The Navy Federal Credit Union has been in business since 1933. Since its beginnings, the company has grown to serve more than 6 million customers. To be eligible for membership, you must have served in the army, marines, navy, air force, or coast guard. Department of Defense employees are also eligible as might be some of their family members. To join online, you must be at least 18 years of age. The credit union is considered the largest credit union in the world. One of the services the bank offers is a mortgage loan. When obtaining a mortgage, you want to make sure you get the best Navy FCU mortgage rates. This article will provide current and up-to-date information about Navy FCU mortgages.
Recommended read: Flagstar Bank Mortgage Rates
Navy Federal Credit Union Current Mortgage Rates
The Navy FCU rates can be viewed on their website. The current rates are below.
|Type of Mortgage Rate||Interest Rate||APR (Annual Percentage Rate)||(Annual Percentage Rate) Estimated Monthly Payment|
|30-year Fixed-rate VA loan||2.75%||3.262%||$816.48|
|30 Fixed-rate Military choice loan||4.625%||4.911%||$1028.28|
|30-year Fixed-rate Conventional loan||3.125%||3.436%||$856.75|
|15-year Fixed-Rate Conventional Loan||3.125%||3.436%||$1393.22|
|FHA Fixed-Rate 30 year||2.75%||3.892%||$816.48|
|FHA Fixed-Rate 15-year||2.75%||3.892%||$1357.24|
|15-year Fixed Rate VA loan||2.75%||3.262%||$1327.24|
***These rates chance frequently, so look at the website for the latest information.
Navy FCU Mortgage Rates Additional Information
The Navy FCU offers numerous mortgage options to consumers. You will need to decide on the term that you prefer. The most popular type of mortgage is a 30-year fixed-rate loan. You can also obtain shorter terms. Many people like to get a 15-year mortgage or a 10-year mortgage loan. The 30-year mortgage rates, 15-year mortgage rates, and 10-year mortgage rates from the Navy FCU will be the lowest that you can find.
If you need to refinance your mortgage, refinance mortgage rates are also available. You might wish to shorten the term of your mortgage, or you might want to lower your monthly payment amount. You could choose to refinance in favor of a lower interest rate. The shorter your term, the more money you will save throughout the loan.
Jumbo mortgage rates are also available with Navy FCU. Jumbo Navy FCU mortgage rates will allow you to purchase a home at a higher price.
Before you apply for a mortgage, research your options and gather your paperwork together. Loan officers will be available to help you with the process. They will make the process as easy as possible.
Monthly Mortgage Payment Example
|Type of Mortgage Rate||30-year fixed rate||20-year fixed rate||15-year fixed rate|
|APR (Annual Percentage Rate)||3.262%||3.262%||3.262%|
|Number of Payments||360||240||180|
|Average Monthly Payment||$1090.20||$1628.50||$2035.86|
|Total Amount of Interest||$92,472||$90,360||$66,456|
|Total Amount Paid||$392,472||$390,360||$366,456|
***The values in this table are approximate results of our calculations and can vary based on the type of credit you opt for. Please note that these are our examples and not offered by the financial institution.
Before you begin looking for a home, you can get pre-qualified for a mortgage. Before you apply, you will need your social security card, paycheck stubs, and W2 forms. The pre-qualification process can be completed in less than 2 days. You will also need to use a mortgage calculator to see how much your payments will be.
You can find a mortgage calculator right here.
Navy FCU mortgage rates are the lowest available. They will beat any competitor. If you qualify for the Navy Credit Union, they are a great choice to handle your mortgage loan.