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Navy Federal Credit Union Mortgage Review 2023

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At a glance

Navy Federal Credit Union


Rating: 5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, VA, Military Choice, Homebuyers Choice, fixed-rate, adjustable-rate, rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; investment property


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required


Pros and cons

Checkmark Pros

  • Online application with quick preapproval
  • Allows up to two rate relocks if rates go down
  • Offers cash back for using its real estate services
  • Provides rate-match guarantee or pays $1,000

Close X Cons

  • Membership required
  • No FHA or USDA loans

Navy Federal Credit Union overview

Navy Federal Credit Union is a credit union and full-service lender specializing in loans for military members, veterans and their families. Founded in 1933, the credit union is headquartered in Vienna, Virginia, and serves more than 12 million members and operates 355 branches worldwide. In addition to a broad range of loans, Navy Federal provides loan servicing, title services and real estate services, and offers banking products, credit cards, auto loans, student loans and personal loans. It also offers customized financing options for members with its own portfolio products. It has a number of incentives for members who use its mortgage services. For example, members who pair with a real estate agent through its RealtyPlus tool can get cash back after closing on their home. It also offers a rate-match guarantee, matching a better rate found at another lender or paying you $1,000 after closing. In addition, it allows borrowers to relock their rate for free if rates fall before closing. In some cases, borrowers can get preapproved instantly through Navy Federal’s home loan management platform, HomeSquad. After applying, you can expect a response from a loan officer within six to 10 days. For a purchase, closings typically take 30 days. Refinance closings can take 30 to 45 days.

Navy Federal Credit Union is good for

Service members and veterans and their families looking for competitive rates and other credit union services

Breakdown of Navy Federal Credit Union overall score

  • Affordability: Navy Federal Credit Union is a nonprofit, which means you could have access to more competitive rates. Like many lenders, however, you’ll be responsible for paying an origination fee on your loan.
  • Availability: This large lender operates nationally and specializes in loans for military members and their families.
  • Borrower experience: Navy Federal has a 24/7 stateside contact center, providing round-the-clock member service. 


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Affordability: 5/5

Overall, Navy Federal Credit Union’s mortgage rates are competitive. It charges a 1 percent origination fee, but offers the option to waive the fee in exchange for a higher interest rate. The credit union doesn’t charge processing or underwriting fees, however, and there’s no cost to relock your rate on purchases or refinances. (As part of its Freedom Lock feature, you can relock your rate up to two times if rates improve.)

Note: For most VA loans, you’ll be responsible for paying the VA funding fee. The credit union’s VA loan option allows the seller to contribute to closing costs, up to 4 percent of the value of the home.

Availability: 5/5

Navy Federal Credit Union serves 12.1 million members and operates 355 branches worldwide, providing conventional loans as well as VA loans, Military Choice loans and Homebuyers Choice loans, along with options to refinance your existing mortgage. The credit union also offers investor loans.

Borrower experience: 5/5

Navy Federal Credit Union has been in business for 90 years, earning a rating of 4.7, or “Excellent,” from Trustpilot. It hasn’t been rated by the Better Business Bureau.

Navy Federal Credit Union allows you to get prequalified, preapproved and apply for a mortgage all online. You can communicate with the lender through secure messaging online, via chat or through social media. You can also sign certain loan documents using e-sign, and pay your mortgage through the credit union’s app. You can also take advantage of Navy Federal’s HomeSquad platform, which allows you to connect accounts to verify assets and track your loan status, among other capabilities.

If you have questions about a loan, Navy Federal has a 24/7 stateside contact center, providing round-the-clock member service.

Refinancing with Navy Federal Credit Union

Navy Federal Credit Union tends to offer competitive refinance rates, and its refinancing options include the VA Interest Rate Reduction Refinance Loan (IRRRL, or streamline refinance). You can apply for a refinance online using your membership login.

Alternatives to Navy Federal Credit Union

Written by

Jeff Ostrowski

Senior mortgage reporter

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor