Navy Federal Credit Union 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. Navy Federal offers credit cards, checking and savings accounts, auto loans, personal loans, student loans, home equity loans, and mortgages. Navy Federal’s mortgages include VA loans and other home loan options.
If you find a better rate with a different lender, Navy Federal will match the rate or give you $1,000 to compensate for the difference.
When you get a mortgage with Navy Federal, you can relock your interest rate up to 0.25 percent if rates improve before closing for no additional fee assuming you meet the following conditions:
If rates go up, your initial, lower rate stays the same.
Service members, veterans, and spouses may be eligible for Navy Federal’s home loans:
The Military Choice loan is unique in that it assists service members who have already exhausted their VA loan benefit. It does not require a down payment but does require a loan origination fee of 1.00 percent.
While Navy Federal’s loans do not require a down payment and there is no PMI, 100 percent financing loans may include an additional funding fee.
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.
We decided to go with Navy to get a refinance on our house, since my husband was previously in the army. Yes the interest rates are lower than most. But the speed of service is terrible. There were stretches of time where we wouldn't hear from anyone, no one would answer our phone calls or emails. It's been over two and a half months (after being promised that the process takes no more than 5 weeks), and we aren't done yet - but hopefully at the end.