Best Mortgage Refinance by Navy Federal Credit Union

Best Mortgage Refinance Program

One of the best home mortgage refinancing is presented by the Navy Federal Credit Union. Unlike what many may think it does not require to be an active member of the navy to qualify for one of their financial programs.

Here is a brief explanation about the refinancing options by the Navy Credit Union:

If you’re a homeowner and owe more than your home is worth, this program gives you the opportunity to refinance into a lower rate and shorter terms so you can pay down your balance faster and possibly lower your monthly payment. It’s now easier to qualify because the maximum loan-to-value (LTV) limit for fixed-rate mortgages has been removed. Plus, certain fees for borrowers who refinance into shorter-term mortgages have been eliminated, and fees for other borrowers have been lowered.

You may be eligible for refinancing under the Home Affordable Refinance Program if:

  1. You have not previously refinanced your first mortgage loan under HARP.
  2. Your first mortgage loan on the home is with Navy Federal.
  3. You owe more than the value of your home.

Your first mortgage loan is current with no late payments in the last 6 months, and no more than one late payment (30 days) in the last 12 months.
Borrowers who are currently delinquent on their mortgage will not qualify for a refinance. However, they may be eligible for a Home Affordable Modification.

Home Affordable Modification Program

The Making Home Affordable Program is part of President Obama’s comprehensive strategy to get the housing market back on track. Through this program, families may be eligible to modify their mortgage loans.

This program is run by the U.S. Department of the Treasury and is designed to help homeowners avoid foreclosure. You do not need to be behind on your Navy Federal mortgage to be eligible for this program, but you must go through a screening process to determine if you have a significant financial hardship to qualify.

The borrower must have one of the following hardships to qualify for this program:

  • Reduction or loss of income
  • Change in household financial circumstances
  • Increase in expenses and excessive monthly debt payments
  • Material change in circumstances

 

Navy Federal must ask information about the items listed below. Each of these elements must be verified through documentation.

  • Monthly gross income of your household, including recent pay stubs or documentation of income
  • Your most recent income tax return
  • Information about any equity loan (also known as a second mortgage) on your home
  • Payments on each of your credit cards
  • Payments on any other loans
  • Other monthly obligations

Read More..

How Can You Qualify For Best Refinancing Rates For 2013

You do not have to be in the army or navy, there are over dozen of groups which can be eligible for the best refinancing rates the Navy Credit has to offer:

All Department of Defense (DoD) uniformed personnel—Army, Marine Corps, Navy and
Air Force retirees and annuitants

All United States Coast Guard personnel—including active duty, reservists, civilian employees, retirees and annuitants

All Department of Defense Reservists—Army, Marine Corps, Navy and Air Force retirees
and annuitants

All Army and Air National Guard Personnel—civilian employees, retirees and annuitants

All Delayed Entry Program (DEP) Personnel

All DoD Officer Candidate programs—Midshipmen and cadets at the United States Naval Academy,
United States Military Academy, United States Air Force Academy, United States Coast Guard Academy
and the United States Merchant Marine Academy; Other Officer Programs*

U.S. government employees assigned to DoD installations (including Coast Guard)

All DoD civilian employees—including retirees and annuitants

DoD contractors assigned to U.S. Government installations

Family Members—including grandparents, parents, spouses, siblings, grandchildren, children (including adopted and stepchildren) and household members. See the eligible wizard here..

 

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