Are you considering mortgage refinancing with Navy Federal Credit Union? If you’ve done any amount of mortgage rate shopping you know the process can be frustrating and confusing. Should you choose Navy Federal Mortgage Rates for your next home loan? Here’s my unbiased review to help you make an informed decision and avoid leaving cash on the table on your next mortgage loan.
Should you refinance your home with a Navy Federal Credit Union mortgage?
NFCU is one of the largest credit unions in the United States in both membership and holdings. Here’s what you need to know if you plan on taking out a Navy Federal Credit Union mortgage loan.
Navy Federal Credit Union Profile
Navy Federal boasts three million members on their website with over 46 billion dollars in assets making it the largest Federal Credit Union in the United States. The NCUA requires Federal Credit Unions to publish their annual earnings each year and according to Navy Federal their net income in 2011 was 649 million dollars.
Credit Unions would like you to believe they’re in business to serve the members; clearly Navy Federal is in business to make a profit. This isn’t to say credit unions don’t offer competitive rates for their members.
On their website as of this writing Navy Federal offers fixed rate mortgages as low as 3.895% APR. There are a number of reasons not to shop for mortgage rates using the Annual Percentage Rate. If you’d like to learn more about mortgage rate shopping be sure and check out this post: Refinance Rates vs. APR: Beware Common Mortgage Mistakes.
Navy Federal Credit Union has their headquarters in Vienna Virginia and maintains branches across the country and overseas.
Navy Federal Credit Union Contact Info
Phone Number: 888-842-6328
Address: 820 Follin Ln SE Vienna, VA 22180
Navy Federal Credit Union Mortgage Options
The main requirement for a mortgage from Navy Federal Credit Union is that you have to be eligible for membership. You need to be an active member of the US Military, Guard, or Reserve to join. Federal employees and government contractors are also eligible.
The mortgage options available on the Navy Federal Credit Union website include VA home loans, FHA home loans, mortgage refinancing, and a 100% financing option that doesn’t require Private Mortgage Insurance. Navy Federal appears to underwrite and service their home loans, an advantage over large, faceless banks like Bank of America.
Have you had an experience with Navy Federal Credit Union mortgage loans that you’d like to share? Please leave your thoughts and comments below!
You can learn more about your mortgage refinancing options, including strategies for avoiding unnecessary discount points and fees by checking out my free Underground Mortgage Videos.
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You can learn more about paying less for your next home loan by checking out my free Underground Mortgage Videos.
- Get My Underground Mortgage Videos