Navy Federal Sees Mortgage Apps Surge
VIENNA, Va. – Navy Federal Credit Union is reporting it has seen a “record surge” in mortgage applications over the past 10 days, with volume up more than 50% since early August.
Navy Federal credited what it called a “powerful combination” of factors for the volume, including its offer of a $2,500 credit toward closing costs for both purchase and refinance mortgages, a rate match offer that guarantees members the lowest rate possible, and a rate lock-in, which gives members a one-time chance to lower their rate even after the rate has been locked. Navy Federal said it also continues to offer 100% financing and special programs for first-time home buyers.
The $46-billion Navy Federal said the recent surge in volume is expected to drive total mortgage originations for the year to more than $5 billion, on par with previous record years. Navy Federal services 100% of the mortgages it originates.