Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #6193629
Complaint Overview
Complaint ID: 6193629
Company: Navy Federal Credit Union
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Hawaii
ZIP Code: 96797
Date Received: 2022-11-13T12:00:00-05:00
Date Sent to Company: 2022-11-13T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On around XX/XX/XXXX, I applied for a home equity loan from Navy Federal credit Union to consolidate my credit card debt. According to XXXX and XXXX XXXX my home value was approx. {$420000.00}, but I claimed that the value was {$400000.00} on the application to be on the safe side. The bank representative told me on approximately XX/XX/XXXX that I need to get my house appraised and I need to pay {$730.00} for the appraisal, and I agreed. When the appraisal came back back, my home was valued at {$300000.00}, which was shockingly low. In XXXX and XXXX there was a back and forth about my home value I submitted an appraisal appeal showing that a similar unit with a smaller square footage in my same complex in worse condition and with older roofing ( my building had new roofing installed in 2021 ) was sold for $ XXXX. They offered me worse loan terms then originally discussed because of the extremely low valuation on my property. During this time, the home values went down and the interest rate went up, but I was told that the rates at the time I applied should be locked in. I submitted an appeal, but they stuck with the $ XXXX value, even though my state tax assessed value is $ XXXX right now as I type this, and typically the appraised value is somewhere higher then the the state assessed value. Since I have applied for the loan back in XXXX, I have been making minimum payments on my credit cards, expecting the consolidation to go though, but its XXXX and I am no closer to closing. The last thing I heard from NFCU is that they need a second hard credit check because the first XXXX isnt valid any more. But because of their stalling and their first credit check ( as well as a second credit check from my attempt to shop around for a loan elsewhere ) my XXXX XXXX has taken a hit. A third credit check in the space of XXXX months may disqualify me from a loan, but only because of their stalling. The second bank that I applied to has also stopped communicating with me. It appeared as though NFCU is finding any way to get out of offering me a loan with fair terms because of the 3 interest rate hikes which happened after I applied. My credit score has taken a major hit because of theIr stalling, and I fear they might try to offer me worse terms based on the damage to my credit that they caused between XXXX and now. If they offer me the original terms, I would take it just so I can move on and start paying down my credit card debt. I would prefer to have better terms, though, which are more reflective of the actual value of my house, and based on the interest rates that existed when I originally applied.
Frequently Asked Questions
What is Complaint #6193629 about?
Complaint #6193629 was filed against Navy Federal Credit Union regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-11-13T12:00:00-05:00.
How did Navy Federal Credit Union respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Navy Federal Credit Union?
Yes, visit the Navy Federal Credit Union company profile at readthecomplaint.com/company/navy-federal-credit-union to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.