Navy Federal
Is This Your Business?2.0
2.0
Author: Kaitlyn Short
exclusively serves customers who have ties to the armed forces, Department of Defense, or National Guard through their own service or that of a family or household member. offers numerous financial services, including; cards, saving and , auto loans, personal loans, student loans, home equity loans, va loans and mortgages.
This detailed overview will highlight 's va loans program and the unique benefits of this type of . Because caters specifically to veterans with all of its financial services, their expertise and resources for their is top of the line. In addition to its expertise, has multiple services in place to help you get the lowest possible for your .
To see what other borrowers have said about their experience, check out the below.
Top Ranked Companies
The Good
- Rate Match Guarantee
- Reduction Program
- Strong
Rate Match Guarantee
wants to help you feel confident as you shop around for the right by offering its rate match guarantee. If you find a better rate with a different , will match the rate or give you $1,000 to compensate for the difference. To see if you qualify for the rate match guarantee, check out the following guidelines:
- The competing must be identical 's product
- from competing must be dated and received within three days of locking in your
- The $1,000 will be deposited to your account within 30 days of your documentation being accepted
More lenders are offering rate match guarantees, but it is rare that a will offer a rate match guarantee that offers a $1,000 compensation for not being able to match a competitor's rate. If you are in the middle of comparison shopping and you find a better deal elsewhere, consider approaching for the chance to secure a lower for your .
Reduction Program
wants to make sure that you are receiving the best possible when you close on your or a . It has introduced a service, Freedom Lock, which allows borrowers to lower their for no extra cost. When you get a with , you have the opportunity to lock in a new up to a rate reduction of 0.5% within the first 60 days of your initial offer. In order to guarantee that you qualify for the Freedom Lock offer you must meet the following requirements:
- Need to be a new application for a purchase or
- Must contact your at least 14 days prior to settlement/closing
- Your closes within 60 days of the initial lock
If rates go up, your initial, lower rate stays the same. This Freedom Lock program is exceptionally unique to a . is one of the only, if not the only , that lets borrowers change their upto two months after closing for no additional cost. If you want to guarantee the lowest possible, is a great option.
Strong
Regarding the company's VA loans specifically, claims borrowers can get pre-approved quickly, in some cases instantly. Plus, you can connect to your bank accounts during the application so you can verify assets without needing to search for statements. After approval, you can track your status 24/7.
Service members, veterans, and spouses may be eligible for loans in addition to a :
- Military Choice
- Homebuyers Choice
- Adjustable-Rate (ARM)
- Interest Only
The Military Choice is unique in that it assists service members who have already exhausted their benefit. It does not require a down payment but does require a origination of 1%. If you do not qualify for their , the Military Choice is a great option to consider.
The Bad
- Cash-Back Limitations
Cash-Back Limitations
Some home purchases with Navy Federal are eligible for cash-back rewards if a program-referred real estate agent is used. However, cash-back bonuses are not available in Iowa, Alaska, Louisiana, Oklahoma, or outside of the United States. And there are limitations in Kansas, Tennessee, Mississippi, and New Jersey. If you’re buying or selling in one of those states, be sure to read the fine print regarding the cash-back bonus. Standard listing fees apply.
The Bottom Line
's mission is to, "be the most preferred and trusted financial institution serving the military and their families" and the company is living up to its mission with the perks it offers and the over eight million members that trust it with their financial needs.
If you have ties to the armed forces, Department of Defense, or National Guard then you will be pleased with the expertise and personalized option that you can receive through . To see what other borrowers have said about their experience, check out the below.
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Kendra Clearwater, FL
5 years ago
Luna Chicago, IL
3 years ago
