UCCU Mortgage Review | Good Financial Cents® (2024)

UCCU is a financial services provider that serves anyone who lives, worships, regularly conducts business, or attends school in Juab, Sanpete, Utah, Wasatch, Tooele, Davis, Summit, and Salt Lake counties through northeastern Utah.

This credit union was founded in 1955 by Briant Jacobs and started with one small branch that consisted of just seven members and $35 in assets. Today, UCCU serves over 125,000 members in eight counties of the Beehive State.

In its mortgage lending products, UCCU offers conventional mortgage loans, as well as FHA loans, with the lowest interest rates possible on both types.

With a goal to provide the best possible financing options to members based on their long-term investment, UCCU mortgage loans are perfect for anyone from first-time buyers and builders to those who are interested in refinancing.

UCCU Mortgage Facts

• Membership is available to those who live, worship, work, and attend school in northeastern Utah

• Founded on the campus of Brigham Young University

• First branch in 1977 in Provo, Utah

• Built on values of outstanding service, respecting others, and showcasing fiscal responsibility

• Began in 1955 with seven members and $35 in assets

• Credit union members have access to tools and resources like free seminars, safe deposit boxes, financial calculators, and balance financial counseling

• To learn about mortgage rates, homebuyers can visit a branch, call, text, or email

• Marketrac named UCCU the No. 1 mortgage provider in Utah County

Overview

Founded on the campus of Brigham Young University as the BYU Employees’ Federal Credit Union, Utah Community Credit Union is an organization that was established to be at the top of mind for homebuyers when choosing a credit union for financial services and information.

With a philosophy to help all members reach their financial goals, UCCU takes pride in its commitment to outstanding service, fiscal responsibility, and respect for the consumer.

Current Mortgage Rates

UCCU Loan Specifics

UCCU provides the lowest rates possible and lower insurance premiums. That means buyers can benefit from a lower monthly payment as well.

Because of this, buyers can also qualify for more houses with the same payment they would get from other lenders. To offer accommodations to different types of buyers based on their specific wants and needs, UCCU offers two loan types, including fixed conventional and fixed FHA.

Fixed Conventional Loan (15 and 30 Years)

Fixed-rate mortgages are the most popular type of loan for buying a home, so this is a great stepping stone for first-time home buyers, yet it’s a feasible and comfortable option for seasoned homebuyers and those looking to refinance as well.

A fixed-rate loan is defined as an interest rate that will not change over the life of the loan.

At UCCU, homebuyers can choose a 15 or 30-year fixed conventional loan.15-year UCCU fixed conventional loan rates are currently as low as 7 percent. The 30-year option is at a low rate of 7.5 percent, which is about the same as the current national average.

30-Year Fixed FHA

Backed by the Federal Housing Authority, a 30-year FHA loan qualifies buyers with more flexibility and freedom than a traditional fixed loan.

This option with UCCU is at 7.125 percent, much like the fixed conventional choice, but will only require a 3.5% down payment. An FHA mortgage loan is perfect for first-time buyers and those who have lower income or poor credit.

UCCU Loan Options: Empowering Your Homeownership Journey

UCCU Mortgage Customer Experience

UCCU wants to provide the best possible customer service for all homebuyers. That’s why it offers multiple options for contact to start the discussion about getting a loan.

For those who prefer the old-fashioned route, UCCU encourages them to visit one of the branches for an in-person consultation. Others can call, text, or email a representative to get the conversation started and flowing.

For those who want to start the mortgage process on their own, UCCU provides UCCUrelax.com, a free resource that walks consumers through the home-buying process step by step:

1. Let’s Find Your Price Range: Introduces loan types and discusses credit scores, debt-to-income ratios, loan-to-value ratios, down payments, mortgage insurance, and applications.

2. Let’s Go Home Shopping: Discussreal estate agents, types of homes, HOAs, foreclosures, and making an offer.

3. Let’s Close Your Loan: Introduces home inspection, appraisal, verification, title company, loan closing, and title transfer.

UCCU offers other valuable resources, such as free seminars, financial advising, and financial calculators.

UCCU Lender Reputation

Since UCCU was only founded 64 years ago, it doesn’t technically have a long business history. However, it has come a long way since it opened what the founders called a small “branch” on a stair landing in the Harold R. Clark building, with only seven members and $35 in assets.

In 1976, the credit union’s stadium office was built, where a staff of 30 full-time employees works alongside $25 million in assets. Today, UCCU serves 125,000 members across Utah Valley.

While UCCU certainly made strides as a provider, it is not accredited by the Better Business Bureau and has a current BBB rating of a D-.

This rating was based on UCCU’s failure to respond to five complaints filed against the business. Various 1-star ratings on UCCU also exist on the BBB’s website.

• Information collected on October 20, 2022

UCCU Mortgage Qualifications

Anyone interested in a UCCU mortgage loan must be a member who meets county requirements or a member of the immediate family of the person who is eligible.

Other qualifications are relatively standard. The interest rates, APRs, discount points, and lender closing credits vary based on the final loan amount and the estimated credit score.

When a conventional loan offers less than a 20 percent down payment, mortgage insurance is required. Homebuyers benefit from UCCU receiving lower mortgage insurance rates than banks and mortgage companies, which can make a huge difference in monthly payments.

UCCU Phone Number & Additional Details

Homepage URL:https://www.uccu.com/

Company Phone:1.800.453.8188

Headquarters Address:88 West Riverpark Drive, Provo, UT 84604

The Bottomline – Utah Community Credit Union Mortgage Rates Review

After exploring the comprehensive landscape of Utah Community Credit Union’s mortgage offerings, it’s evident that UCCU has come a long way since its humble beginnings in 1955.

Their competitive mortgage rates, rooted in values of exceptional service and fiscal responsibility, make them an attractive choice for potential homebuyers in northeastern Utah. However, the current BBB rating does signal the need for improved customer responsiveness.

Potential homebuyers should weigh UCCU’s advantageous rates against its reputation, ensuring they make a well-informed decision that aligns with their financial and service expectations.

How We Review Mortgage Lenders:

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment.

Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.