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LAST UPDATED: March 18th, 2021

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 numerous financial services, including; credit cards, saving and checking account, auto loans, personal loans, student loans, home equity loans, va loans and mortgages.

This detailed overview will highlight Navy Federal's va loans program and the unique benefits of this type of loan. Because Navy Federal caters specifically to veterans with all of its financial services, their expertise and resources for their va home loan is top of the line. In addition to its expertise, Navy Federal has multiple services in place to help you get the lowest possible interest rate for your va loan.

To see what other borrowers have said about their experience, check out the Navy Federal va loan reviews below.

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The Good

  • Rate Match Guarantee
  • Interest Rate Reduction Program
  • Strong VA Loan Program

Rate Match Guarantee

Navy Federal wants to help you feel confident as you shop around for the right loan by offering its 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. To see if you qualify for the rate match guarantee, check out the following guidelines:

  • The competing loan must be identical Navy Federal's loan product
  • Loan estimate from competing lender must be dated and received within three days of locking in your Navy Federal loan
  • The $1,000 will be deposited to your Navy Federal account within 30 days of your documentation being accepted

More lenders are offering rate match guarantees, but it is rare that a lender 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 Navy Federal for the chance to secure a lower interest rate for your va loan.

Interest Rate Reduction Program

Navy Federal wants to make sure that you are receiving the best possible interest rate when you close on your home loan or a refinance loan. It has introduced a service, Freedom Lock, which allows borrowers to lower their interest rate for no extra cost. When you get a mortgage with Navy Federal, you have the opportunity to lock in a new interest rate up to a rate reduction of 0.5% within the first 60 days of your initial interest rate 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 loan or refinance loan
  • Must 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. This Freedom Lock program is exceptionally unique to a mortgage lender. Navy Federal is one of the only, if not the only lender, that lets borrowers change their interest rate upto two months after closing for no additional cost. If you want to guarantee the lowest interest rate possible, Navy Federal is a great option.

Strong VA Loan Program

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.

Service members, veterans, and spouses may be eligible for loans in addition to a 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%. If you do not qualify for their VA loan, the Military Choice loan 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

Navy Federal'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 credit union 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 va loan option that you can receive through Navy Federal. To see what other borrowers have said about their experience, check out the Navy Federal va loan reviews below.

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Kendra Clearwater, FL

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.

4 years ago

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Luna Chicago, IL

If you’re military spouse who is self employed, good luck on getting your loan. We were told by NFCU that I made 1/3 less a month then I did even after providing document after document that I have made considerable more every year. Sad because I expected better service from my personal and business bank. Never again. We had the same experience as the previous reviewer on them sitting on information. I believe there are regulations on certain timeframes.

3 years ago