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Navy Federal Credit Union Mortgage Review
Navy Federal Credit Union
With competitive VA and conventional mortgage rates, Navy Federal Credit Union is a serious mortgage contender for eligible members.
Navy Federal Credit Union loans offer competitive rates and exceptional customer service for qualifying members. The Simple Dollar uses the Simple Score Methodology to compare Navy Federal to other mortgage companies — including reviewing interest rates, fees, loan terms, perks and customer satisfaction. The bottom line? Read on and you’ll find out why this credit union has been in business since 1933.
Navy Federal Credit Union loans at a glance table
|Available Products||VA loans (10 to 30 years) Conventional Fixed-Rate loans (10 to 30 years) , Military Choice (for those who have exhausted VA loan benefits), Adjustable-Rate loans, Homebuyer’s Choice (30-year, fixed-rate, no down payment), Jumbo (30-year), Refinance|
|Best For||Military families|
|Not For||Anyone who wants FHA or USDA loans|
|Standout Features||Informative website, 5-star customer service, competitive mortgage rates|
What we like about Navy Federal Credit Union
Works with military families
The Navy Federal Credit Union is a long-standing credit union ready to work with military families for almost all mortgage needs. The Navy Federal Credit Union offers an impressive mortgage rate match guarantee. You can enjoy further discounts by using a real estate agent with the Navy Federal Realty Plus program.
Multitude of loan options
The variety of loan options is one of the highlights of the Navy Federal Credit Union personal loans and mortgage offerings. You can apply for VA mortgage benefits, conventional fixed-rate loans or adjustable-rate alternatives with Navy. There are also mortgages for those who have less-than-perfect credit or don’t want to use a down payment.
When you’re mortgage shopping, having the information at your fingertips saves you time — and potentially money. If you can’t find the answer online, you can consult the customer service reps, who are available 24/7, and you can submit your loan application online.
Things to consider
Need to qualify for membership
Currently, membership is open to any member of the armed forces, Department of Defense civilian employees or veterans. The membership is also extended to immediate family members and those living in the household of an eligible Navy Federal member — including grandparents and siblings of service members.
A few exclusions
Since Navy Federal is geared towards veterans, you won’t find any USDA or FHA loans within its mortgage or refinance options. Plus, if you’re interested in a Home Equity Line of Credit (HELOC) or home equity loan, these loan products have been suspended for the time being due to high demand.
No physical locations
If you like to walk into a branch to get your questions answered or handle necessary transactions, then you’ll be disappointed. Although there is a free ATM network available nationwide for account holders, it doesn’t necessarily help you with the mortgage aspect.
Navy Federal Credit Union vs. the competition
How much will a Navy Federal Credit Union mortgage cost?
A Navy Federal Credit Union loan review should note there is a 1% loan origination fee. Additionally, if you choose a conforming or a Jumbo HomeBuyers Choice or Military Choice loan, you’ll be subject to a funding fee of 1.75% of the loan amount. If you’re refinancing a mortgage with a non-NFCU loan, then you’re subject to a 0.750% higher rate.
One important note: these fees can be waived if you add a 0.25% increase to your quoted interest rate.
Cheaper alternatives to Navy Federal Credit Union mortgages
When it comes to fees, USAA might be a less-expensive alternative than the NFCU. USAA charges between 1.6% to 3.4% of the loan amount with VA loans. Application and appraisal fees can also vary between mortgage companies, so it pays to compare them side by side.
Compare top mortgage lenders
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