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 your budget. At Navy Federal, we work hard to offer the best choice of mortgages and will recommend the best one for you.

Reasons to Make Navy Federal Your Mortgage Lender

  1. Competitive rates
  2. Reduced documentation
  3. NO DOWN PAYMENT on some loans
  4. Interest-only financing available
  5. Mortgages up to $2,000,000
  6. No Private Mortgage Insurance (PMI) on many loans
  7. 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.
  8. Commitment options including Standard Lock, Float to Lock and Freedom Lock. Extended Term Commitments (60-120 days) are available for additional rates and points
  9. Year-to-date Profit and Loss Statement for self-employed borrowers
  10. Servicing for life of the loan
  11. Convenient payment methods, including Direct Deposit and Bill Pay. No prepayment penalties.

Types of Mortgages

The following types of mortgages are available through Navy Federal.

Mortgage TypesAdvantages
Fixed-Rate Conventional A fixed-rate mortgage with principal and interest payments that never change. Choose from a variety of terms.

100% Financing Ideal for first-time buyers. No down payment and no PMI are required.

Veterans Administration (VA) Loans If you or you co-applicant is a veteran and you have a Certificate of Eligibility, this mortgage option may be a good choice.

Interest-Only Lowers your payments, however does not reduce loan principal during the fixed term.

Second Home Two types of conventional mortgages, conforming and jumbo, are available. No PMI is required on many loans.

Investment Low interest rates and terms favorable to investors.

Maximum loan-to-value differs based on the type of loan. Further restrictions may apply.

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Rates & Terms


Home Buying. Simple.