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.

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The Good

  • Rate Match Guarantee
  • Freedom Lock
  • VA Loan Expertise

Rate Match Guarantee

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.

Freedom Lock

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:

  • This is a new application for a purchase loan
  • You contact your loan officer at least 14 days prior to settlement/closing
  • Your loan closes within 60 days of the initial lock

If rates go up, your initial, lower rate stays the same.

VA Loan Expertise

Service members, veterans, and spouses may be eligible for Navy Federal’s home loans:

  • VA Loan
  • Military Choice Loan
  • Conventional Loan
  • Homebuyers Choice Loan
  • FHA Loan
  • Adjustable-Rate Mortgage (ARM)
  • Interest Only Loan 

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.

The Bad

  • Funding Fee
  • Cash-Back Limitations

Funding Fee

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.

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

Navy Federal’s mission is “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 8 million credit union members that trust it with their financial needs.

Regarding the company’s VA loans specifically, Navy Federal 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 loan status 24/7.

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User Reviews

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Kendra

July 18th, 2019 Clearwater, FL DETAILS arrow_drop_down
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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.

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