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Salal Credit Union mortgage review

Offers special terms for medical professionals and cannabis industry employees, if you qualify for membership.

Salal Credit Union is a regional lender for borrowers in the Pacific Northwest. It offers special mortgage programs to nurses and physicians and works with legal cannabis employers and their employees. But this credit union doesn’t offer government loans.

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Details

Loan products offeredConventional, Jumbo, Home Equity/HELOC, Refinance
Minimum credit scoreNone specified, but most lenders require a score of 620
Minimum down payment (Conventional)5%
State availabilityOnly available in: CA, OR, UT, WA
NMLS #416045

Salal Credit Union requirements

To apply for a loan, you must be a member of the credit union, which requires that you be a resident of Washington state, be a member of the Salal Foundation or the People’s Memorial Association or be a resident of the following counties in Oregon:

  • Clackamas
  • Columbia
  • Deschutes
  • Douglas
  • Lane
  • Linn
  • Marion
  • Multnomah
  • Washington

Additionally, Salal considers your credit history, your debt-to-income (DTI) ratio and your home’s loan-to-value (LTV) ratio.

Documentation

Salal needs you to bring the following documents to your preapproval meeting with a loan officer:

  • Copy of your driver’s license or government-issued identification
  • Two years of residential addresses
  • Two years of employment history
  • Two most recent pay stubs
  • Two years of W2s and personal tax returns
  • Two months of account statements
  • Recent mortgage and property information for your current home
  • Information about your monthly debts

Costs and fees

This lender doesn’t spell out the closing costs and fees it charges. But typically, borrowers are responsible for the following fees, which can cost between 2% and 5% of the loan price:

  • Origination fee
  • Rate lock fee
  • Underwriting fee
  • Ongoing fees
  • Third-party fees

How to apply for a mortgage with Salal Credit Union

Salal starts its application process with a preapproval, which you can apply for using the following steps:

  1. Visit the Salal Credit Union website, navigate to the Home Purchase page and select Start Your Application.
  2. Choose Apply Now and enter your membership number, what kind of loan you’re seeking and your state. Hit Contact Us.
  3. Fill out the form to be contacted by a mortgage officer or select Apply in the right column.
  4. Create a login for your account and read the disclosures to accept them. Choose Continue.
  5. Step through the application, entering information about you, your assets and liabilities and the loan that you want. Select Save and Continue to move to the next section.
  6. Enter information about your employment and answer government-requested disclosures.
  7. Review your information and submit your application.

What types of mortgages can I get through Salal Credit Union?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by Salal Credit Union

While Salal doesn’t offer government-backed mortgage loans, it does provide some specialty options.

  • Physician loans. Finance up to 95% of your property’s value, and Salal doesn’t include student loans in your debt-to-income ratio.
  • Nurse loans. This option offers lower down payments with no private mortgage insurance (PMI).
  • Cannabis industry loans. Salal works with several compliance organizations to offer mortgage loans to businesses and employees in the cannabis industry.

How Salal Credit Union’s mortgage products compare to other lenders

Salal offers a selection of fixed- and adjustable-rate mortgages, with special options for medical professionals and Jumbo loans available for up to $2 million. But the lender doesn’t offer any government-backed options or advertise a construction loan option.

Salal works with the HomeAdvantage program, which connects real estate professionals with borrowers. If you use a real estate agent from the program, you get 20% of your agent’s commission as a cash reward. And if you’re an employee of one of the credit union’s partner businesses, you can get $1,000 off your closing costs.

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Salal Credit Union reviews and complaints

This lender doesn’t have many online reviews available, but it is accredited with the Better Business Bureau (BBB) and has an A+ rating for answering seven complaints in the past three years. The BBB only has three customer reviews, averaging 1 out of 5 stars. There are no reviews on Trustpilot, but 57 customers have left reviews on Yelp, where Salal averages 2 out of 5 stars.

Some customers praise specific representatives for quality in-person customer service. But the majority of complaints also center around customer service, with reviews citing poor response times and inadequately trained staff.

Pros and cons of Salal Credit Union

Pros

  • Works with cannabis industry employees. Unlike many lenders, Salal offers banking services to cannabis-related businesses and their employees and offers special home loan programs.
  • Special programs for medical professionals. The credit union offers special terms to meet the mortgage needs of both physicians and nurses.
  • Offers several discounts. Receive $1,000 off your closing costs if you’re an employee of a Salal business partner. Also, using the HomeAdvantage program could get you cash back for using a networked real estate agent.

Cons

  • No government-backed loans. If you’re looking for FHA, VA or USDA loans, you’ll need to shop around for another lender.
  • Limited availability. The credit union has only five physical locations and membership is only available to Washington State residents and specific counties in Oregon.

What is Salal Credit Union?

Once called the Group Health Credit Union, this lender opened in 1948 and was renamed Salal Credit Union in 2010. The lender serves residents of Washington State and certain counties in Oregon, with over $975,000 in assets and 45,000 members.

Review by


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.

Expert review

Salal Credit Union may be a great fit for employees of the legal cannabis shops that bank with the lender — especially as many other banks and lenders refuse to work with businesses in the industry. But you won’t find any government-backed loans, and the area this lender services is limited to only a few states.

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