Is Navy Federal Credit Union a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Navy Federal Credit Union to those of other lenders for a comparable set of borrowers. Here is our review of Navy Federal Credit Union nationally:
| Review Item | Navy Federal Credit Union |
|---|---|
| Interest Rate | similar to other lenders (-0.05%) |
| Loan Related Closing Costs | similar to other lenders (+$144) |
| National Rate and Closing Cost Star Rating | (3.5) |
On average, Navy Federal Credit Union’s interest rates were similar to those of other lenders (-0.05%). Its loan related closing costs were also similar to those of other lenders, with a difference of +$144. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Navy Federal Credit Union, check out its website at: https://www.navyfederal.org.
Navy Federal Credit Union’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Navy Federal Credit Union was most active in:
In addition, Navy Federal Credit Union is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Virginia Beach, VA, for VA mortgages
- Jacksonville, FL, for VA mortgages
- Atlanta, GA, for VA mortgages
- San Diego, CA, for VA mortgages
- Los Angeles, CA, for VA mortgages
- Jacksonville, NC, for VA mortgages
- Baltimore, MD, for VA mortgages
- Phoenix, AZ, for VA mortgages
- Tampa, FL, for VA mortgages
- Seattle, WA, for VA mortgages
- San Antonio, TX, for VA mortgages
- Houston, TX, for VA mortgages
- Raleigh, NC, for VA mortgages
- Charleston, SC, for VA mortgages
- Orlando, FL, for VA mortgages
- Denver, CO, for VA mortgages
- Stamford, CT, for VA mortgages
- Chicago, IL, for VA mortgages
- Stafford Courthouse, VA, for VA mortgages
- Philadelphia, PA, for VA mortgages
Navy Federal Credit Union’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Navy Federal Credit Union originated Conforming, FHA, Jumbo and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
| New Purchase Mortgages | Conforming | FHA | Jumbo | VA |
|---|---|---|---|---|
| Interest Rate Difference | +0.28% | -0.09% | +0.07% | -0.27% |
| Loan Related Closing Cost Difference | +$784 | -$229 | +$172 | -$221 |
| Cost Adjusted Rate Difference | +0.32% | -0.11% | +0.07% | -0.28% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | Jumbo | VA |
|---|---|---|---|---|
| Interest Rate Difference | +0.03% | -0.02% | +0.02% | -0.13% |
| Loan Related Closing Cost Difference | +$391 | -$59 | +$199 | -$224 |
| Cost Adjusted Rate Difference | +0.03% | -0.03% | +0.02% | -0.15% |
| Average Star Rating |
As a summary, Navy Federal Credit Union is cheap for FHA and VA purchase mortgages. It is more expensive than other lenders for Conforming and Jumbo purchase mortgages. For refinancing, Navy Federal Credit Union is cheap for VA mortgage refinance. It is similar to other lenders for Conforming, FHA and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Navy Federal Credit Union:
Registered city and state: Vienna, VA, 22180
Regulator: Consumer Financial Protection Bureau (CFPB)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Navy Federal Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.