Navy federal credit union pre approval mortgage

Learn how to get preapproved for a car loan in 5 simple steps.

1. Step 1

   • Contact information for applicant and co-applicant (phone number and email)
   • Current housing, employment and income information for applicant and co-applicant
   • Trade-in information (title or loan information, registration, etc.)
   • Amount you expect to finance (including vehicle purchase price, taxes, tags, title and warranty, less any down payment)
   • Length (term) of the loan you want
   • Check out our auto rates and loan options

   Note: A preapproval can only be used to buy from a dealership, not a private seller.
   

   

2. Step 2

   After submitting your application, you’ll receive a text message* or email letting you know if you were preapproved for the amount you requested.1

   We understand that when shopping for a car, you can’t always wait around for a decision. That’s why we typically provide auto loan decisions in seconds.

3. Step 3

   Once you've been preapproved, we'll issue a check with your funds. You can pick it up at your nearest branch or have it mailed to your home.

   The amount on the check is how much you've been approved for—but you don’t have to use it all.

   You’ll only be responsible for the amount you’re applying toward the car.

4. Step 4

   Be sure the loan check is completed and signed when you're ready to purchase your vehicle.
   

   You can get started on finding the perfect vehicle using our Car Buying Service, powered by TrueCar®.

Auto Loan Resources

Use our helpful resources to better understand the car-buying experience and feel confident in your auto loan decision.

1

Credit and collateral subject to approval.

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Loan Features

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  Homebuyers Choice FAQs

  What is a mortgage down payment?

  A down payment is any initial amount paid upfront toward the total price of your home. It's not included in your loan amount—your loan amount is the total price of your home minus your down payment. It's due at closing.

  What is private mortgage insurance (PMI)?

  PMI is insurance that a buyer pays to protect the lender in case the loan ends up in foreclosure. Most lenders require PMI for home purchases with down payments that are less than 20% of the home's cost. However, Navy Federal does not require PMI at all on our loan products. This helps keep monthly payments lower for our members.

  What are discount points?

  Discount points are optional fees you can pay directly to Navy Federal at closing in exchange for a reduced interest rate. They're determined as a percentage of your loan amount. For example, one percentage point is equal to 1% of the total loan amount. Depending on how long you plan to be in your home, you may want to pay these points and obtain a lower rate.

  1

  All Choice loan rates quoted above require a 1.00% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate. All Choice loans are subject to a funding fee of 1.75% of the loan amount. This funding fee can be financed into the loan up to a maximum of 101.75% LTV, or the fee can be waived for a 0.375% increase in the interest rate. Purchase loans require no down payment. LTV restrictions apply to refinance loans. Note: To be eligible for Military Choice, at least one borrower must be Active Duty or a veteran.

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  2

  These rate offers are effective 11/03/2022 and subject to change. Rates displayed are the "as low as" rates for purchase loans and refinances. Rates are based on creditworthiness, loan-to-value (LTV), occupancy and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates quoted require a loan origination fee of 1.00%, which may be waived for a 0.25% increase in the interest rate. Many of these programs carry discount points, which may impact your rate.

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  3

  A Homebuyers Choice loan of $300,000 for 30 years at 8.000% interest and 8.351% APR will have a monthly payment of $2,201. Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval.
  Jumbo Loans: Loan amounts greater than $647,200. In AK and HI, the Conforming loan limit is $970,800. The Jumbo rates quoted above are for loan amounts above $647,200 up to $1,000,000.

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  4

  The cash-back bonus is offered in most states and is available for individual sales and purchases of property; offer limited to one cash-back bonus per property with no limit on the amount of times you may use the program. In some states, a gift card or commission credit at closing may be provided in lieu of the cash-back bonus. The program is not available in IA or outside the U.S. Cash-back bonus is not available in AK or OK. In KS and TN, a gift card with preloaded points that are ready for spending at specified retail establishments after closing will be issued. State regulations in KS limit the dollar amounts and the type of incentive. In MS, NJ, and OR, a commission reduction may be available at closing. Please check with the program coordinator for details. This is not a solicitation if you are already represented by a real estate broker. The cash-back bonus is only available with the purchase or sale of your home through the use of a program-referred and -approved real estate agent. The size of your cash-back award depends on the value of the property you are buying or selling. Obtaining the full $9,000 cash-back award requires transacting in a property valued at $3 million or greater. To calculate the size of your potential cash back, please visit realestateperk.com/RealtyPlus. All real estate transactions are negotiable. Contact RealtyPlus for terms and conditions. Standard listing fees apply. The program award is not available in certain transactions with restricted agent commissions (including many new construction, For Sale by Owner, or For Sale by iBuyer transactions). Your assigned agent can help you identify any transactions where the award would not be available. This program is offered, in part, by Realogy Lead Management Services, Inc. d/b/a Realogy Leads Group (RLG). RLG may receive a co-operative brokerage fee as a result of a referral to the real estate companies listed above. Program terms and conditions are subject to change at any time without notice. Additional terms, conditions, and restrictions apply.

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  What credit score do you need to get a mortgage with Navy Federal?

  Minimum borrower requirements Navy Federal Credit Union generally follows Fannie Mae's underwriting guidelines for conventional mortgages. That means you'll typically need a credit score of 620 or better, a down payment of at least 5 percent and a debt-to-income ratio (DTI) of no more than 43 percent.

  Does Navy Federal pull credit for pre approval?

  Navy Federal credit card pre-approvals do not affect your credit score, as they're done using a soft "pull", or inquiry. But if you decide to submit an application for any Navy Federal card, the issuer will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.

  How long does it take Navy Federal to approve a mortgage loan?

  How long does it take to get a mortgage? It typically takes 30 days to close on your mortgage once you've submitted all required paperwork and documents.

  How long is Navy Federal pre approval good for?

  Although the preapproval letter lets you know how much you can borrow, it's not a commitment to lend. This letter is good for at least 30 days and as long as 90 days if you stay in touch with your home loan advisor.