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The Navy Federal Credit Union is an institution that offers financial services to members of the armed services, which include Army, Navy, Marines, Coast Guard, Air Force, veterans and Department of Defense employees and their families. Membership is not guaranteed because you are in the service, it merely makes you eligible to apply for membership. The website specifically says that by applying for membership you allow the credit union to do a credit check. The other standards for membership are not articulated beyond the list of service members who are eligible and the familial relationship required to make membership possible for non-service members.

Range of Loan Services

The Navy Federal Credit Union claims to be the largest credit union in the world. They offer a full range of financial services besides home loans. The options for home loans are a wide array of interest rates and APR’s, time frames and conditions. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, doctor loan programs and construction to permanent loans. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation. When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan.

Education and Transparency

Their website is very well arranged and organized. The site includes a very detailed information about each of the above loan options. There a several different digital tools created to make it easier to compare loan options. The  Navy Federal Credit Union also includes lots of information and descriptions to educate first time buyers, new customers and those who are unfamiliar with the loan process. Applications are processed online. The loan process many times boils down to what you can afford. After evaluating your income, assets and employment, your Loan Consultant can give you an idea of the mortgage amount for which you may qualify.