Client Review on Merrimack Valley Credit Union - Haverhill, MA

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I have had my account at MVFCU for 31years, however I would never get a home equity or mortgage thru Merrimack Valley Federal Credit Union again. The process was long it took about 2 months for a home equity loan. We re-submitted the material needed several times, I am not sure if they lost it or what. They also do not understand home owners insurance vs mortgage insurance. They kept asking use to increase our home owner's policy to insure the entire value of the loan. Home owner's insurance insures the cost of the dwelling, it does not include the value of the land. It took a few days to try and explain that to the loan processor. We signed up for automatically withdrawal due on the 1st of the month. They haven't taken it out and for some reason they have it being withdrawn from a savings account instead of our checking. After 2 phone calls hopefully they will start withdrawing the loan payment correctly, before the 10 day grace period. Very inexperienced loan processors. In the past we have always gone to a mortgage company for our home purchases and refinances but figured we would try MVFCU.