Navy Federal Credit Union Mortgage Interest Rate and Cost Review

Is Navy Federal Credit Union a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Navy Federal Credit Union with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.05%)
Loan Related Closing Costssimilar to average (+$144)
National Rate and Closing Cost Rating(3.5)
Websitehttps://www.navyfederal.org

On average, Navy Federal Credit Union’s interest rates were similar to those of other lenders (-0.05%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$144. Overall, combining interest rates and closing costs we estimate that Navy Federal Credit Union tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

Navy Federal Credit Union’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Navy Federal Credit Union was most active in:

  1. Washington, DC
  2. Virginia Beach, VA
  3. Jacksonville, FL
  4. Atlanta, GA
  5. Crestview, FL

Furthermore, Navy Federal Credit Union is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Virginia Beach, VA, for VA mortgages
  2. Jacksonville, FL, for VA mortgages
  3. Atlanta, GA, for VA mortgages
  4. San Diego, CA, for VA mortgages
  5. Los Angeles, CA, for VA mortgages
  6. Jacksonville, NC, for VA mortgages
  7. Baltimore, MD, for VA mortgages
  8. Phoenix, AZ, for VA mortgages
  9. Tampa, FL, for VA mortgages
  10. Seattle, WA, for VA mortgages
  11. San Antonio, TX, for VA mortgages
  12. Houston, TX, for VA mortgages
  13. Raleigh, NC, for VA mortgages
  14. Charleston, SC, for VA mortgages
  15. Orlando, FL, for VA mortgages
  16. Denver, CO, for VA mortgages
  17. Stamford, CT, for VA mortgages
  18. Chicago, IL, for VA mortgages
  19. Stafford Courthouse, VA, for VA mortgages
  20. Philadelphia, PA, for VA mortgages

You can click through to check out Navy Federal Credit Union’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Navy Federal Credit Union’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboVA
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%
Star Rating(2.0)(4.0)(3.0)(5.0)
Refinance MortgagesConformingFHAJumboVA
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%
Star Rating(3.5)(3.5)(3.5)(4.0)

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, and we always recommend shopping among several lenders in your area before signing.

Other information about Navy Federal Credit Union:

Registered name: 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.