They gave me 10 options just for 30-year conventional loans, from 3.25% with 3 points to 4.5% with -0.75 points. Navy Federal says "One point is 1% of your mortgage," so 3 points would be $5,400 on a $180,000 mortgage, while -0.75 points would be a $1,350 credit on the same loan.
It seems that points are better if you have the money and plan on holding the mortgage for the long-term.
Navy Federal requires 5% down for their conventional mortgage. They do not require PMI and I earned $36,000 last year, so I am applying for $180,000, but 5% of that is $9,000, so actually $171,000, and $5,130 for points.
As long as I can come up with $14,130 just for the down payment and points.
They are charging me $19.73 for a credit report and asking for my credit card information.
It would be nice if it showed my accounts with them and allowed that option.
Quote:
|
Your payment could not be processed. We will attempt to collect the credit report fee from your Navy Federal Credit Union checking / savings account, as per your consent to have us pull your credit report.
|
Bizarre. I double-checked the numbers.
