Vinings GA Real Estate

Atlanta Mortgage Loan Programs

Navy Federal Credit Union

 

Most past and present military personnel and their family members probably have a checking and savings account with Navy Federal Credit Union. If you don’t, but can become a member through one of your family members, I strongly recommend it.

Here is the run down on NFCU in a nutshell.

First, they are a non-profit organization and so their rates are traditionally very competitive depending on where rates are at when you are considering them. NFCU trails the market by about 6 months so when rates were dropping back around 2001, they were constantly just a step behind. Now that rates are poised to move higher, they will still be trailing but this time, to your advantage.

 

Second, they do not charge the 1% origination fee that so many other lenders typically charge. An origination fee is the amount charged by a bank or a mortgage company to underwrite your loan, so on a $300,000 home loan, you would normally have to pay an additional $3,000 which most people just role into the total loan amount.

Third, when you take a loan with most mortgage companies, your “closing costs” can involve everything from prepaying your taxes to paying delivery and copying charges for your documents. It is not uncommon for mortgage companies to have a host of “fees” built into your closing costs and settlement statement. Some are legitimate and some, well, may be questionable.

Last, their rates are pretty much fixed regardless of your credit score. Many mortgage companies will give you a rate that can be higher or lower depending on your credit score. With Navy Federal Credit Union, you are either approved or declined and your rates are the same as everyone else’s applying on that given day.

The only downside to NFCU is that they do not offer the wide range of loan products that a large company such as BB&T offers. At last count, BB&T offered over 200 programs and if your credit is shaky or you are looking for highly flexible or creative financing, they may be a little to limiting for you.