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Reduce or wave origination fee on refinancing of existing BECU mor

Recently I inquired about refinancing my mortgage and was very surprised that BECU would charge 1 percent origination fee considering that I am a BECU member with an existing mortgage. BECU should do everything possible to help current BECU mortgage holders refinance with BECU rather than take that refi business elsewhere. 

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8 Comments
Community Manager
Status changed to: Check out this idea!

Thanks @gregoryheller! We do pride ourselves in the fact that our rates and fees are competitive. We are also always looking for ways to return value to our members, so this provides a valuable perspective for us to take into consideration.  

Sightseer

I agree.  Most mortgage loans have numerous "fees" built in.  Member owned BECU doesn't need to play like the huge commercial banks do with egregious loan fees.


@gregoryheller wrote:

Recently I inquired about refinancing my mortgage and was very surprised that BECU would charge 1 percent origination fee considering that I am a BECU member with an existing mortgage. BECU should do everything possible to help current BECU mortgage holders refinance with BECU rather than take that refi business elsewhere. 


 

BECU Employee
Status changed to: Under BECU Review
 
BECU Employee
Status changed to: In Development

@gregoryheller- We think your idea is great, too! I hope you'll be happy to hear that we are currently offering a 0% origination fee for purchases and are working on incorporating the 0% offer for refinances, as well. Check back for updates as this idea comes to life! Cheers, KristinA 

I'd love to move my loan to BECU but to be honest they were not competitive to many of the major banks.  Additionally, the branches will not cut you a deal based on other offers to win your business.  The 1% fee was a total deal breaker for me as it was $5,000 that all of the other options I was looking at did not charge.  Cobalt Mortgage, Wells Fargo, Union Bank, PNC etc all were willing to haggle a little bit to get my business.  If the 1% came with significantly better interest rates I would get it but the BECU and other lender rates were essentially the same.

BECU Employee
Status changed to: Idea Built

@gregoryheller- We've made this idea a reality and are now offering 0% origination fee on mortgage refinances for both existing BECU mortgages and new refinances from other lenders. Cheers, KristinA 

Sightseer

I agree with Gregory. I too shopped out of BECU because of surprising fees despite membership and excellent credit rating. In fact it's why I joined this forum, to try and influence better deals for members in good standing, such as mortgage holders. Thanks Gregory 

Community Manager

Thank for joining @lelaursen! It's so great to see our members come together and influence change. We're pretty excited to offer 0% origination fee on mortgage refinances for both existing BECU mortgages and new refinances from other lenders. JohnS