I would like to start a thread on Star One Credit Union.

Who can join? : Live or work in Santa Clara County and some employer-based qualifications (see link).

Savings Rate : Currently 4.45% APY (used to be 5% before rate cuts).

Mortgage Rates : competitive, and their conforming limit is $500k.

Some comparisons, as of 1/29/08:

Star One 3/1 ARM jumbo, zero point : 4.875% with closing fees
PenFed 3/1 ARM jumbo, zero point : 4.375% with "no closing fee"

Star One 5/1 ARM jumbo, zero point : 5.375% with closing fees
PenFed 5/1 ARM jumbo, zero point : 6% with "no closing fee"
PenFed 5/5 ARM jumbo, zero point : 6% with "no closing fee"

Star One 15-yr fixed jumbo, zero point : 5.5% with closing fees
PenFed 15-yr fixed jumbo, zero point : 5.5% with "no closing fee"

Star One 30-yr fixed jumbo, zero point : 6.125% with closing fees
PenFed 30-yr fixed jumbo, zero point : 6.5% with "no closing fee"

If you live in the bay area, this is one viable CU to consider. BTW, they claimed to be able to close a mortgage in "3 to 4 weeks" when I called them two weeks ago.

Rates at Star One have been very volatile lately. Early today the 30 year fixed conforming was 5.5%, and the jumbo was 5.75%.

I actually tried to refi last Monday when the 30 year fixed rate was 5.25%, but when I got around to starting the application an hour later the rate had already changed.

RushnRockt said:jayK said:Rates at Star One have been very volatile lately. Early today the 30 year fixed conforming was 5.5%, and the jumbo was 5.75%.

I actually tried to refi last Monday when the 30 year fixed rate was 5.25%, but when I got around to starting the application an hour later the rate had already changed.

Interesting. I suspect that 5.25% was a fluke, as I have not seen it that low two weeks ago...

I do like their service and their service is quite good.

For people doing AOR or simply needing an easy way to do balance transfer, having checking/savings/credit card from Star One makes it incredibly easy. You can just BT from any card to StarOne card and your money will be directed straight to your savings account. Also, all the transfers between accounts are instant.

The 5.250% wasn't a fluke - it was updated from 5.375% to 5.250% on the morning of 1/23 when the bond yields had tanked and everybody was posting about mad crazy mortgage rates, and they didn't change it until Thursday morning to match the higher bond yields. I was surprised they kept the 5.250% rate until Thursday morning, but it looks like they only update once a day around late morning.

Their qualified employer list seems rather limited. Are they trying to stay clear of the big fortune 500's? Aside from a few big names on that list....I don't recognize most of the companies. So even if I don't work for one of those, but I still live and work in Santa Clara County, am I eligible? or is that a question only they can answer.

Looks promising, but I'm a little bummed to not see my company up on that list.

just in case you want to know. although they have limited locations, they allow you to use ATM from any 7-11 store for no charge.

Which credit reporting agency do they pull?

Whre do you see 4.45% APY? I see 2.8%

treasurebeacon said:cameron2003 said:Whre do you see 4.45% APY? I see 2.8%

check the timestamp genius

I'm checking it Einstein, not making any difference. Care to make another helpful sarcastic comement?

I just received referral bonus coupons from this CU. PM if you need one.

"From now until October 15, 2008, refer someone to Star One Credit Union, and when they join we’ll give $50 to you and $50 to the person you referred** ($10,000 minimum initial deposit required). The more people you refer, the more money you'll get! And don't worry if their initial deposit is less than $10,000, we'll still give each of you a $25 bonus.**
**Star One is required to report to the IRS any cash or non-cash gift in excess of $10. Should you accept this offer, the bonus will be reflected on the 1099-INT form sent to you annually, in accordance with the law, by Star One, for tax reporting purposes. Offer does not apply to Minor and Transfer to Minor Accounts. Star One credit Union management and staff are not eligible for the incentive. "

3.2% today