Cyprus Credit Union, headquartered in Utah, offers a comprehensive suite of mortgage products designed to accommodate a diverse range of borrowers. Their offerings include conventional fixed and adjustable-rate mortgages, FHA, VA, USDA, jumbo, and investment property loans. Notably, they provide specialized programs such as the 100% First-Time Homebuyer Program, which requires no down payment or mortgage insurance, and ITIN loans catering to borrowers without Social Security numbers. Additionally, their “Short & Sweet” refinance option allows for terms up to 15 years with low fees and no appraisal requirement.
They also participate in Utah Housing Corporation programs, providing up to $20,000 in assistance for eligible first-time homebuyers..
See today’s mortgage interest rates on TrueRate.
How Cyprus Federal Credit Union compares to other lenders
| Headquarters | Jordan, Utah |
| Website | cypruscu.com |
| Rate | 0.11% lower than the median rate |
| Lender fees | $850 (median) |
| Savings after 1 year, compared to the median interest rate | $726 |
| Savings after 10 years, compared to the median interest rate | $3,912 |
| Added cost after 1 year (vs. Tomo Mortgage) | $1,852 |
| Added cost 5 years (vs. Tomo Mortgage) | $4,261 |
For a $400,000 mortgage, Cyprus Credit Union’s rates—about 0.24% lower than the market median—and $850 in lender fees would result in borrowers saving approximately $726 in the first year and around $3,900 over 10 years. However, compared to a no-fee, low-rate lender like Tomo Mortgage, Cyprus could end up costing more if you refinance within 5 years.
What customers are saying
Customer reviews of Cyprus Credit Union present a mixed picture, with some members praising specific services while others express significant dissatisfaction. Positive feedback often highlights favorable loan experiences; for instance, one member appreciated the credit union’s support in rebuilding their credit, noting that Cyprus approved them when others did not.
However, a substantial number of reviews point to recurring issues. Many customers report challenges with customer service, describing interactions as unhelpful or unprofessional. Instances include difficulties in reaching knowledgeable representatives and inconsistent information across departments. Concerns about the digital banking experience are also prevalent, with users citing problems such as discrepancies between mobile app and online account balances, and challenges in linking accounts to external financial services.
In summary, while Cyprus Credit Union offers a range of financial products and has assisted some members effectively, prospective customers should be aware of the reported challenges related to customer service and loan servicing. Careful consideration and direct communication with the credit union are advisable to ensure their services align with individual expectations and needs.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.