Navy Federal Mortgage Review: Rates Appear Low and They Keep Your Loan
Oh no! They are bad!
This reminds me of one of Kevin's videos criticizing someone better-known than him or videos by random people saying that Kevin is wrong--except despite the title, they don't say anything negative about Navy Federal.
"Appear" is misleading because the article makes clear that Navy Federal has low rates. They do specify that NF has a 1% origination fee.
I do not have any idea if that is high or low.
By the way, keeping your loan should be good. They don't sell it off like other banks.
Quote:
Originally Posted by Xist
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.
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It was 4.25% with zero points. Their calculator says that works out to $841 a month.
$171K @ 4.25% = $302,838
Fun. Zillow defaults to 3.75%, which would be $52 less a month, and estimates mortgage insurance being $108 a month.
Based on NF's amortization table I estimate it would take 153 months to get out of mortgage insurance if the home value stays flat.
Everybody knows that $108 * 153 = $16,524.
Everybody also knows that $302,838 - $16,524 = $286,314
So, an extra $9,707 over 30 years.
Why do you guys always come up with more homework for me?! Why are you never satisfied?!
Well, I opened the first page of Google results for "find the best mortgage rates." If it doesn't fit on my 43" television it doesn't matter.
Nerdwallet didn't show any quotes at all until I said that I am a Veteran. Now it says that Chase will give me 4.418%.
Remember, Navy Federal said 4.25% without points, 4.5% with -0.75 points.
SmartAsset doesn't show any lenders. I do not know why it wants me to read a long article. Is it about the writer's feelings about mortgages?
TheSimpleDollar doesn't show anything, either, but it seems to have enough reading material to put me to sleep.
No thanks, I will just stare down the abyss.
Money says that Quicken typically gives 4.137% APR. They say that Veterans' United does conventional loans, but it only shows VA rates. It says that Citibank typically gives 3.617% APR.
With 5% down?
Citi does not give out rates without giving your personal information.
Zillow says that NBKC Bank will do 3.5% without lender fees, but actually a $335 credit. Curiously it would have the same payment as Sebonic Financial, also 3.5%, but $787 in lender fees.
Zillow says that NBKC says that payments at 3.5% would be $784. I requested that NBKC spammed me. [they already did] Curiously, Zillow's calculator says that a $171,000 mortgage at 3.5% would have $756 payments.
Of course Zillow also says that taxes are $329 a month, but their calculator on a house listing shows $119 in taxes.
I don't know what to believe anymore!
I was thinking that Interest.com's utility looked familiar.
"Rate data provided by Bankrate."
LendingTree only shows an FHA lender, which is strangely 3%, but 4.056% APR.
ELend estimates the property tax would be $96.90 a month. NavajoCountyAZ.gov says that our neighbor paid $1,125.32 in property tax in 2019, which obviously is $93.78 a month.
Where in the world did Zillow get $329?!
They do not give rates without your personal information.
Out!
Brilliant. HSH.com gave me three lenders based on what I told them, but they just say "Low rates."
Out!
Going back to Google and specifying 5% or low down payments didn't change anything.
I have used Bank of America for a dozen years, but while they say they require 5% down, they will not give me a rate.
I have used USAA for years.
Oh no! They want my information!
"Do you intend to occupy the property for more than 14 days during the coming year?"
That would be telling!