Are you on the lookout for a better loan experience? If you are, why don’t you Enjoy a Smooth Loan Experience with HomeSquad? In this post, I will be guiding you on everything you need to know about the navy federal credit union mortgage by HomeSquad.
Enjoy a Smooth Loan Experience with HomeSquad
The navy federal credit union offers a wide range of mortgages to its members and this is inclusive of no-down-payment home loans that are designed to fit perfectly with the plans of its members. The credit union was founded in 1933 and it has a mission to serve the military community.
Also, active duty military and veterans including their families are eligible for membership. Other people that are also eligible for this membership are the United States Department of Defense civilian employees, retirees, and some contractors as well as federal employees that are assigned to defense department installations.
The credit union is based in Vienna Virginia and it is the largest in the world of its kind with over 10 million members. And according to internal data the union has close to $150 billion in assets.
Members of the union can select from a wide range of purchase and refinance loans and this is inclusive of mortgages with no and low down payment requirements. The navy federal union offers the following type of loans;
- VA loans.
- Jumbo loans
- 15 and 30 years fixed rate loan
- Adjustable rate mortgages.
The adjustable-rate loan option can be very useful to families who must relocate every couple of years. Also, the credit union offers mortgages for second homes and investment properties.
The Navy Federal union has two cornerstone loans that are geared to military members and also to their families which are the HomeBuyers Choice Mortgage and the Military Choice Mortgage.
The HomeBuyers Choice mortgage program is for first-time home buyers. The program offers fixed-rate loans of 30 years with close to 100% financing and no mortgage insurance premiums. Also, the 1.75% funding fee can easily be waived in favor of a higher interest rate. This helps to minimize the amount of cash that you need at closing.
The Military Choice program on the other has the same benefits as the HomeBuyers Choice. But this very choice has special pricing on mortgage interest rates and origination fees for active-duty and veteran borrowers, and this is according to the lender. Also, Navy Federal’s standard 1% loan origination fee can be rolled easily into the loan or waived in exchange for paying a higher mortgage rate, and in the process reducing the amount of cash that you need to close.
Officers of Navy Federal Loans also have deep experience with the needs of military families. And this includes navigating the mortgage process in the midst of relocation or deployment. Or meeting the stringent documentation requirements for a VA loan, according to the lender. The credit union was one of the top 10 VA mortgage lenders in the country by numbers in 2020, according to the Department of Veterans Affairs.
Navy Federal Application Process
The Navy Federal union has a digital application platform called HomeSquad. This app allows you to get preapproved for a mortgage online. And in some cases, you can get preapproved immediately, according to the lender.
With the technology and application, you can simply and easily upload documents, connect to your bank accounts to verify assets, get notified when you achieve milestones, get personalized help and assistance from credit union representatives and also check the status of the loan.
Also, you can choose to start an application over the phone or in person at any of the Navy Federal branches. No matter how you chose to apply, a home loan advisor can help you select the right mortgage for your situation.
The underwriting model for the Navy Federal union allows loan officers to evaluate a borrower’s situation making use of alternative credit data in some cases instead of adhering strictly to the traditional credit scores. The Navy Federal union can help evaluate a buyer’s borrowing risk, taking the full financial picture into consideration.
Loan officers can also look at whether a borrower pays rent and utility bills on time, keeps an existing Navy Federal banking account in good standing, and lastly, makes timely payments on other credit accounts.
The Navy Federal union also offers a free service that matches the member with a real estate agent and gives cash back at closing when the property is bought or sold through the referred agent. The cashback amount can range from $400 to $8,000, depending on the home’s purchase price. The program at the moment is not available in Iowa and does not offer cashback in Arkansas, Louisiana, or Oklahoma.
Navy Federal Credit Union Mortgage Pros and Cons
This is one of the best mortgage companies and institutions out there and there is hardly any drawback or downsides to it. With that being said, this sector of the post is focusing more on the pros and cons of applying for a mortgage from the lender. The pros of HomeSquad include;
- The lender offers a wide range of mortgage products that are affordable and are designed for military members only.
- For preapproval, the lender has an online application.
- It offers low rates when compared with lost lenders.
- The website of the lender does not provide customized mortgage rates based on credit score or any other type of factor before you apply.
- Also, the membership of the credit union is only limited to veterans and present or current military members, their families, retirees, certain federal employees, and contractors.
In regards to the navy federal credit union, this platform has a military focus. The union and institution also have an online application to help out with applications and every other thing in between in regards to securing a loan and this is inclusive of easy-to-find rates. The website, however, does not offer to customers and members customized rates that are based on credit score or other factors before you can apply.