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Mortgage Rates

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2014-04-20T01:00:35-05:00
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VA and FHA Loans

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Adjustable Rate Mortgage Loans

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100% Financing Loans

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INFORMATION APPLICABLE TO ALL MORTGAGE LOANS

Rates, discount points and terms are based on an evaluation of each member's credit history, loan-to-value (LTV), occupancy, payment type, loan amount and loan purpose, so your rate and terms may differ. All loans are subject to credit approval. Questions? Please contact Navy Federal at 1-888-842-NFCU (6328) or visit www.navyfcu.org.

Navy Federal also offers home loans for investment properties. When reviewing quotes from other lenders, make certain you obtain the discount points and any origination fees for comparison with Navy Federal's rates. APRs reflect downpayment/equity, unless otherwise noted.

Conforming Loans: Loan amounts up to $417,000. In AK and HI, the Conforming loan limit is $625,500. Super Conforming Loans: Loan amounts greater than $417,000 and up to the maximum county loan limit. In HI, the maximum loan limit is between $625,501 to $938,250. The maximum loan limit varies by county. Jumbo Loans: Loan amounts greater than $417,000 and higher than the maximum county level loan limit. The Jumbo rates quoted above are for loan amounts above $417,000 up to $2,000,000. These loan limits do not apply to Jumbo HomeBuyers Choice loans.

Two Unit Properties
The minimum downpayment for a two-family property is 20%.
Conforming loan limit for two-family properties is $533,850. In Alaska and Hawaii, the Conforming loan limit for two-family properties is $800,775.
Super Conforming loan limit for two-family properties is $625,500.

Any refinance mortgage where the proceeds will be used to pay any debt other than debt used in the purchase of the home is considered a cash-out refinance. Additional discount points will apply to cash out loans, which are based on credit history and loan-to-value. Cash Out Refinance is not allowed on Interest Only Conforming, Interest Only Super Conforming and Choice products.

Loans with subordinate financing and loans secured by condominium properties may require additional discount points. Conforming loans secured by 2 unit properties or manufactured homes are subject to an additional 1.00% discount point.

Rate Lock Policy

PURCHASE LOANS

  1. The Standard Price Lock Commitment for Purchase Loans is 60 days at no additional cost
  2. The Extended Price Lock Commitments for Purchase Loans are as follows (VA loans are not eligible):
    • 90 days - additional 1/8 discount point or 1/8% in rate
    • 120 days - additional 1/4 discount point or 1/8% in rate
    • 180 days - additional 1 discount point or 1/4% in rate
  3. The Float to Lock Option for Purchase Loans - If you select the Float to Lock Commitment it means that you want to allow the interest rate and/or discount points to float with the market. You must lock in your interest rate and /or discount points at least seven (7) business days prior to settlement/closing.
  4. The Freedom Lock Option for Purchase Loans
    For a LIMITED TIME ONLY, a special lock option is being offered at no cost with a maximum rate reduction up to 0.25%. This special lock option is only available for 60 day pricing commitments. You will have the opportunity to re-lock one time if rates improve up to seven (7) business days prior to settlement/closing. This special lock option applies to all loan types.

REFINANCE LOANS

The Standard Price Lock Commitment for Conventional Refinance Loans is 60 days from the date of receipt of your loan application. On VA and FHA loans the Standard Price Lock Commitment is 60 days from the date of receipt of your loan application. The Freedom Lock Commitment for Refinance Loans means that your rate and/or discount points will be locked at the time of application but you will have the opportunity to re-lock one time if rates improve up to seven (7) business days prior to settlement/closing. There is an additional cost of 1/4 of 1% for the refinance freedom lock option. Freedom Lock option is not available on VA and FHA refinance loans.

Mortgage Loans: A sample principal and interest payment on a $250,000 fixed rate loan at 4.482% APR for 30 years is $1,248.21. Taxes and insurance not included, therefore the actual payment obligation will be greater.


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