Logix Mortgage Facts
- Holds a 5-star rating for financial strength from Bauer Financial
- Provides a wide range of products, including fixed-rate, adjustable-rate and jumbo loans
- Features a 25-Day Loan Closing Guarantee, though some restrictions apply
- Offers first-time homebuyers a 97 percent financing option
- Low down payment requirements; some mortgage options requiring as little as 3 percent down
- Named the #1 credit union in California by Forbes during 2018
Logix was established in 1937 as the Lockheed Aircraft Employees Federal Credit Union, which aimed to support Lockheed employees during the height of the Great Depression.
At a time when bank loans were unavailable, this financial institution extended lines of credit to eligible members and provided a secure banking environment for savings deposits.
Over time, the credit union opened its doors to the general public and changed its name to Logix Federal Credit Union to reflect its commitment to serving U.S. residents regardless of their occupation or employment particulars.
History of Logix
Over its 80 years of operation, Logix Federal Credit Union has strived to support its members with affordable home loan options that meet a variety of borrower needs.
In addition to its conventional mortgages, Logix offers a number of specialty mortgage programs that provide increased repayment and qualification flexibility, though formal membership is required.
Logix takes a member-focused approach to its banking services, which is demonstrated by its 25 Day Closing Guarantee.
This lender provides a number of convenient online resources to help homebuyers find the best mortgage rates, including interest and monthly payment calculators, informative resources and a simple online application process.
While specific credit score requirements are not readily available via its website, Logix does list down payment requirements alongside each of its home loan products, which can go as low as 3 percent for qualified borrowers.
This lender is great for first-time homebuyers and borrowers seeking to pay off their mortgages as soon as possible.
Logix Loan Specifics
Logix Federal Credit Union provides its members with a very diverse range of mortgage products, both conventional and non-conventional offerings, including fixed-rate, adjustable-rate, and jumbo loans.
Qualified borrowers can benefit from Logix’s low down payment requirements and flexible loan terms, as almost every mortgage type is significantly customizable.
While credit eligibility is a factor, Logix provides mortgage options designed to support borrowers with low credit scores, such as its 97 percent financing EZ Decision loans. This lender also offers up to $1,000 off closing costs for first-time homebuyers.
This mortgage option provides homebuyers with a steady rate and monthly payment amount for the full duration of their repayment term, which can be set as either 10, 15, 20 or 30 years.
Fixed-rate mortgages typically have higher rates, and borrowers planning for a long-term stay may benefit from the stability offered by this type of loan.
Logix accepts down payments as low as 5 percent, though private mortgage insurance is required if the down payment is less than 20 percent.
Borrowers looking to maximize their buying power may benefit from this mortgage type, as it features lower rates during the first few years of loan repayment compared to a fixed-rate option.
After the initial fixed-rate period of 1, 3, 5, 7, or 10 years, the interest rate and monthly payment amount will fluctuate based on market performance, but will not increase by more than a set amount each year.
Variable rates are helpful for homebuyers that plan to move or pay off their mortgage quickly and can be secured with a 5 percent down payment.
Smart Choice 5/5 ARM Loans
This option was designed to balance the steadiness of a fixed-rate loan with the low rates of adjustable-rate mortgages.
Interest rates and monthly payments only adjust once every five years and may not exceed a 2 percent increase or decrease, with the total adjustment amount being capped at 5 percent over the full life of the loan.
Down payments, as little as 3 percent are accepted by this lender, with up to 97 percent financing available for owner-occupied primary residences no greater than $453,100. Private mortgage insurance is required.
80-10-10 Mortgage Loans
Logix created this mortgage program for borrowers who are looking to avoid paying for private mortgage insurance but cannot make a 20 percent down payment.
The program works by combining two loan options, one that covers 80 percent of the home value at origination and one that covers 10 percent in the form of an equity loan. To qualify, borrowers must have good credit and be able to put down at least 10 percent upfront.
The program is only available for purchase transaction of owner-occupied, primary residence, single-family homes, condominiums, and townhomes.
10-Year No Cost Mortgage Loans
Homebuyers that can afford high monthly payments and want to quickly pay off their mortgages may benefit from this fixed-rate loan. Logix offers to pay loan origination and settlement fees as part of the program, including application, lender’s title insurance, and appraisal fees.
However, borrowers are still responsible for paying per diem interest, taxes, owner’s title, and private mortgage insurance fees. If a homebuyer is able to pay off the full loan amount in the first 36 months of the mortgage, Logix required reimbursement for all costs paid in connection with origination and settlement.
EZ Decision Loans
Logix provides up to 97 percent financing on mortgages for first-time homebuyers with less-than-average credit. This is a 30-year fixed-rate loan that requires a down payment of 3 percent to qualify, along with other restrictions.
While this is an affordable mortgage option in terms of monthly payment amounts, borrowers will end up paying more toward interest over the life of the loan as compared to a conventional fixed-rate mortgage.
This loan option is best suited to borrowers looking to purchases high-priced properties and covers all loans larger than the conventional loan limit of $679,651.
Logix offers three tiers of jumbo loans, each corresponding to a different loan range, with the highest tier spanning $1,500,001 to $2,000,000. Jumbo loans can be negotiated as either fixed or adjustable-rate, though some restrictions apply.
Homebuyers can secure a jumbo loan with a down payment as low as 5 percent, though higher down payment amounts typically feature better interest rates.
Logix Mortgage Customer Experience
As a federally insured credit union, Logix is dedicated to serving the needs of its members and sharing the institution’s success through better interest rates, lower fees and increased reserves.
Interested borrowers must first apply for official membership to gain access to Logix’s mortgage products, though the eligibility guidelines are not as strict as other credit unions.
Once the membership is obtained, borrowers can apply for a mortgage directly through the lender’s website or by contacting a lending agent directly. The website also features a number of useful resources, including interest rate calculators and a robust database of educational content.
In 2018, an article from Forbes recognized Logix as the best credit union in the state of California, helping to cement it as an industry-leading lender operating in the region.
In part, this recognition is the result of Logix’s customer-focused approach to banking. Logix supplies a 25 Day Closing Guarantee for qualified members, which provides credit toward closing costs up to $2,000 should a loan fail to close on time due to a delay by Logix.
This lender also provides a Satisfaction Guarantee on its 1st trust deed mortgage loans and will credit $500 to an unsatisfied member’s savings account, though some restrictions apply.
Logix Lender Reputation
Logix Federal Credit Union has been in operation for over 80 years and has earned the reputation of being a member-focused institution with a long history of success, having maintained a perfect record of positive earnings since 1937.
Logix currently holds a 5-star financial strength rating from Bauer Financial and an A+ rating from the Better Business Bureau, though 10 customer complaints have been lodged against the institution over the past three years through the BBB website. Logix is accredited an Equal Opportunity Lender.
- Information collected on Jan. 14, 2019
Logix Mortgage Qualifications
|Loan Type||Rate Type||Loan Term||Down Payment Requirements||Private Mortgage Requirements|
|Fixed-Rate Loans||Fixed||10, 15, 20, or 30 years||5%||Yes, if down payment is <20%|
|Adjustable-Rate Loans||Variable||1, 3, 5, 7, or 10 years||5%||Yes, if down payment is <20%|
|97% EZ Decision Loans||Fixed||30 years||3%||Yes|
|Smart Choice 5/5 ARM Loans||Variable||30 years||3%||Yes|
|80-10-10 Mortgage Loans||Fixed||N/A||10%||No|
|10 Year No Cost Mortgage Loans||Fixed||10 years||10%||Yes|
|Jumbo Loans||Fixed or Variable||15 and 30 year fixed-rate||5%||Yes|
Official membership to Logix Federal Credit Union is required to obtain approval for this lender’s mortgage offerings, all of which possess additional eligibility guidelines.
Logix’s website does not provide any specific information about credit score requirements and it’s unclear if it considers non-traditional credit history during the application process. According to FICO, a credit score of 740 is considered an industry average, but many lenders will accept scores as low as 680.
Logix’s website also does not feature any eligibility information concerning median income or debt-to-income requirements.
One major benefit of partnering with this lender is its low down payment requirements, as borrowers can secure an affordable mortgage with as little as 3 percent down. Down payments below 20 percent require private mortgage insurance unless otherwise specified within its products’ details.
Logix’s convention loans do allow for the use of gift funds or down payment assistance programs, though many of its specialty mortgages do not. For more information on qualification guidelines, Logix requests borrowers to contact a lending agent directly.