Navy Federal Credit Union – Loan Review

Because of features such as rate match guarantee, Military Choice program for veterans who have exhausted their VA loan benefit, and free rate lock, NFCU is the best mortgage refinance company for veterans.

Navy Federal Credit Union (NFCU), one of the top VA loan lenders, can provide so much more for veterans who wish to refinance their mortgage than simply offer the VA loan program.

Navy Federal is our best pick for veterans because of benefits like Military Choice, rate match promise, and rate lock.

For those who have used their VA loan benefit, their Military Choice program offers rates and terms that are identical to the VA loan program.

If rates rise throughout the application, rate lock maintains your rate at the same.

If rates drop to a lower level, you have 60 days to relock.

Their VA loans have interest rates as low as 2.250 percent and APRs as low as 2.718 percent for 10- to 30-year terms.

These rates come with a 1% loan origination charge, which can be removed in exchange for a 0.25 percent interest rate increase.

A $250,000 VA loan refinanced to 15 years at 2.250 percent interest and 2.718 percent APR will require a monthly principal and interest payment of $1,637.

Interest rates as low as 4%, APRs as low as 4.276 percent, and terms ranging from 16 to 30 years are available through their Military Choice program.

This is an extremely competitive refinance program for veterans who have exhausted their VA loan options. However, it is not as low as the VA loan.

To qualify for their refinance programs, you must be a member of Navy Federal Credit Union.

If you fit into one of the following categories, you may be eligible to join NFCU:

Applications are open to anyone who has served, retired, or is a veteran in any branch of the US military.

The families and household members of those folks (including grandparents and grandchildren)

Employees, contractors, retirees, and annuitants of the Department of Defense

NFCU conducts extensive underwriting, which includes factors like income, debt, and loan payback history.

The lowest mortgage interest rates are held for applicants with a credit score of at least 740 and a debt-to-income ratio (DTI) of less than 36%. However, there is no set credit requirement for getting a mortgage.

Most types of homes, including mobile and manufactured homes, can be used, but they must be firmly attached to the land and have wheels, axles, and hitches removed. They must also have permanent water and sewer lines.

24/7 phone assistance, online chat and social media, secure email, and in-person at a branch are all possibilities for customer care.

NFCU lends in all 50 states and has branches all over the world where there is a military base.

The Navy Federal Credit Union was established in 1933 and now has over ten million members.

In Forrester’s 2019 U.S. Customer Experience Index survey, the not-for-profit was named the Most Reputable Company in Financial Services for 2019 and ranked first for customer experience among multi-channel banks and credit unions.