Navy Federal Credit Union
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My experience with my equity loan
It took.twi.months to process my equity loan because the roofing company I started with wouldn't submit a bid for the work they were to do..I had to change companies to get the loan back on track. My processor was very helpful along the way, keeping me informed and up to date The reason I couldn't give the process all stars was she never told me I would have to pay my contractor myself up front! The money for the job was put into an escrow account and I thought he would be paid from that account. When I asked, I was told I had to pay everything myself, submit a completed work order and then Navy Federal would release the money to ME! This came as a total and unexpected surprise! I was not prepared financially to do this and had to borrow money from a friend to pay my contractor. Why this wasn't explained in the beginning is a mystery to me.