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Home Buying Made Easy: A Step-by-Step Guide
Step Two—Select the Right Mortgage
Just as important as finding the right home is finding the right mortgage to suit your needs and even more important, your budget. At Navy Federal, we work hard to offer the best choice of mortgages and will recommend the best one for you.
12 Reasons to Make Navy Federal Your Mortgage Lender
- Competitive rates
- No hidden fees
- Reduced documentation
- LOW DOWN PAYMENT on HomeBuyers Choice, and VA loans.
- Interest-Only financing available
- Mortgages up to $2,000,000
- No private mortgage insurance (PMI) on most conventional products
- Multiple pricing options including true zero-point loans. You can decide how many “points” you wish to pay—this will affect the actual interest rate of your loan.
- Commitment options including Standard Lock, Float to Lock, and Freedom Lock. (Freedom Lock not available on VA loans.) Extended Term Commitments (60–120 days) are available for additional rates and points.
- Servicing for life of the loan
- Available in all 50 states
- Convenient payment methods, including direct deposit and Web Bill Pay. No prepayment penalties
Types of Mortgages
The following types of mortgages are available through Navy Federal. Simply click on the mortgage that fits your needs to get more information and rates. From there, you can apply online if you like.
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HomeBuyers Choice |
Ideal for first-time buyers. Absolutely low down payment and no PMI are required. |
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Fixed-Rate Conventional |
A fixed-rate mortgage with principal and interest payments that never change. Choose from a variety of terms.
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Interest-Only |
Lowers your payments, however does not reduce loan principal during
the fixed term.
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Adjustable Rate Mortgages (ARMs) |
The interest rate is fixed for an initial period and then adjusts
annually for the duration of the loan. All ARMs feature “caps” on the interest rate. |
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Seven-Year Balloon |
After a fixed-rate term ends, pay the balance in full, choose a special refinance option, or refinance under a standard mortgage refinancing program. |
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VA Loans |
If you or your co-applicant is a veteran and you have a Certificate of Eligibility, this mortgage option may be a good choice. Low down payment is required. |
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Second Home |
Two types of conventional mortgages, conforming and jumbo, are available. No PMI is required on most conventional products.
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Investment |
Low interest rates and terms favorable to investors. |
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