Do you know that Navy Federal Credit Union offers 100% mortgage financing nationwide? So how are about Navy Federal Credit Union mortgage rates as well to apply the applications? At Navy Federal, business is booming despite an unpredictable economic environment and as other lenders scale back their lending. At mid-year, the credit union had loaned over $4.5 billion to members. Nearly 100,000 applications for auto loans and other consumer loans were received in the month of June.
The Navy Federal Credit Union mortgage financing, which is by far the largest retail credit union in the nation with $41 billion in assets, provides banking services to current and former Department of Defense employees and their families.
Most financial institutions don’t lend up to 100 percent of a property’s value because borrowers can easily wind up underwater if their home’s value drops. And if borrowers didn’t have to fork over a down payment, they have less to lose and are more likely to walk away from their homes if problems arise.
So far Navy Federal Credit Union mortgage financing, has avoided widespread defaults in its home mortgage portfolio. As of June 30, $153.7 million, or 1.19 percent, of Navy Federal’s first mortgage loans and lines of credit were at least 2 months delinquent. That’s up from 0.93 percent a year ago.
While delinquencies are up, Navy Federal Credit Union mortgage rates are still much lower than that of many large banks. Bank of America Corp., for example, had 6.62 percent of its first mortgages in non-accrual status as of March 31, meaning the bank had stopped accruing interest on the loans because repayment was unlikely.
Navy Federal Credit Union mortgage financing’s goal is to lend $7 billion for new mortgages or refinancing in this year, after hitting $6.2 billion in mortgage originations last year. During the first six months of the year, it lent more than $4.5 billion and says it received nearly 100,000 applications for auto and other consumer loans during the month of June alone.
Source: washington.bizjournals.com
1. September 2010
0 Comments