Mountain America Credit Union mortgage review
Choose from a variety of loan options, but only if you qualify for membership.
Mountain America Credit Union (MACU) is a regional lender offering a surprisingly large set of mortgage products to its limited membership. Borrowers looking to build their own house now or in the future may find great options with this lender — but it’s only licensed in a handful of states.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Home Equity loans, Reverse, Refinance|
|Minimum credit score||No information available, but most conventional mortgages require a minimum 620 FICO score|
|Minimum down payment (Conventional)||5%|
|State availability||Only available in: AZ, ID, MT, NM, NV, UT|
Mountain America Credit Union requirements
To apply for a mortgage, you must be a MACU member, which means meeting one of the following criteria.
- A resident of Salt Lake, Duchesne, Wasatch or Uintah counties in Utah
- A family member or household resident of a MACU member
- An employee or volunteer of one of the affiliated employer groups
Your loan requirements will vary depending on the loan you choose, but eligibility for a loan is typically based on your credit history, debt-to-income (DTI) ratio and loan-to-value (LTV) ratio.
You’ll want to have the following information available before you start your application.
- Two years of W-2 and tax return forms
- Your most recent two pay stubs
- Bank and other asset statements
- Your ID and proof of residency
- Funding documentation for your down payment
- Alimony, child support or divorce documentation, if applicable
- Signed purchase agreement
Costs and fees
MACU doesn’t charge closing costs on its mini mortgage loans below $250,000. For all other loans, expect to pay the following fees.
- Origination and underwriting fees
- Appraisal fees
- Title fees
- Interest points
- State and local taxes
- Insurance and association fees
How to apply for a mortgage with Mountain America Credit Union
Make an appointment with a loan officer at your nearest MACU branch when you’re ready to apply, or follow these steps to start your application online.
- Navigate to the MACU Mortgage page and select Apply Now.
- Sign in to your MACU account or choose to start a guest account.
- Select Continue to create an account, then follow the prompts to fill out your profile with employment, asset and demographic information.
- Review your information and hit Submit.
- Upload the documents required to verify the information you entered.
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Other mortgage products offered by Mountain America Credit Union
MACU also offers some specialized loans:
- First-time home buyer loan. This loan has no income limitations or private mortgage insurance (PMI) requirements, and you may only need a $1,000 down payment.
- Mortgage refinance. Borrow up to 95% of your home’s value to change the term of your loan or refinance 80% for a cash-out refinance.
- Mini mortgage loans. This loan allows you to refinance when your balance decreases to get a shorter term and save interest. If you’re financing under $250,000, you don’t have to pay closing costs.
- Construction loans. MACU offers both one- and two-step closings on its construction loans, allowing you to lock in a rate early or wait for a better rate once the home is built.
- Lot and land loans. Finance up to 85% on a land-only loan if you’re not yet ready to build.
- Home equity products. MACU offers home equity loans and lines of credit (HELOC) with no closing costs or fees on financing of $250,000 or less.
How Mountain America Credit Union’s mortgage products compare to other lenders
Whether you’re looking for a conventional loan, a government-backed program or financing for a construction project, MACU’s mortgage products have you covered. The credit union offers a wide range of loan options, but only to its limited membership.
MACU is running a special promotion offering a free appraisal and $500 cash back on new purchases and new construction loans. The cash back is deposited into your MACU savings account at closing and is valid for borrowers who apply for a loan until July 31, 2021.
Mountain America Credit Union reviews and complaints
Mountain America is accredited with the Better Business Bureau (BBB) and has an A+ rating as of August 2021 for resolving 43 customer complaints over the past three years. There are only 17 customer reviews, and the credit union scores a 1.47 out of 5. Trustpilot only has six customer reviews for MACU, and the lender has earned a TrustScore of 3.1 out of 5 stars.
Customers praise the bank for its lower fees and ease of use, while others complain of inadequately trained customer service.
Pros and cons of Mountain America Credit Union
- Wide selection of mortgage products. MACU’s variety of loan options gives you a lot to choose from, whether you’re a first-time homebuyer or looking for a reverse mortgage and many other options in between.
- Special promotions. This lender’s promotion can help save money on your closing costs and put some money back in your pocket.
- Many construction options. If you’d rather build your own home, MACU can help finance the project, from financing the lot through construction to establishing your permanent mortgage.
- Membership required. You must live within an eligible county in Utah or work for one of MACU’s business partners to become a member.
- Limited physical branches. This lender is part of a co-op but only has 95 MACU branches in six states.
What is Mountain America Credit Union?
Founded in the 1930s, Mountain America is a member-owned, not-for-profit credit union that mainly serves the Intermountain West states: Arizona, Idaho, Montana, Nevada, New Mexico and Utah. The lender has 950,000 members as of November 2020, making it the 13th-largest credit union in the US.
To be eligible for membership, you must live in a select county of Utah or work for one of over 3,800 companies, including Dominion Energy, L-3 Communications, Novell and Smith’s Food and Drug, or work for Salt Lake County or the State of Utah.
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Mountain America’s wide variety of mortgage products makes it a great choice for borrowers looking to explore their loan options. And its home equity, refinance and reverse mortgage products make the credit union attractive to those who are looking for a long-term relationship with their lender.
But its products are only available to a six-state area, and then only if you are eligible for its limited membership pool. And if having a physical location near you is a priority, you may consider shopping around for another lender.