Rant: Did a cash out refi with my credit union vs a big online lender... night and day difference

I wanted to pull equity out of my house here in Portland to redo my driveway and add a retaining wall. I started with this big online company because they advertised lower rates, but their app process was a nightmare. They kept asking for the same documents over and over, and it took 8 weeks to get nowhere. I switched to my local credit union and had approval in 2 weeks with a better rate. Has anyone else noticed local places being easier to deal with for cash out refis, or was my experience just a fluke?

2 comments

2 Comments

terryallen10d agoTop Commenter

Honestly, I used to think the big online lenders were the way to go because they have all that fancy technology and stuff. I figured local places were slow and old school. But after reading your story, man, it totally flipped my thinking. Tbh, I had a similar bad experience with a big online company for a car loan once, and it made me swear them off for anything important. Your experience with the credit union sounds way smoother, faster, and cheaper, which is basically the opposite of what I'd expect. Ngl, it makes me want to check out my own credit union next time I need to borrow money. That's a solid lesson learned.

nathan_hill609d ago

Ngl @terryallen, big lenders can be a pain but sometimes local places drag their feet too, depends on the person you get. Honestly just saying both have their pros and cons based on who's behind the desk on the day.