How do Navy Federal Credit Union and Wells Fargo compare?
- Choose this lender for 0% down and no PMI loan options, beyond VA or USDA loans.
- Be wary of a slow approval process.
- Choose this lender for down payments as low as 3%
- Watch out for hidden fees and scandals
- A good option for borrowers who want to automate their payments
Neither of these seems the right fit?
- For those ineligible for VA or USDA loans, additional 0% down, no PMI options available
- Special benefits for qualifying military service members
- Fewer fees on select mortgages than other companies
- Low down payment
- Use gift funds
- Easy application process
- Requires NFCU membership
- Online complaints relate a long approval process and poor support
- Slow customer service
Member reviews for Navy Federal Credit Union on Trustpilot are overwhelmingly positive. Reviewers there have rated the credit union 4.7 out of 5 stars based on 7,862 reviews as of February 2022. Most customers commend the credit union for its empathetic, respectful and first-class customer service. Others say they received loans through Navy Federal that they wouldn’t have been approved for elsewhere.
Over on the Better Business Bureau (BBB), it’s a bit of a different story. Navy Federal Credit Union isn’t accredited, and it’s rated 1.29 out of 5 stars based on 129 reviews. In the last three years, the credit union closed 921 complaints. Negative reviews range from complaints about being denied for personal loans to closing credit cards without notice to long approval processes.
All things considered, Navy Federal Credit Union comes out near the top when compared to other lenders. Its customer reviews are overwhelmingly positive, which is more than you can say about some other lenders on the market.
Reviews for this lender are mixed, but trend toward negative. First-time homebuyers recommend Wells Fargo for its thorough guidance through the home loan process. Other borrowers praise its mortgage specialists for their professionalism and helpful advice over the phone.
Of the complaints, the most frequent was of customer service's slow response time and the excessive documents needed to assess loan applications.
As of February 2022, Trustpilot gives Wells Fargo a rating of 1.3 out of 5 stars based on 674 ratings. The Better Business Bureau doesn’t give Wells Fargo a rating, but it gets a customer score of 1.07 out of 5 stars based on 505 reviews, and the BBB has recorded over 1,712 complaints closed in the last year alone.
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