We compare mortgage interest rate and loan related closing costs at Navy Federal Credit Union with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.18%)
Loan Related Closing Costs: lower than average (-$366)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Navy Federal Credit Union originated 57721 mortgages, a national market share of 0.9%. It was most active in VA (4.1% market share), MD (3.2% market share), and DC (1.8% market share).
On average, Navy Federal Credit Union’s interest rates were lower than those of comparable mortgages at other lenders (-0.18%).1The comparable mortgages control for Navy Federal Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5526, which was lower than those of comparable mortgages at $5892, with a difference of -$366. Overall, we estimate that Navy Federal Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.21% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Navy Federal Credit Union.
Navy Federal Credit Union originated Conforming, FHA, Jumbo and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Navy Federal Credit Union compared to other lenders
|Interest Rate Difference||+0.14%||-0.44%||+0.10%||-0.30%|
|Loan related Closing Cost Difference||+$602||-$1128||-$614||-$721|
|Cost Adjusted Rate Difference||+0.18%||-0.53%||+0.08%||-0.35%|
Based on the table above, Navy Federal Credit Union is cheap for FHA and VA purchase mortgages. It is more expensive than other lenders for Conforming and Jumbo purchase mortgages.
Mortgage Refinancing from Navy Federal Credit Union compared to other lenders
|Interest Rate Difference||-0.10%||-0.31%||-0.05%||-0.25%|
|Loan Related Closing Cost Difference||+$486||-$1242||+$165||-$996|
|Cost Adjusted Rate Difference||-0.08%||-0.44%||-0.05%||-0.32%|
Based on the table above, Navy Federal Credit Union is cheap for Conforming, FHA and VA mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance.
Other information about Navy Federal Credit Union:
Regulator: Consumer Financial Protection Bureau (CFPB)
Registered city and state: VIENNA, VA, 22180