walkitout (walkitout) wrote,

DCU pre-approval process online

R. really likes the DCU (the Digital Federal Credit Union) and has for a long, long time. We have accounts there. His original mortgage was from elsewhere but his refi was from them. Having checked their rates (and knowing that they don't resell their mortgages to any degree which insulates them somewhat from the wackitude that is the mortgage market these days), it was kind of a nobrainer that we'd definitely use them for a pre-qual and presumably for the mortgage as well.

After discussing this on and off for weeks, I went over to have a look at their rate chart to see if the wackitude had affected them (not-so-much), and noticed they had an online pre-approval process. Well, of course they do; everyone probably does, right? You can even read (or not read, and claim you read them) all the legally required disclosures online, if your browser cooperates (Firefox on the Mac did, which is not the no-brainer you might hope it would be).

I figured that after submitting it, there'd be a, hey, it's after 11 p.m. on a Sunday. You can just freaking _wait_ for a response until next business day. But no, that wait up to two minutes while we process your request? Actually apparently _does_ collect your credit score.

Yeah, so that's _way_ too easy.

We had a little discussion abut 15 year fixed rate vs. 30 year, and about no points vs no points no cost. Not wanting to Do All That Math (and since we weren't entirely certain off-hand how to do the math), we ignored the NPNC option, concluded that both the rates were good (a half point apart) and debated the merits of the respective payments. R. was all set to go with the 15 year until I pointed out the implications of our probable property tax bill worked out monthly. And we can, of course, change our mind.
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