Got a question about BECU? This is where you’ll find answers for the most frequently asked questions in several topic areas. If you can’t find what you’re looking for, please contact us.
You can apply for a BECU loan in any of the following ways:
BECU offers this optional debt cancellation program to help safeguard your family from financial stress if you’re injured or lose your job. Package options include: life, disability, family leave, and involuntary unemployment. The cost is based on the package options you choose and your monthly outstanding loan balance.
Contact BECU for more information on package maximums, limitations, and exclusions.
Many budgets and lifestyles rely on two incomes. Calculate the cost of your basic living expenses for three or more months to determine if you could meet your financial obligations on one income alone.
Currently BECU does not offer automatic payment from another institution directly to your BECU loan account. We do, however, offer automatic transfers from another institution to your BECU savings or checking accounts that could be transferred to make your scheduled automatic payment. This transfer date needs to be scheduled four days prior to your BECU loan payment due date.
Existing BECU members can apply in BECU Online Banking or by visiting a BECU location. Non-members can join BECU and apply for a loan online or by visiting a BECU location. Financing options are also available through Detroit Autoworks.
The inventory of vehicles is updated weekly by Detroit Autoworks.
Yes. Detroit Autoworks manages the trade in negotiations with buyers.
Compare rates and terms of different lenders. Most new auto loans carry four- to five-year terms, but you can often adjust the term to fit your needs. A shorter term loan generally results in a higher monthly payment than a longer term loan, but longer term loans accrue more interest. Overall, it's less expensive to choose a shorter term if you can afford the payments. When comparing auto loans, ask about:
Loan processing fees
Some financial institutions charge loan
processing fees while other lenders, such as BECU, process your loan at no cost.
Annual Percentage Rate (APR)
The APR is the cost of credit of your
loan as a yearly rate. The percentage is calculated based on all the finance charges, loan
amount, and term.
Putting money down on a vehicle positively affects your monthly payment amount because the amount financed would be less. BECU determines the rate for the auto loan based on the year of the vehicle, repayment period and your current credit status, not on the amount financed.
When you find a vehicle you’d like to purchase, we need the following items:
BECU is consistently trying to provide the best value to our members, and we have found that autos with more than 100K miles can be a higher risk mechanically and financially. BECU does offer other options for your lending needs, such as a Home Equity Loan or a Personal Line of Credit. Either of these could provide you with the available cash to purchase an auto with more than 100K miles.
Contact Detroit Autoworks directly at 888-743-4993. They can assist you with vehicle availability and financing options. You may also choose to apply for an auto loan at BECU.
The inventory of vehicles is updated weekly by Detroit Autoworks. For more information, please contact Detroit Autoworks at 888-743-4993.
Yes. Detroit Autoworks manages the trade in negotiation with buyers. For more information, please contact Detroit Autoworks at 888-743-4993.
Equity Advantage is two accounts in one, offering both the convenience of a variable rate home equity line of credit and the stability of a fixed-rate home equity loan. You can use as much of your available credit as you like at the variable rate, and you can lock-in all or part of the remaining available credit at a fixed rate. There are no prepayment penalties or annual fees, and the interest you paid may be fully tax-deductible.*
*Consult tax advisor regarding tax deductibility.
Almost anything. Make home improvements, pay for college, consolidate debt, buy a new car, or go on vacation.
Just estimate the value to the best of your ability. We'll determine the current value of your home during our valuation of the property.
For customers who qualify, we lend up to 90% of the home’s value. Rates and financing offered vary based on the available equity in the property, loan amount, and credit worthiness.
Yes, as long as it is title eliminated (connected permanently to the property), is a double wide, and was built in or after 1976.
A reverse mortgage is a loan in reverse, where the lender pays you, enabling you to turn the value of your home into cash*. The loan is repaid when you sell your property, move or pass away. A reverse mortgage is not for everyone, but it may be a solution for some homeowners who are 62+ and are looking for a source of ready cash or a steady monthly income.
BECU has partnered with Golden Gateway Financial** to help members compare and choose the right reverse mortgage. To learn more, visit Golden Gateway online or call them at 1-888-8CU-REVERSE.
Log in to Online Banking and select the "Loans and Credit Card" tab to find Mortgage Loan Account Information. If you are a first-time user, you will be prompted to register a user name and password.
You can request a copy of your 1098 statement by calling 877-747-2328. You can also find home loan information by logging in to BECU Online Banking and selecting the “Loans and Credit Card” tab to find Mortgage Loan Account Information.
We offer home equity and mortgage loans in Washington, Oregon, California, Arizona, Kansas, Missouri, Illinois, and Pennsylvania, because they are home to the most BECU members. We are currently reviewing other states and may add them in the future.
Yes. BECU offers single-close loans that require only one set of fees, one application, and one approval. Once the home is completed you can modify your rate to the current market rate, or if you have an ARM loan, you can convert it to a fixed-rate loan.
It can depend on the type of home loan, and the loan-to-value ratio of the loan. In most cases, if your loan-to-value ratio is 80% or more you will be required to include reserves in your payment.
No. To be eligible, you can't currently own a home. If you do own a home, it will have to be sold, or the sale closed simultaneously with the "HLPR" loan. A home can't be purchased through the "HLPR" program and be used as a second home or investment property.
PMI is insurance to protect the lender against loss in the event the borrower defaults on the loan. The premium is paid by the borrower and is included in the mortgage payment. You can avoid having PMI added to your monthly payment if you make a down payment of 20% or more resulting in a loan-to-value ratio of 80% or less.
To cancel PMI, send a written request to:
BECU Mortgage Loan Administration
PO Box 77404
Ewing, NJ 08628
or call 877-747-2328.
Payments can be made by automatic payment transfers from your account, by check, or through Online Banking.
Ask your new insurance agent to fax a notice of the new policy to BECU Loan Administration at 843-413-7133. After this is received, your policy information will be updated. Any additional questions, call 877-747-2328.
To find out if your adjustable rate loan is eligible for conversion to a fixed rate, call 877-747-2328.
You can access your line of credit through Online Banking, 24-hour Telephone Banking, or by calling BECU at 206-439-5700 or 800-233-2328.
It provides convenient overdraft protection, and there are no annual or transaction fees. All you need to do is write a check from your checking account and funds up to the available credit limit will automatically be transferred from your line of credit in $100 increments.
Yes, you may use the credit for anything you like. You can also use it to consolidate high-rate credit cards or loans, and it’s a good source of emergency cash.
To qualify for a private student loan you must:
A line of credit allows you the borrowers to apply once and make multiple draws over your college career. The loan will be held in the name of the student and co-borrower (if applicable). It will be underwritten up to the cost of attendance ($1,000 minimum; $75,000 maximum for undergraduates; $100,000 maximum for graduate MBAs) and will be allowed regular disbursement draws up to the school-certified amount.
No, The FAFSA form is not part of the BECU Private Student Loan application process. However, we recommend that you apply for other financial aid before requesting a Private Student Loan, as it may be less expensive.
After the loan has been certified, the funds will be dispersed directly to the school. If funding is sent by check, the check will be made co-payable to both you and the school. You will be contacted by the school (normally through the school's e-mail address) to endorse the check for deposit to your student account. If funding is sent electronically, the deposit will be handled directly by the school. For any excess funds that may remain after direct school-related costs are paid, the school will issue a refund so that you may buy books or pay for other education expenses (such as off-campus room and board).
Private Student Loans are meant to help you bridge the gap between the cost of education and federal aid you may receive. We recommend that this option should be used when all other federal aid, scholarships and grants have been exhausted. Students can use a private Student Loan to finance tuition and other costs associated with attending college such as books and room and board. A BECU Private Student Loan offers you a cost-savings by offering low interest rates and no origination fees or pre-payment penalties. The BECU Private Student Loan is a certified private student loan facilitated and processed through our partner Credit Union Student Choice, a credit union service organization specializing in private student lending.
The school financial aid office determines the total financial aid package for each student by calculating the student’s unmet financial need using the Cost of Attendance (COA) and deducting from this figure the expected family contribution (EFC) and any grants, scholarships, and federal (subsidized) loans the student will be receiving for the current enrollment period. A financial loan officer will be contacted for certification of the loan amount requested; the financial aid officer at your school can increase or decrease the loan amount based on the COA calculation.
This loan is meant to cover the costs that appear in the school’s Cost of Attendance estimates. This may include:
The school’s financial aid office determines the start date for the enrollment or in-school period. The loan funds are disbursed based on the start date set by the school.
While you are in school you may choose one of these options:
You must begin repayment in 60 months plus a six months grace period from the date the account is opened from the date of school separation/graduation plus the six months grace period. (Whichever comes first).
If you choose to defer payments while attending school, the loan interest accrued during the deferment period will be added to the total principle amount when the loan goes into repayment.
Information regarding BECU’s Private Student Loan Program is subject to change without notification. Not every applicant will qualify for this Program. BECU retains the right to discontinue or modify our Program for future disbursements at any time without notice.
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