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What Are The Navy Federal Mortgage Rates & Loan Options?

If you want to apply for Navy Federal Mortgage you might be wondering what the Navy Federal Mortgage Rates are. In this post, we are going to explain everything you need to know about Navy Federal Mortgage Rates & Loan Options in detail.

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Everything You Need To Know About Navy Federal Credit Union 

The Navy Federal Credit Union (NFCU) was established in 1933 to serve soldiers in the American navy. Now they offer services to all members of the military, including retired and former soldiers, and their families. They currently boast over seven million members, and they offer excellent benefits to all members — especially around loans.

Navy Federal Credit Union Mortgages

The Navy Federal Credit Union gives military service members — and their family members — access to low-interest mortgages. They offer both fixed-rate and adjustable mortgages. Members seeking a mortgage of $417,500 or more can go through the NFCU’s jumbo mortgage program.

Low-income families can access VA and FHA mortgages through the NFCU. There are also special mortgages for active service members, including a 100% financing (no down payment) plan.

What Are The Navy Federal Mortgage Rates & Loan Options?

What Are The Navy Federal Mortgage Rates & Loan Options?

Navy Federal Credit Union have the right home loan for you. If you need help deciding which loan option works best for you then see the Navy Federal Mortgage Rates & Loan Options below.

1: Navy Federal VA Loans

VA loans are backed by the Department of Veterans Affairs and offer exclusive mortgage benefits to eligible servicemembers, veterans and their spouses. A certificate of eligibility is required and can be obtained from the VA by your home loan advisor. Maximum loan amounts are determined by the property location.

Navy Federal VA Loans Features

1: Options with No Down Payment: Some lenders require a down payment of up to 20%, but because Navy Federal VA Home Loans don’t require any money down, you can buy a house now without waiting years to save.

2: No Private Mortgage Insurance Required: Most lenders require the borrower to purchase PMI unless they are able to make a down payment of 20%. This loan doesn’t require PMI, which saves you money each month.

3: Seller Contribution of Up to 4%: The seller is allowed to contribute up to 4% of the value of the home toward your closing costs, saving you money.

4: Refinance Options Available: If you already have a mortgage and want to refinance for a different interest rate or shorter term, this loan may also be a good fit.

Rates

  • Term: 15 Year
  • Interest Rates As Low As: 2.000%
  • Discount Points: 0.500
  • APR As Low As: 2.631%
  • Term: 30 Year
  • Interest Rates As Low As: 2.250%
  • Discount Points: 0.500
  • APR As Low As: 2.539%

The interest rate above shows the option of purchasing discount points to lower a loan’s interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don’t always have to be round numbers. Purchasing 1.5 points would cost $3,000 on a $200,000 mortgage.

Are you ready to apply? See How to Sign in to get started.

2: Conventional Fixed-rate Mortgages

A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. This is a great choice for buyers who want a stable monthly mortgage payment for the long term. Their Conventional Fixed-rate Mortgage rates are among the lowest interest rates they offer.

Loan Features

1: Minimum 5% Down Payment: Lots of loans require up to a 20% down payment. These loans only require 5% down so you can buy your home sooner.

2: Fixed Rates & Consistent Payments: With a fixed interest rate, your monthly payment to principal and interest will remain the same for the life of your loan.

3: No Private Mortgage Insurance Required: Most lenders require the borrower to purchase PMI unless they can make a down payment of 20%.

4: Refinance Options Available: If you already have a mortgage and want to refinance for a different interest rate or shorter term, this loan may also be a good fit.

Rates

  • Term: 15 Year
  • Interest Rates As Low As: 2.000%
  • Discount Points: 1.000
  • APR As Low As: 2.283%
  • Term: 15 Year Jumbo
  • Interest Rates As Low As: 2.125%
  • Discount Points: 1.000
  • APR As Low As: 2.409%
  • Term: 30 Year
  • Interest Rates As Low As: 2.625%
  • Discount Points: 1.500
  • APR As Low As: 2.820%
  • Term: 30 Year Jumbo
  • Interest Rates As Low As: 2.625%
  • Discount Points: 1.500
  • APR As Low As: 2.820%

Discount Points: The interest rate above shows the option of purchasing discount points to lower a loan’s interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don’t always have to be round numbers. Purchasing 1.5 points would cost $3,000 on a $200,000 mortgage.

Rates displayed are the “as low as” rates for purchase loans and refinances.

Jumbo Loans: Loans over a certain amount are called jumbo loans. In most states, mortgage loans greater than $548,250 are jumbo loans. In AK and HI, any loan over $822,375 is considered a jumbo loan.

Are you ready to apply? See How to Sign in to get started.

3: Adjustable-Rate Mortgages

Adjustable-Rate Mortgages (ARMs) begin with a fixed interest rate and then adjust up or down after the initial term. ARMs are a good option for buyers who don’t plan to stay in their home for more than 5 years and want to keep their monthly payment low.

ARM products contain 2 numbers:

  • The first refers to the number of years the interest rate will remain fixed.
  • The second is the number of years between interest rate changes after the initial fixed term expires.

For example, a 5/5 ARM would have the same interest rate for the first 5 years, and then the rate would adjust every 5 years after that.

Loan Features

1: Low Initial Fixed Rate: During the initial term of your loan, your interest rate will be lower, making your payments more affordable. During the remaining term, the interest rate will change according to an index.

2: No Private Mortgage Insurance Required for Most Loans: Most lenders require the borrower to purchase PMI unless they’re able to make a down payment of 20%. Most of their Adjustable-Rate Mortgages don’t require PMI, which saves you money each month.

3: Refinance Options Available: If you have a mortgage already and want to refinance for a different interest rate or shorter term, this loan may also be a good fit.

Rates

  • Loan Type: 5/5 Conforming ARM
  • Interest Rates As Low As: 2.125%
  • Discount Points: 0.250
  • APR As Low As: 2.991%
  • First Cap: 2.00%
  • Subsequent Cap: 2.00%
  • Lifetime Cap: 5.00%

The interest rate above shows the option of purchasing discount points to lower a loan’s interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don’t always have to be round numbers. Purchasing 1.5 points would cost $3,000 on a $200,000 mortgage.

Rates displayed are the “as low as” rates for purchase loans and refinances. You may want to contact Navy Federal at 1-888-842-6328 to learn more about their 3/5 ARM loan option.

4: Military Choice Loan

Navy Federal provides military home loans that offer exclusive benefits. If you’ve already exhausted your VA Loan benefit, a Navy Federal Military Choice Loan is a good option for you.

Loan Features

1: Fixed Rates & Consistent Payments: With a fixed interest rate, your monthly payment to principal and interest will remain the same for the life of your loan.

2: Options With No Down Payment: Some lenders require a down payment of up to 20% but because these loans don’t require money down, you can buy a house now without waiting years to save.

3: No Private Mortgage Insurance Required: Most lenders require the borrower to purchase PMI unless they are able to make a down payment of 20%. This loan doesn’t require PMI, which saves you money each month.

4: Seller Contribution of Up to 6%: The seller is allowed to contribute up to 6% of the value of the home toward your closing costs, saving you money.

Rates

  • Term: 30 Year
  • Interest Rates As Low As: 3.875%
  • Discount Points: 0.500
  • APR As Low As: 4.149%
  • Term: 30 Year Jumbo
  • Interest Rates As Low As: 4.125%
  • Discount Points: 0.500
  • APR As Low As: 4.403%

Discount Points: The interest rate above shows the option of purchasing discount points to lower a loan’s interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don’t always have to be round numbers. Purchasing 1.5 points would cost $3,000 on a $200,000 mortgage.

Rates displayed are the “as low as” rates for purchase loans and refinances.

Jumbo Loans: Loans over a certain amount are called jumbo loans. In most states, mortgage loans greater than $548,250 are jumbo loans. In AK and HI, any loan over $822,375 is considered a jumbo loan.

Are you ready to apply? See How to Sign in to get started.

5: Homebuyers Choice Loan

Their Homebuyers choice loans offer 100% financing on purchases, making them a great choice for first-time homebuyers.

Loan Features

1: Fixed Rates & Consistent Payments: With a fixed interest rate, your monthly payment to principal and interest will remain the same for the life of your loan.

2: No Private Mortgage Insurance Required: Most lenders require the borrower to purchase PMI unless they can make a down payment of 20%. This loan doesn’t require PMI, which saves you money each month.

3: Seller Contribution of Up to 6%: The seller is allowed to contribute up to 6% of the value of the home toward your closing costs, saving you money.

4: Refinance Options Available: If you’re looking to refinance your home, but have low equity, this could be a good option for you. Refinance up to 97% of your home’s value.

Rates

  • Term: 30 Year
  • Interest Rates As Low As: 4.000%
  • Discount Points: 0.500
  • APR As Low As: 4.276%

Term: 30 Year Year Jumbo

Interest Rates As Low As: 4.250%

Discount Points: 0.500

APR As Low As: 4.530%

Discount Points: The interest rate above shows the option of purchasing discount points to lower a loan’s interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don’t always have to be round numbers. Purchasing 1.5 points would cost $3,000 on a $200,000 mortgage.

Rates displayed are the “as low as” rates for purchase loans and refinances.

Jumbo Loans: Loans over a certain amount are called jumbo loans. In most states, mortgage loans greater than $548,250 are jumbo loans. In AK and HI, any loan over $822,375 is considered a jumbo loan.

Rates displayed are the “as low as” rates for purchase loans and refinances.

Are you ready to apply? See How to Sign in to get started.

Do you Still have questions? If yes then you can always contact your home loan advisor for additional information or call Navy Federal mortgage customer service 1-888-842-6328.

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