Digital Employees' Federal Credit Union (DCU), a credit union based in Marlborough, MA, is regulated under the authority of the National Credit Union Administration (NCUA) of the federal government. The organization offers new purchase mortgage loans and refinancing services.

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The Good

  • Educational Resources
  • 60-Day Rate Lock 
  • Loan Process and Types

Educational Resources

The DCU website’s collection of borrower education materials is one of the best there is. It has an extensive FAQ section regarding the mortgage application as well as other aspects of mortgages including closing, loans, rates, appraisal, home inspection, and fees. You can also use the calculator to see how your monthly payment and overall loan repayment changes based on the mortgage amount, term length, interest rate, annual property taxes, and home insurance.

60-Day Rate Lock

DCU’s standard rate lock agreement is 60 days. This means that you can lock into a particular day’s interest rate and you have 60 days to close to guarantee that rate and your discount points. There is no fee for this service.

If you don’t close within the lock-in period, the interest rate and points are re-priced to a higher rate if applicable. With a mortgage refinance, you can lock your rate at any point.

Loan Process and Types

DCU’s loan process comprises of these steps:

  1. Online application (which takes 20 minutes according to DCU)
  2. Mortgage originator contacts you to get more information if needed
  3. Application kit sent to you, appraisal ordered, title insurance ordered
  4. Closing date scheduled (office of a title company or attorney in your area)

Each borrower receives a customized quote after completing a detailed form with their loan needs, which takes into account loan purpose, purchase price, loan amount, location, property use, property type, credit score, and veteran status.

DCU offers VA loans, which do not require a down payment, in addition to conventional loans. Some conventional loans allow for low down payments also, so the company advises VA-loan eligible borrowers to look into conventional loans in addition to VA loans, which do have a cap on how much you can borrow without a down payment (up to $417,000).

DCU finances manufactured homes that meet certain requirements.

The Bad

  • Limited Branch Locations

Limited Branch Locations

DCU has several branch locations within Massachusetts and New Hampshire, but branch locations are limited to those two states. Borrowers who prefer face-to-face meetings with a lender will want to find an online lender with a local branch.

The Bottom Line

Borrowers who work with DCU can expect transparency from the company regarding their mortgage products and processes via its informational website. They can also expect a quick approval per the lender’s claims and a wide range of loan products available.

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