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Navy Federal Credit Union Mortgage: Overall Lender Rating
| Feature | Insider rating (out of 5) |
| Loan types | 4 |
| Affordability | 5 |
| Customer satisfaction | 4.8 |
| Trustworthiness | 4 |
| Total | 4.45 |
Navy Federal Credit Union Mortgage: Pros and Cons
| Pros | Cons |
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Navy Federal Credit Union Mortgage Interest Rates and Fees
When you select "Mortgages" on the Navy Federal website, you'll scroll down to see sample rates for its loan options.
Navy Federal doesn't show customized rates based on your credit score, down payment, and zip code, though, as some other lenders do.
Navy Federal charges a 1% origination fee, but you can waive it in exchange for a mortgage rate that is 0.25% higher. According to Home Mortgage Disclosure Act data, borrowers getting a conventional loan from this lender paid an average of $2,231 in origination charges in 2022. This is on the low end compared to other lenders. VA loan borrowers paid an average of $1,024.
Compare Navy Federal Credit Union to Other Mortgage Lenders
Navy Federal Credit Union vs. Veterans United Mortgages
While both of these lenders are included in Personal Finance Insider's guide to the best VA mortgage lenders, Veterans United is our "best overall" pick. It's a great VA lender overall because it ranks high in customer satisfaction, offers free credit counseling to those who don't yet meet its credit requirements, and has a wide variety of mortgage types. You'll want to choose Veterans United for an FHA or USDA mortgage, because Navy Federal doesn't offer these types of loans.
But you may like Navy Federal's Military Choice or Homebuyers Choice mortgages, which don't require down payments.
Navy Federal Credit Union vs. USAA Mortgages
USAA is another one of our favorite VA lenders, though its loan offerings aren't as robust as Navy Federal's. But if customer service is important to you, you may like USAA. Though it doesn't meet the criteria to rank in J.D. Power's US Mortgage Origination Satisfaction Study, USAA earned a higher score than all of the lenders that did rank.
Navy Federal is probably the better choice if you have a low or no credit score. It accepts alternative credit data, like utility bills, whereas USAA does not.
How Navy Federal Credit Union Mortgages Work
You can get a mortgage through Navy Federal if you are an active military member, veteran, family member of someone affiliated with the military, or Department of Defense civilian. You may also qualify if you live with a Navy Federal member.
The credit union has over 300 branches around the US, plus nine overseas branches and locations on US military bases. It provides mortgages for residents all around the US.
Navy Federal specializes in mortgages for people affiliated with the military. You can get a regular VA loan. If you've already used up all your VA loan benefits, you may qualify for a Military Choice Loan, a 30-year mortgage with no minimum down payment.
It's possible to qualify to become a Navy Federal member without having all the requirements for a VA loan, so you can also get a conventional mortgage (either conforming or jumbo). You may qualify for a Homebuyers Choice loan, which is similar to Military Choice, but for people who aren't eligible for VA loans.
You can also refinance your VA, conventional, Military Choice, Or Homeowners Choice mortgage. This lender also has home equity loans and HELOCs.
Navy Federal doesn't offer FHA or USDA mortgages. It also doesn't have construction loans or reverse mortgages.
The credit union's website has an intuitive interface with an online preapproval application. The site says that you may even get preapproved immediately. Or you can apply in person at a branch.
Navy Federal could be a good lender if you have a low credit score, or none at all. Most lenders require you to show your credit score when you apply, but Navy Federal accepts alternative credit data, like proof that you pay your bills on time. This can help you buy a home even if you don't have a great score.
You can speak with a live customer service agent 24/7 over the phone. Or send a secure online message, talk via online chat, or visit a branch to speak with someone face to face.
Is Navy Federal Credit Union Mortgage Trustworthy?
The Better Business Bureau gives Navy Federal Credit Union an NR, or "No Rating," because it is responding to customer complaints that had already been resolved.
Navy Federal received a high score on the J.D. Power 2022 Mortgage Origination Satisfaction Study. The credit union actually doesn't qualify to rank because it doesn't meet certain criteria, but J.D. Power notes that the Navy Federal would rank highly if eligible.
On its Trustpilot page, Navy Federal has a 4.6 out of 5-star rating, based on 20,547 online customer reviews.
Navy Federal Credit Union FAQ
Yes, Navy Federal is a strong mortgage lender, especially for people who are affiliated with the military. You may still qualify if you aren't a military member, though, as long as you are eligible to become a Navy Federal member.
Navy Federal makes it easier to get a mortgage than some lenders. Many lenders place a heavy emphasis on your credit score. Navy Federal looks at your credit score, but it says it also considers your banking history with the lender.
According to Navy Federal's website, it takes around 30 to 45 days from the time you submit your documentation to closing day. However, it could take longer if you have to make offers on multiple homes.
You'll need a score of at least 660 to get a VA mortgage from Navy Federal. Other loan types may have different minimum credit scores.
Why You Should Trust Us: How We Reviewed Navy Federal Credit Union Mortgages
For our review of Navy Federal Credit Union, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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