Dcu Expert And Consumer Ratings
DCU was not covered by any of the eight user-review sites checked by Bills.com. This is probably because DCU is a members-only organization.
DCU received a 2.0 out of 5 rating from TrustPilot. This reflects the credit unions performance as a whole, not their home equity lending specifically.
The Better Business Bureau gave DCU an A+ rating, even though DCU is not accredited by the BBB.
I’ve Been A Member Of Dcu From 2013
I’ve been a member of DCU from 2013. So far it is a fantastic bank. I got my first credit with them. I got my my first car loan and also my first personal loan. I also keep my salary direct deposit with them. I feel it is great. I recently bought a PHEV van and I got my rate of 1.24% ROI. No bank can ever offer this.
Date of experience:December 15, 2021
Dcu Is Revolutionizing The Mortgage Closing Process For Its Members
Digital Federal Credit Union, better known as DCU, is no stranger to venturing outside of the conventional banking norms.
DCU is continuously researching and vetting the latest and most innovative technologies to improve the overall banking experience for its members.
With a membership base of over 800,000 nationwide, DCU sought to identify a way to emulate the same personal closing experience members living within their Massachusetts and New Hampshire branch network have come to expect.
Most recently, DCU completed its first-ever remotely notarized electronic closing with a home equity loan borrower in Virginia.
This process started four years ago when we decided that we wanted to create an electronic closing experience for our members, said Caleb Cook, DCU Vice President of Mortgage Lending.
At the time, there were only a couple of states that had an e-notary law. We saw an opportunity to do hybrid e-closings at scale, where the borrower can sign everything electronically except the note and mortgage before doing a full e-closing. In a full e-closing, the borrower is permitted to sign everything with an in-person electronic notary present. A remote closing enables the borrower to sign all documents remotely via webcam.
Then, the DCU Mortgage Department identified which states permit remote or full e-closings and in 2017, the credit union completed its first full e-closing on a home equity loan for a member residing in Florida.
Why Virginia?
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Digital Federal Credit Union Overview
Digital Federal Credit Union was established in 1979 and has its headquarters in Marlborough, Massachusetts. Over the decades, DCU has grown to over 900,000 members and ranks among the top 15 nationwide in terms of assets.
require membership before you can open an account. DCU is readily accessible to nearly anyone. You can qualify for membership based on your employer, residence in the service area or by joining one of several organizations available, starting at a membership fee of $10 per year.
Once youre an account holder, its likely youll find a branch near you to make cash deposits or for when you need one-on-one assistance. DCU has 23 branches in New Hampshire and Massachusetts plus another 5,900 CO-OP Shared branches.
My How The Mighty Have Fallen
Been a member of dcu since 07. Used to do all my banking with them, moved away slowly as their service deteriorated. I decided to refinance an electric car with them. During the same time I purchased 3 other cars for my business. 0 Issues with title / insurance with any of the other purchases. Constant hassle and pain with DCU. CS departments sound like they want to be there as much as I want to call them for the 1000th time trying to resolve things. This will be the last transaction I have with them.
Date of experience:November 16, 2022
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Ppp Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldnt be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
Digital Federal Credit Union Reviews
Same as the others who once loved DCU and now have left. Just opened with a new credit union plus a larger bank as well because DCU has become a disgrace. So sad…18 years with them and now I can’t trust them for anything. 2 international wires both short 12 dollars in the receiving end….scheduled transfers randomly just don’t happen one week for no reason…no notification. Then they resume the next week. Shut off the “round it up” feature on an account but still kept getting deposits. Just ridiculous what’s happened to this credit union
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Excellent Company Staff Website And Mobile Offerings
I’ve been a member for over 30 years and the DCU has never let me down. We have financed houses and cars, multiple credit cards, etc with them and rarely had a problem. When a problem arose they were happy and speedy to resolve it to our satisfaction. I frequently recommend my friends join the DCU.We no longer live near a branch, so have done our banking via online for ages. The DCU is been at the forefront of online banking since before the Internet and continues to be out-front with features and security! Their website allows you to handle almost anything you need with your account including free bill-paying, restricting access to your credit cards . The mobile application supports all those features too, which I find easier than the web page on a phone-size screen. I regularly use the mobile application to deposit checks and it’s always worked perfectly it’s way more convenient than taking checks to a bank!
Date of experience:August 15, 2017
Is It A Good Time To Buy A Home With Rates Where They Are
Any time can be a good time to buy a home if you can afford the payment, and while buyers face high mortgage rates and prices, those both could improve in the near future.
We had a rapid unprecedented, really surge in mortgage rates in 2022. On top of that, weve already had high prices, so it brought affordability to an all-time low. And thats the number one issue facing the housing market: affordability, says Orphe Divounguy, senior economist at Zillow.
The slower housing market has also caused competition for homes to plummet, meaning buyers have more room to negotiate and are less likely to get into bidding wars. That can be an opportunity for those who can manage the higher cost of a mortgage.
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What 000% Federal Interest Rates Mean For Homeowners
If you have a mortgage, experts say now is a good time to lock in low refinance rates. Relatively speaking, rates are still near a historic low. Realistically, with the Federal Reserves FOMC forecast, rates are going to rise for the next 6 months, so not locking in low rates now could cost you in the future.
Simply put, at this point in time, because Federal interest rates are still low, if you dont think about locking in your mortgage loan now, youll likely miss out, because it is unlikely for rates to stay near 0.25% forever.
How Credible Mortgage Rates Are Calculated
Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. Credible average mortgage rates and mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.
The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no discount points and a down payment of 20%.
Credible mortgage rates reported here will only give you an idea of current average rates. The rate you actually receive can vary based on a number of factors.
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Key Points To Consider When Looking For A Dcu Heloc
A HELOC is a line of credit that lets a homeowner borrow against a line of credit when they want and have some flexibility regarding how quickly the money is repaid. Interest is only charged on the amount of money in use.
HELOCs are divided into a draw phase and a repayment phase.
The draw phase is when the borrower can access the line of credit. The repayment phase is when any borrowed amounts have to be repaid. DCUs draw phase and repayment phase are each 20 years long.
Some HELOCs, including DCUs, have a feature that allows the borrower to draw an amount against the line of credit and convert it to a fixed-rate loan with a defined repayment period. The fixed rate would be determined by market rates when the conversion is made.
This effectively allows the borrower to create a home equity loan using part of the HELOC whenever needed. This may be useful when a large amount is required, and the borrower wants to lock in an interest rate while it is repaid.
Aside from that type of conversion feature, HELOC rates are typically variable. Because of this, when choosing a HELOC, it is important to compare not just the current interest rate but also the formula the lender uses to determine the rate.
Finally, besides interest rates, fees can be a significant cost factor of a HELOC. A borrower should check if there are fees for applying, originating the loan, or maintaining the line of credit.
Benefits Of A Dcu Personal Loan
DCU has a nationwide presence through its website, and because of that, you dont have to be in the New England area to get a loan with DCU. As a credit union, it also has offers benefits and perks you might not be able to access at a traditional bank. One of those benefits is a highly rated customer service department.
Profit sharing is another benefit of banking with DCU the members of a credit union are also its owners and shareholders. As a result, you share in the credit unions profits each year on a sliding scale based upon your relationship with the institution.
In addition, working with a credit union can mean more personable service and a bit of flexibility when it comes to fees. While a huge national bank often sees customers as purely a number or account, credit unions are smaller and often able to put more time and effort into individual customers.
DCUs internal customer website receives high reviews for its simplicity and ease of use, and customer service representatives are available via phone, email, fax, or even online chat from 8 a.m. to 9 p.m. Eastern. You can ask questions, share concerns, and get help for anything .
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About Digital Federal Credit Union
Digital Federal Credit Union is a not-for-profit financial cooperative owned by and operated for our members. DCU was chartered in October of 1979. Since then, DCU has been chosen as the credit union for more than 700 companies and organizations. DCU serves more than one million members and their families in all 50 states.
For additional information, visitwww.dcu.org.
Applying For A Dcu Personal Loan
DCUs strong online presence shows in its loan application process. You can apply for a DCU personal loan online and have a decision within one to two business days. If youd rather speak to someone by phone, you can do that 24 hours a day, seven days a week. You can also visit one of the DCU branches in person if youre in the Massachusetts or New Hampshire area.
If no other documentation is required, funding could take place with three or four days after approval. You dont have to be a DCU member to apply for a loan, but if you are approved, youll have to become a member to receive the loan proceeds. That includes opening a DCU checking account from which electronic payments can be made.
DCU uses a broad range of factors in determining creditworthiness, including your credit score, income, debt-to-income ratio, credit history, and employment. Through some of the FAQs on the website, we were able to determine that borrowers with a credit score lower than 600 would probably not qualify, and borrowers with scores below 640 could qualify at its higher APRs
In one DCU FAQ, it was indicated that borrowers with credit scores of 640 to 674 might qualify for a 13% annual percentage rate. The implication is that its best APR of 9% is reserved for borrowers with scores over 700. Debt consolidation loan borrowers can qualify with lower scores however, the loan proceeds must only be used to pay off other debt.
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How Digital Federal Credit Union Stands Out
DCUs rates on its personal loans and savings products are extremely competitive, helping the credit union grow. The APY that DCU offers on its Primary Savings account is something you wont find elsewhere. Even though you can earn the stellar rate only on the first $1,000, its still a rate that most financial institutions cant compete with. Plus, in one year, you could earn over $63 on the $1,000 balance.
Mortgage Rate Trends: Why Are Mortgage Rates Changing So Fast
Experts say mortgage rates have likely gone as high as theyll go for now, with signs of improving inflation leading the way to lower rates. The Consumer Price Index showed price growth slowed in November to 7.1% year-over-year, beating the markets expectations. That could lead to slower rate hikes by the Federal Reserve and lower mortgage rates.
Theres a lot of hope that thats going to be close to the end of rate hikes and high inflation, says Christine Cooper, chief economist at CoStar Group, a real estate analytics provider.
Mortgage rates arent expected to drop back to the levels where they started the year and sat throughout 2021 around 3% but should fall back to around 5% or 6%, experts say. That could help rejuvenate a housing market that slowed to a crawl in the fall of 2022.
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What Are Closing Costs And How Much Will They Be
Closing costs vary by state, property type and credit. They include taxes and government fees, legal services, fees to the lender for processing the mortgage and other fees. In addition to closing costs, the borrower must also pay for certain pre-paid items including daily interest, tax escrow deposit and homeowners insurance.
For a quote, use our Personalized Quote tool . Once an application is submitted, well provide a Loan Estimate which will provide you with an estimate of the costs associated with your specific scenario.
Your Credit Score: Everything You Need To Know
Your credit score can have a major impact on your life. Not only do creditors typically check your score when deciding whether or not to approve your loan application and what interest rate to charge you if you are approved, but landlords, insurance companies, and even employers often check it as well. Having a good score can help you achieve your goals quickly and at the lowest possible cost.
What is a credit score?Your credit score is a mathematical assessment of the likelihood you will repay what you borrow. It is based on the information in your credit report, which tracks your credit-related activity. Types of credit include credit cards, store cards, personal loans, car loans, mortgages, student loans, and lines of credit.
For each account, your report shows who it is with, your payment history, the initial amount borrowed or credit limit , the current amount owed, and when it was opened/taken out. Your report also shows if you have experienced any credit-related legal actions, such as a judgment, foreclosure, bankruptcy, or repossession, and who has pulled your report .
There are three major credit bureaus that compile and maintain credit reports: Equifax, Experian, and TransUnion. Theoretically, all three of your reports should be the same, but it is not uncommon for creditors to report to only one or two of the bureaus.
The following are the factors that are used to calculate your FICO score:
Improving your score Following these habits can boost your score:
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Dcu Mortgage Rates Review: Todays Best Analysis
Jeff Rose, CFP® | January 13, 2022
Digital Federal Credit Union prides itself on a member-focused, ethical approach to lending. Founded in 1979, the Marblehead, Massachusetts-based credit union offers a wide range of business and consumer loans. DCU was established in 1979 to provide employee benefits for the Digital Equipment Corporation, and its focus on meeting the needs of digital users remains.
Downsides Of A Dcu Personal Loan
The $25,000 loan limit is, unfortunately, a lot lower than other lenders. That can become an issue if you were hoping to pay off multiple credit cards, medical bills, or other debts depending on how much debt you have, you may not be able to include it all in one loan. If you are interested in a higher loan amount, LightStream is a great option with a $100,000 limit.
Being a member of DCU can help your chances of being approved for a personal loan, but its not a guarantee. Having moderate or good credit will help you get approved, but youll need a credit score thats over 700 in order to qualify for the best rates otherwise, youll be paying far more in interest, which translates to a more expensive loan over time. If you have a lower credit score, Upstart might be a good option to consider.
Although DCU has a strong online offering, its website can seem limited in information when it comes to those who are looking to find out more. The website does, however, have an extensive FAQ section that addresses some of the more common questions you might have. If youre not local to Massachusetts or New Hampshire and prefer to deal with a banker in person, DCU isnt going to be the right fit for you and your financial needs.
- Rates as low as 3.49%* APR with AutoPay and excellent credit
- Minimum credit score of 660
- Repayment terms of 24 144 months**
- Rates as low as 7.99% APR
- Minimum credit score of 620
- Repayment terms of 36 or 60 months
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