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Buy a Home Now, Get a Lower Rate Later

Buy a Home Now, Get a Lower Rate Later

With our no-refi rate drop, you can buy now, and if rates drop later, you can lower your rate then.1

VA Loans

Interest as Low As 5.625%

APR as Low As 6.365%

Conventional Fixed Rate

Interest as Low As 5.875%

APR as Low As 6.071%

Why Choose Navy Federal for Your Mortgage?

We have a loan option for you and special features to make sure you get a great deal. In fact, our members save $3,500 on average 3 when they choose us for their mortgage!


  • Preapprovals in seconds
  • No-refi rate drop—buy now and you could get a lower rate later1
  • Special Freedom Lock—your rate is protected4
  • VA Loan expertise—we're a top lender!
  • Loan options with no down payment5
  • No PMI required
  • Rate match guarantee6

See What Our Members Have to Say 

"Our experience was phenomenal. The customer satisfaction was off the charts. We were so happy dealing with Navy Federal."7

-Navy Federal Member Richard

Use Our Mortgage Calculators to Crunch the Numbers

From estimating closing costs to deciding how much home you can afford, our calculators can help you make decisions about your mortgage.

See All Calculators


Get Up to $9,000 Cash Back With RealtyPlus® 8

Use RealtyPlus to choose a top-performing real estate agent in your area, and you could earn up to $9,000 cash back

Find Out How Much Cash Back with RealtyPlus


Visit Our Home Buying Center

Our Home Buying Center has everything you need to de-stress your next address. Get the best loan option for you, a Verified Preapproval, connections with experienced real estate agents and plenty of opportunities to save money.

Learn More about our Home Buying Center

Where Are You in Your Home-Buying Journey?

Whether you’re gathering information, estimating costs or preparing to fill out your application, we have the tools and resources you need.

Learn More about our homebuying journey

Mortgage Learning Center

View MoreMortgage Learning Center

Homeowner Resources

Ready to Apply or Have a Question?

Stateside member reps are here for you 24/7. Reach us online, over the phone or at a branch. Contact us.

If you're ready to apply for a mortgage or want to check the status of your loan, please call us at 1-877-573-2324.

Mortgage FAQs

Yes, you must be a Navy Federal member before you apply for a mortgage. Learn about becoming a member.

After you submit your loan application, you may be instantly preapproved if we have all the documentation we need. If that's the case, you'll be able to access your preapproval letter in the Documents section of HomeSquad. Keep in mind that we often need additional information after you submit your application. In that case, a home loan advisor will contact you in 1 to 2 business days to discuss next steps.

To estimate your monthly mortgage payment amount, use our Mortgage Calculator. The payment estimate will be based on your home’s purchase price and the terms of your loan.

Yes, you can buy a home even if you have less-than-perfect credit. We can help you find the best option for your situation. For more information, call us at 1-888-842-6328.

It typically takes 30 days to close on your mortgage once you’ve submitted all required paperwork and documents. However, closing times vary based on many factors, so check with your home loan advisor early in the process to better understand when you can expect to close.

If you're planning to refinance your home, closing times are estimated to take 30-45 days.

Yes, membership must be obtained by at least 1 borrower for initial loan approval. Any additional non-member borrower(s) must become a member as a condition of loan approval.

To understand the steps to obtaining a mortgage successfully, visit our Mortgage Loan Process page.

You can also check out all our Mortgage learning resources and articles.

We're always here to assist you on the phone, too, by calling 1-888-842-6328.

Disclosures

1

(a) To be eligible to exercise the no-refi rate drop (Rate Reduction) option and receive a reduction to the interest rate on your loan, you must meet all of the following criteria:

(1) Your loan is one of the following fixed-rate mortgage loan products: Homebuyers Choice, Military Choice, or 15- and 30-year Jumbo Fixed loans (collectively, “Covered Loan Products”) with Navy Federal Credit Union. Cash-out refinance transactions, however, are not eligible for the no-refi rate drop option.

(2) (A) You must contact us and request to exercise the no-refi rate drop option; (B) the reduced interest rate for your loan must be at least 0.25% lower than your existing rate when you request to exercise the no-refi rate drop option; (C) your loan must be current with no more than one monthly payment, which includes principal, interest, taxes, and insurance, that has been 30 days late or more within the last 6 months of your request; (D) you have made at least 6 consecutive monthly payments, which includes principal, interest, taxes, and insurance, on your loan since closing or the last time you exercised your no-refi rate drop option; (E) you do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months prior to your request; (F) your loan is not in an active loss mitigation option, process, or consideration; and (G) you continue to own the property, notwithstanding successor-in-interest exceptions.

(b) You must pay a $250.00 fee each time that the no-refi rate drop option is exercised. There is no limit on the number of times the no-refi rate drop option can be exercised if all applicable criteria are met each time.

(c) Exercising the no-refi rate drop option will permanently reduce your interest rate, as well as the remaining principal and interest payments on your loan but will not modify any other terms contained in your loan documents, including the principal balance, maturity date, and additional amounts due for escrows as part of your monthly Periodic Payment under your Security Instrument.

(d) RATES AND TERMS ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. To exercise the no-refi rate drop option, you must contact Navy Federal. You are solely responsible for monitoring Navy Federal’s available rates and determining when to exercise the no-refi rate drop option, subject to the eligibility criteria identified above. Contact Navy Federal at 1-703-255-8665, Option 1, to check your eligibility and current rates. Navy Federal will only reduce the interest rate of a Covered Loan Product under the no-refi rate drop option if all applicable criteria are satisfied at time of your request to exercise the option. These terms and conditions do not constitute a commitment to lend, nor a guarantee that you will be approved for a mortgage loan from Navy Federal Credit Union.

(e) Choice loan products require a 1.00% origination fee, which may be waived for a 0.25% increase in the interest rate; are subject to a funding fee of 1.75% of the loan amount; and the funding fee can be financed into the loan up to a maximum of 101.75% LTV, or the fee can be waived for a 0.375% increase in the interest rate. Purchase loans require no down payment. LTV restrictions apply to refinance loans. To be eligible for a Military Choice loan, at least one borrower must be Active Duty, reservist, or a Veteran.

(f) Payment examples:

A Military Choice loan of $300,000 for 30 years at 7.750% interest and 8.096% APR will have a monthly payment of $2,149. A Jumbo Military Choice loan of $800,000 for 30 years at 8.125% interest and 8.479% APR will have a monthly payment of $5,939. Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval. Jumbo Military Choice loans are loan amounts above $766,550 up to $1,000,000. 

A Homebuyers Choice loan of $300,000 for 30 years at 7.875% interest and 8.224% APR will have a monthly payment of $2,175. A Jumbo Homebuyers Choice loan of $800,000 for 30 years at 8.250% interest and 8.607% APR will have a monthly payment of $6,010. Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval. Jumbo Homebuyers Choice loans are loan amounts above $766,550 up to $1,000,000. 

A Jumbo Fixed loan of $800,000 for 30 years at 6.500% interest and 6.621% APR will have a monthly payment of $5,056. Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval. Loans over a certain amount are called jumbo loans. In most states, mortgage loans greater than $766,550 are jumbo loans. In AK and HI, any loan over $1,149,825 is considered a jumbo loan.

2

A VA loan of $300,000 for 15 years at 5.625% interest and 6.365% APR will have a monthly payment of $2,471.
A fixed-rate loan of $300,000 for 15 years at 5.875% interest and 6.071% APR will have a monthly payment of $2,511.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. For primary residences and second homes only. If you have less than your VA home loan entitlement, limitations to your loan amount may apply. This rate offer is effective 02/27/2024 and subject to change. Rates based on creditworthiness, so your rate may differ. All loans subject to credit approval. Rates quoted require a loan origination fee of 1.00%, which may be waived for a 0.25% increase in the interest rate. Many of these programs carry discount points, which may impact your rate.

3

Average savings calculation based on an internal analysis of 2022 Navy Federal Credit Union 30-year fixed mortgage rates, fees, and points and comparable rates, fees, and points as published by Freddie Mac (see https://www.freddiemac.com/pmms) on a $330,000 home loan.

4

Special Freedom Lock is available for new applications on purchase and refinance loans at no additional fee for a 60-day lock. You must request the Special Freedom Lock option during the initial lock request. You may request a lower rate no more than two (2) times, with a maximum cumulative interest rate reduction of 0.50%. You must monitor rates to decide when to exercise the option to lower the rate. All requests for a lower rate must occur at least seven (7) calendar days before closing.

5

Product features subject to approval. Available for purchase loans only. Loans are subject to an additional funding fee, which may be financed up to the maximum loan amount. 

6

Guarantee to receive rate match only applicable if all conditions are met. Available for purchase and refinance first mortgages. Certain product exclusions may apply. You must lock your rate with Navy Federal prior to submitting rate match request to qualify. A Loan Estimate and the rate lock disclosure from the competing lender must be received within 3 calendar days of locking with Navy Federal. The rate must be locked with the competing lender. The date of the Loan Estimate and the lock effective date with the competing lender must be within 3 calendar days of the rate lock with Navy Federal. Please note that no other documentation may be used to show competitors' terms. The terms of the competing loan must be identical to Navy Federal's loan; for example, a 30-year, fixed-rate product with mortgage insurance is not identical to a Navy Federal 30-year, fixed-rate product that does not have mortgage insurance. If the loan does not close within the commitment period, the rate match may be voided. NOTE: The initial Loan Estimate from a wholesale lender/broker is not an acceptable document for a rate match submission unless the Lender Information section on the Loan Estimate is completed. To receive $1,000, you must provide a signed, executed copy of the final Closing Disclosure and a copy of the final mortgage note within 30 calendar days of your loan closing with the original competing lender. Not valid if original loan terms or conditions change prior to closing. Once approved, $1,000 will be automatically deposited into your Navy Federal account within 30 calendar days of receiving the necessary documentation. Recipient is solely responsible for any personal tax liability arising out of this incentive.

7

The views expressed in the reviews are solely those of the individuals posting them. The testimonials are substantively the words of the individual reviewer, but may have undergone minor clerical revisions to ensure readability, add context, or protect private information. Any imagery displayed is for decorative purposes only and is not necessarily associated with the reviewer.

8

The program is only available for individual home purchases/sales in the contiguous US, Alaska, and Hawaii, excluding Iowa and all employer-sponsored relocations. You are not required to receive financing through Navy Federal Credit Union in order to receive the benefits of this program.  The cash back is only available with the purchase or sale of your home through the use of a program-referred and approved real estate agent, and is offered in most states, with the exception of Iowa, Alaska, and Oklahoma, and is not available in certain transactions with restricted agent commissions (including many new constructions, For Sale by Owner, or For Sale by iBuyer transactions). Your assigned agent can help you identify any transactions where the cash back would not be available. The amount of your cash back depends on the value of the property you are buying or selling. Obtaining the full $9,000 cash back requires transacting in a property valued at $3 million or greater.  To calculate your potential cash back amount, please visit the RealtyPlus website: https://navyfederalrealtyplus.com/. The cash back offer is limited to one cash back per property with no limit on the number of times you may use the program. In some states, a gift card or commission credit at closing may be provided in lieu of the cash back. In Kansas and Tennessee, a MasterCard MAX gift card will be issued with preloaded points that are ready for spending at specified retail establishments after closing. State regulations in Kansas limit the dollar amounts and the type of incentive. In Mississippi, New Jersey, and Oregon, a commission reduction may be available at closing in lieu of cash back. Please check with the program coordinator for details. All real estate commissions are negotiable. Contact RealtyPlus for terms and conditions. Seller listing fees apply. This program is offered, in part, by Anywhere Leads Inc., which may receive a co-operative brokerage fee as a result of a referral to any affiliated real estate companies, including Better Homes and Gardens® Real Estate, Coldwell Banker®, Century 21®, ERA® Real Estate, and Corcoran. Program terms and conditions are subject to change at any time without notice. Additional terms, conditions, and restrictions apply. This is an advertisement and not a solicitation for agent representation if your property is currently listed with an agent. Anywhere Leads Inc., 175 Park Avenue, Madison, NJ 07940. Licensed broker in the state of Texas. Broker license #9009191.