Posted on Jun 14, 2020
Has anyone used Navy Federal to do a VA loan? Do you recommend them?
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Real estate
Navy Federal Credit Union
Home Loan
Finance
Posted >1 y ago
Responses: 9
Been looking at refi with them, hope you get some good feedback. I was reading on their site that they have had a lot of requests.
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PFC Karen Hair
I believe because of the pandemic the online process is attractive to many who are looking to purchase or refinance.
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Hello Joan, I may be weighing in late but I recently bought a home with a Navy Federal VA loan and I would not recommend them. I chased them from the time I applied until closing and at closing was told that because my existing home had not closed yet I was 60K short. Thankfully I had the money in the bank but didn't find this out until closing. I have used Quicken in the past and would recommend them above Navy Federal. Again, this was a VA loan but was not a VA issue this was the loan officer at Navy Federal.
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I've been using Quicken Loans or Rocket Loans (same company). I just closed my VA refinace loan at 2.75%. There almost exclusively over the internet so you will have to Google them. They love the military and I have had no problems with them except they call to see if you want to refinace when intrest rates drop. I've owned alot of properties and alway hated going to unfamilar closing offices, with Quicken you have your chaoice where you want to close. I just closed at my kitchen table last week for 2.75%.
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PFC Karen Hair
Richard, Quicken can be a great option for those who like the convenience of the internet. I also refinanced my loan for the lower interest rate and while the process wasn't seamless it was manageable.
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SPC Richard Zacke
I've refinaced with Quicken 2 times before and have finally got my intrest rate down where I want it, I tried for 2.50% but they would'nt do it. My home has $110,000 in equity so I'm good for pulling out a loan if needed for 2.75%. I've never had any trouble with Quicken in fact I took out a $15,000 signature loan with Rocket their sister company. I have a very good credit score so that probley help out too.
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PFC Karen Hair
I found their paperwork inconsistent. I really think that they work hard a convenience but I am a detail person and when amounts changed from one document to the other it was disappointing. I will say when I questioned the change it was always returned to the original quote...it was frustrating and I worry about others who may not pay attention. At one point my closing costs changed from 300 to 1,500. The first explanation was prepaid interest however when I asked to speak with a manager it returned to $300. i say proceed with caution but it is convenient.
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Looked at Navy Federal however local mortgage "broker" had better rates with no points that was not advertised and below market.
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We looked at them for a mortgage and they were not the best deal, we went with a local broker that was easier to deal with and cheaper.
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I'm a NFCU member. For banking, they hold their own.
Now, I was going for a VA loan via Veterans First and had explained that my loan was to pay off a higher APR, as well as some repairs and upgrades. They kept changing their desired "work" and paperwork, including the elimination of some dry-rot that was to be covered by the requested loan.
Needless to say, I decided that I'll wait on the upgrades, do the repairs as I can (I bring in over $5K / mo...), and told them where to place their "help".
Now, I was going for a VA loan via Veterans First and had explained that my loan was to pay off a higher APR, as well as some repairs and upgrades. They kept changing their desired "work" and paperwork, including the elimination of some dry-rot that was to be covered by the requested loan.
Needless to say, I decided that I'll wait on the upgrades, do the repairs as I can (I bring in over $5K / mo...), and told them where to place their "help".
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I am a Realtor and many of my clients have used Navy Federal for their VA Loans they were helpful and efficient. No bad experiences.
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