Navy Federal Credit Union Home Loan Rates – SAN DIGO MORTGAGE AND REAL ESTATE Call us at 858-777-9751 —— Located in San Diego CA, we have offered mortgage and real estate brokerage services since 2003.
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Navy Federal Credit Union Home Loan Rates
This is a simple one. There are two distinct reasons why San Diego veterans choose me over Navy Federal Credit Union for VA home loans:
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1- Service: Navy Fed needs vet to deal with call center in Virginia. I’m in Kearney Mesa.
2- Rates/Fees: I smoke the Navy Fed on VA home loan rates because I have more choices than them.
You’ll have to trust me on the first reason (or you can read what this customer said about me) but I’ll show you the second reason with cold, hard numbers. The Fed posts its mortgage rates daily. I copied his VA rate for June 6, 2009 here:
) and you’ll see that the rate for a VA home loan today is 5.5%. To secure that rate, however, a veteran must pay a 1.0% discount point (or $2,500 for a $250,000 loan). But wait! That’s not all. Read the small print on the NFCU rate sheet:
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Prices below require a 1.00% original fee. The origination fee may be waived for a 0.25% increase in interest rate.
These are the two points an expert pays NFCU to get a 5.5% VA home loan rate. For a $250,000 loan, it would cost $5,000. Let’s see what I can do at 5.5%, for a VA home loan, today:
I charge a 1% origination fee (like Navi Feed). I also charge a $695 processing fee. This brings us to a total of $3195. I do not charge discount points. In fact, I have a lender credit the product spread premium I offered (in this case, .18% of the loan amount or $450) to the veteran. This reduces my fee from $3195 to $2745. A white circle with a black border indicates a chevron. It indicates ‘Click here to return to the top of the page.’
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Navy Federal Credit Union has more than 200 branches in the United States, and nine overseas branches on US military bases. Marine Federal Credit Union; Alyssa Powell/Inside
Our experts answer readers’ home buying questions and write unbiased product reviews (here’s how we rate mortgages). In some cases, we receive a commission from our partners; However, our opinions are our own.
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The bottom line: Navy Federal Credit Union is a good option for military-related individuals overall, but especially if you’re looking for a lender that’s friendly to people who aren’t in the best financial situation — ie, low credit. The people below pay for scores and a few bucks.
When you select “Agreements” on the Navy Federal website, you’ll scroll down to see rates for VA loans and conventional loans. Click on the type of loan you want, and you’ll see the typical rates for 15-year and 30-year terms.
Navy Federal doesn’t show customized rates based on your credit score, down payment, and zip code, though, like some other lenders.
Navy Federal charges a 1% origination fee, but you can waive it in exchange for a mortgage rate that is 0.25% higher.
Navy Federal Credit Union
You may want to choose Veterans United for an FHA or USDA mortgage, as Navy Federal does not offer these types of loans.
USAA typically offers configuration and jumbo mortgages, but at the time of writing this review, the lender has discontinued these products. It is currently only producing VA mortgages, but it plans to re-introduce adaptive and jumbo mortgages in the future. So if you want a traditional loan, you’ll want to go with Navy Federal.
Navy Federal is probably a better choice if you have a low or no credit score. It accepts alternative credit data, such as utility bills, while USAA does not.
You can get a mortgage through Navy Federal if you are an active duty military member, veteran, family member of someone connected to the military, or a Department of Defense civilian. You may qualify if you live with a Navy SEAL.
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The credit union has more than 200 branches around the United States, as well as nine overseas branches and locations on US military bases. It provides mortgages for residents around the United States.
The Navy specializes in mortgages for federal military personnel. You can get a regular VA loan. If you’ve already used up all of your VA loan benefits, you may qualify for a Military Choice loan, a 30-year mortgage with no minimum down payment.
It is possible to qualify to become a Navy Federal member without meeting all the requirements for a VA loan, so you can also get a conventional mortgage (either conforming or jumbo). You may qualify for a Home Buyers Choice loan, which is similar to Military Choice, but for people who don’t qualify for VA loans.
You can also refinance your VA, Conventional, Military Choice, or Homeowner’s Choice mortgage. This lender also has home equity loans and HELOCs.
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The credit union’s website has an intuitive interface with an online advance application. The site says you can get an immediate advance. Or you can apply in person at a branch.
Navy Federal can be a good lender if you have a low credit score, or none at all. Most lenders require you to show your credit score when you apply, but Navy Federal accepts alternative credit data, such as proof that you pay your bills on time. It can help you buy a home even if you don’t have a great number.
You can talk to a live customer service agent 24/7 on the phone. Or send a secure online message, chat via online chat, or visit a branch to speak with someone face-to-face.
The Better Business Bureau gives Navy Federal Credit Union an NR, or “no rating,” because it is responding to customer complaints that have already been resolved.
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Navy Federal also received high marks on the JD Power 2022 mortgage origination satisfaction study. The credit union isn’t actually classified because it doesn’t meet certain criteria, but J.D. Power notes that Navy Federal would be the top tier if eligible.
Navy Federal has had a recent public scandal, however. An employee claimed that lenders pressure borrowers to approve loans even though they do not have sufficient reason to believe that applicants can repay the loan. He then filed a lawsuit saying Navy Federal retaliated against his whining by changing his job duties. She closed the case at the end of 2020.
Is Navy Good For Federal Mortgages? A chevron icon indicates an expandable section or menu, or sometimes previous
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Yes, Navy Federal is a strong mortgage lender, especially for people who are affiliated with the military. You can still qualify if you are not a military member, however, as long as you are eligible to become a Navy member.
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Is it hard to get a Navy Federal mortgage? A chevron icon indicates an expandable section or menu, or sometimes previous/next navigation options.
Navy Federal makes getting a mortgage easier than some lenders. Many lenders place heavy emphasis on your credit score. Navy Federal looks at your credit score, but it also allows you to apply with alternative credit data, such as proof that you pay your bills.
You must be a Navy Federal member to receive a mortgage. You are eligible to join if you are an active military member, veteran, Department of Defense civilian. You can also join as a family member of someone affiliated with the military or if you live with a Navy member.
How long does it take to approve a Navy Federal mortgage? A chevron icon indicates an expandable section or menu, or sometimes previous/next navigation options.
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According to Navy Federal’s website, it takes approximately 60 to 75 days from the time you apply to the closing date. However, it may take longer if you have to offer on multiple homes.
Laura Grace Tarpley (she) is a personal finance review editor at Insider. She edits articles on mortgage rates, refinance
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