NFCU Mortgage Rates
NFCU mortgage rates are lower than those offered by other lenders, but it will take time to recoup your out-of-pocket costs before you can benefit from the low interest rates. For example, paying loan origination fees or unnecessary discount points can extend the time needed to break even. Luckily, there are several ways to reduce your out-of-pocket expenses when applying for a mortgage loan. Listed below are some tips that can help you get started.
NFCU offers conventional fixed-rate mortgages
Whether you are purchasing a new home or refinancing an existing mortgage, Navy Federal Credit Union offers a wide variety of loan options. As a member-owned credit union, NFCU can help you identify errors on your credit report, offer free credit counseling, and fix mistakes on your credit report. NFCU offers both conventional and adjustable-rate mortgages, and offers flexible loan qualification requirements.
Unlike some other credit unions, Navy Federal Credit Union does not set strict credit score or debt-to-income requirements for conventional fixed-rate mortgages. In addition, NFCU does not require a low credit score. If you’re a veteran, NFCU may be able to provide a conventional mortgage with 5% down payment and no PMI. Moreover, Navy Federal Credit Union also offers low-down-payment loans with no PMI.
Conventional fixed-rate mortgages are popular because they have low interest rates. These mortgages have fixed payments for the life of the loan, which makes them appealing to many borrowers. However, if you plan to move or sell your home in a few years, you might be better off with an ARM. In this case, you’ll be protected from rising interest rates for a long time.
NFCU offers jumbo loans
Navy Federal Credit Union offers jumbo loans for borrowers who want to borrow more than the conforming loan limit of $647,200. Its military choice loans are perfect for homebuyers who have exhausted VA benefits. These loans have flexible terms ranging from 16 to 30 years. It also offers mortgage refinancing options for homebuyers who are interested in getting cash out of their mortgage. For a low interest rate, Navy Federal Credit Union is a great place to start shopping.
Navy Federal also offers ARMs, which are adjustable-rate mortgages that vary in payment amount. These loans are backed by the federal government and require a minimum 3.5% down payment and mortgage insurance. The interest rate on a jumbo loan may be less than the fixed-rate mortgage, but it can be higher than the interest rate on a conventional loan. The benefits of an ARM are that you can choose from two types of loans to meet your individual needs.
NFCU offers interest-only financing with a 20% down payment
NFCU is a credit union that only lends to its members. They also do not set strict cutoff points for your credit score and debt-to-income ratio, the percentage of your gross income that you spend on monthly debt payments. This is one of the major criteria for mortgage qualification. If you meet these requirements, you may be able to secure an interest-only loan with a 20% down payment.
NFCU has special loan programs for members of the military and their families. The interest rates they offer are lower than those offered by private banks, which can save consumers thousands of dollars. They post their standard rates online and update them regularly. You can apply for an adjustable-rate mortgage, a fixed-rate mortgage, or a jumbo mortgage. You can even qualify for 100 percent financing, which is especially beneficial for first-time buyers.
NFCU offers flexible refinancing options
One of the most attractive aspects of Navy Federal Credit Union is its flexible refinancing options. These mortgages are offered to eligible Navy Federal members at lower interest rates than other institutions. Furthermore, most of their mortgage products come with no down payment requirements or only a small amount of down payment. Additionally, they are available in jumbo, interest-only, and ARM (adjustable rate mortgage) configurations. In addition, these mortgages can be for up to 30 years.
If you’re in the market for a student loan refinancing option, NFCU may be worth considering. While federal student loans come with certain protections, private student loans don’t. Moreover, it’s recommended to avoid getting in debt with private student loans as this indicates that the school was too expensive for you. Fortunately, NFCU offers solid refinancing options and terms for students.