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Navy Federal Credit Union Mortgage Review

navy-federal-credit-union-reviewAre 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.

Navy Federal Credit Union Review

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.

Rating by Robert Regehr: 4.0 stars

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

Online: http://www.navyfederal.org

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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{ 5 comments… add one }
  • william hosking January 10, 2013, 7:02 pm

    am i eligible to join the credit union if i served in the navy in 1968 with an honorable discharge but chose not to make it my career. Thank you

  • MMB January 2, 2016, 2:45 pm

    BEWARE OF THIS COMPANY!!! DO NOT USE THEM FOR A MORTGAGE LOAN! Navy Federal Credit Union is the most irresponsible, unethical, and uncaring company I have ever worked with. I was drawn to NFCU due to the 0%, no PMI mortgage program. I have been a member of USAA for 12 years and I assumed that NFCU, having a similar mission, would provide the same caliber of customer service. Their customer service is appalling and offensive. They may offer 0% down but they also charge you 6% interest (another lender recently told me I qualify for 3.9% interest), 1.75% discount fees, and almost $14,000 in closing costs (again another lender said they would be about $2,000)!!!!! In the end it will be much more expensive than paying 3-5% down. In addition to the obscene amounts of various charges, it took me 3 weeks to get a pre-approval letter and this was after dozens of phone calls to our loan officer (an incompetent woman incapable of communicating via the phone only through ridiculous e-mails with incorrect information). When my concerns were brought to the attention of our loan officers supervisor they were met with indifference. Due to the multiple mistakes, poor customer service, ridiculously slow response time, and obscenely high interest rates we will be using a different lender.

  • VA home loan September 19, 2016, 1:03 pm

    I have been a member of NFCU since 1990. I have had a tremendously positive experience from the beginning. I got my first consumer loan with them to buy a home computer back in 1992 to establish my credit, and I have had lots of automobile loans, student loans, personal loans, and even a couple of mortgages with them, and I couldn’t be happier with my experience. To give you an example, our current mortgage with them is a 15 year VA loan @ 2% APR, which was less than their published rate at the time we applied for the loan 3.5 years ago! We even got a refund/credit at closing because they had a promotion that we didn’t even know about, and our loan counselor surprised us with the bonus credit! I have both personal and business accounts with them, and the personal service is heads and shoulders above any other institution I have ever dealt with-super easy, super fast, super responsive. I can’t say the same for the business side, but dealing with them is worth the extra effort it takes.

  • Christine Rasmussen October 25, 2017, 4:40 pm

    You have to be either active duty or retired (drawing a retirement check). Once a member you can sponsor spouse, children, grandchildren, or even a person who resides in your home. NFCU is the best in my opinion. They have never sold a mortgage. I’ve seen mortgages change hands several times with other institutions. I can’t imagine $14,000 in closing costs but I will say, closing costs are itemized for your peruse.
    Customer service is excellent.
    On a personal note: I was on my fathers home deed but not as a borrower on his mortgage. Upon his passing, I was afraid I’d have to rewrite the loan and qualify. Nope. NFCU automatically transferred the loan into my name. Such a smooth transitsion! I love NFCU and more importantly, I trust them.

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