Navy Federal Credit Union, one of the biggest mortgage lenders in the Washington market, is originating 3/5 and 5/5 conforming and jumbo adjustable-rate mortgages for as low as 2.875%.
Members have taken quickly to the new products with $36 million of applications already on the books.
“The feedback from our members has been extremely positive,” said Jack Gaffney, executive vice president, lending at the $48 billion credit union, the nation’s largest.
“We are happy to be able to offer another great mortgage option for our military members and their families.”
The new 3/5 and 5/5 conforming and jumbo ARMs begin with a low, constant rate and then adjust once every five years.
The credit union does not charge an application fee and mortgage insurance is not required on 3/5 and 5/5 ARMs, as well as many other conventional loans.
To help members with the homebuying process, Navy Federal also launched it’s Home Center, an interactive website that takes the guess work out of buying a home. It allows members to learn the ins and outs of the entire homebuying process along with helping them determine their budget, calculate payments and track their progress through a personalized workbook.
