Are you looking at NFCU Mortgage Rates for you next home loan? How do they compare to the top mortgage lenders when it comes to fees? After all, the closing costs on your home loan make or break the deal you’re getting regardless of the interest rate. Here’s my unbiased review of NFCU Mortgage Rates and closing costs to help you make an informed decision without leaving your hard-earned cash on the table.
NFCU Mortgage Rates
NFCU offers a wide range of fixed-rate and adjustable rate home loans.
Should you trust NFCU Mortgage Rates for your next home loan or does Navy Federal charge too much compared to other community based credit unions?
Rating by Robert Regehr: stars
Navy Federal Credit Union Profile
According to the National Credit Union Association Navy Federal Credit Union has 3,867,127 members and $46,925,466,192 in assets. They are a full service credit union serving members of the military, Department of Defense employees and their family members.
NFCU Contact Information
By Phone:
(888) 842-6328
Online:
www.navyfederal.org
By Mail:
NFCU
P.O. Box 3000
Merrifield, VA 22119-3000
NFCU Mortgage Rates Review
Navy Federal Credit Union offers a full range of conforming and jumbo mortgages including FHA and VA home loans. Purchase and refinance rates for fixed rate and adjustable rate mortgages are published on the website. The interest rates I found all included discount points and a one percent loan origination fee. If you’re willing to accept Yield Spread Premium (yes it still exists) on your home loan the loan origination fee could be waived for a .25 percent increase in your mortgage rate.
Should you pay higher fees to get lower purchase or refinance rates or take a higher interest rate to cover your out-of-pocket costs?
While one percent is a reasonable amount to pay for loan origination at a non-credit union lender it’s just too much for a credit union claiming to have your back when it comes to your finances. I’ve reviewed community-based credit unions with ridiculously low, even zero origination fee home loans.
There’s no reason to pay for NFCU mortgage rates when you can find better deals from local, community based-credit unions.
The reason fees are so important when comparing NFCU mortgage rates to other lenders is that you have to recoup your out-of-pocket expenses before benefiting from today’s low rates. The more you pay closing on your home loan, including unnecessary discount points or overpaying that loan origination fee, the longer it’s going to take you to break even after refinancing.
Do you have an experience or an opinion of NFCU Mortgage Rates that you’d like to share? Please leave a comment below!
Overall I was extremely disappointed in NFCU mortgage rates, Navy Federal is not serving the needs of military members and their families as they are more focused on turning a profit and their bottom line. You can learn more about getting the best deal on your next home loan by checking out my free Underground Mortgage Videos.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
