permanent loans.
SDCCU offers fixed- and adjustable-rate mortgages, including an adjustable-rate mortgage with no closing costs.
SDCCU HELOC and home equity loan
The lender also offers a home equity line of credit, or HELOC, and home equity loans. These second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.
SDCCU offers HELOCs with variable rates and 10- or 15-year term home equity loans with fixed rates to members living in California.
» MORE: Best HELOC lenders
What it’s like to apply for a SDCCU mortgage
3.5 of 5 stars
San Diego County Credit Union allows members to apply for a mortgage and track the progress of a loan application online. Online chat is available, but a phone number for mortgage questions is hard to find. You can upload documents and e-sign required paperwork. If you prefer, you can apply over the phone or in person. SDCCU has a mobile app available for Apple and Android devices, but users give it low ratings.
Membership in the credit union is available to anyone who lives or works in Southern California, specifically Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara or Ventura counties. Members of the Financial Fitness Association, an organization that helps people develop money-management skills, can also join.
» MORE: How to apply for a mortgage
SDCCU’s mortgage rates and fees
4 of 5 stars
SDCCU earns 3 of 5 stars for average origination fee.
SDCCU earns 5 of 5 stars for average mortgage interest rates.
NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Compared with other lenders, SDCCU’s origination fees are typical and its interest rates are notably low.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
SDCCU’s mortgage rate transparency
5 of 5 stars
SDCCU lets you see customized rates after answering a few brief questions through an online form. When we checked, the tool displayed the interest rate, annual percentage rate, discount point assumptions and an estimated monthly payment. You don't need to enter contact information.
What borrowers say about SDCCU mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. NerdWallet assesses borrowers’ subjective experiences with lenders using customer satisfaction scores from J.D. Power and Zillow. San Diego County Credit Union didn’t have sufficient data from either source for NerdWallet to share.
Alternatives to a home loan from SDCCU
Golden 1 Credit Union is another option for California residents, and Bethpage Federal Credit Union serves customers in almost every state.
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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.
