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Refinance Your Mortgage and Save
Depending on the terms of your current loan and how long you plan to stay in your home, refinancing could be the best option for you. Whether you have an existing loan with us or one with another lender, we have fixed- and adjustable-rate options that could save you money.
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Get a Better Loan
Refinance to a lower rate or pay off your loan faster with a shorter term.
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Take Cash Out
Use the equity in your home to pay for home improvements, a down payment on a second home or college tuition.
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Convert to a Fixed Rate
Refinance to lock in a new rate and ensure a stable payment for the life of your loan.
Wondering if refinancing is the right choice for you? See when it makes the best financial sense.
Refinance Options1
From fixed and adjustable rates to options that don't require a down payment2 we have a mortgage to fit your needs. View our rates and crunch your numbers to see what works best with your budget.
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VA Loans
Available exclusively to eligible servicemembers, veterans and their spouses, VA Loans are backed by the Department of Veterans Affairs.
Interest rate as low as
5.750%
APR as low as
6.409%
LTV up to
100%
Term
10- to 30-year
Learn More about VA Loans Payment Examples3
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VA Streamline (IRRRL)
Exclusively for those with VA home loans, VA interest rate reduction refinance loans (IRRRLs) are an easy way to refinance your loan to a lower rate and lower your monthly payments with minimal out-of-pocket costs. Call1-888-842-6328for more information.
Interest rate as low as
5.750%
APR as low as
6.409%
Term
10- to 30-year
Payment Examples4
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Military Choice
Offering eligible servicemembers easier qualification and great rates.5
Interest rate as low as
7.125%
APR as low as
7.458%
LTV up to
97%
Term
16- to 30-year
Learn More about Military Choice Payment Examples6
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Conventional Fixed Rate
Offering qualified buyers rate and payment security.
Interest rate as low as
5.875%
APR as low as
6.071%
LTV up to
95%
Term
10- to 30-year
Learn More about Conventional Fixed Rate Payment Examples7
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Homebuyers Choice
A good option for homeowners who haven't built much equity in their home but would like to refinance to take cash out.5
Interest rate as low as
7.250%
APR as low as
7.586%
LTV up to
97%
Term
16- to 30-year
Learn More about Homebuyers Choice Payment Examples8
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Adjustable-Rate Mortgages
These loans begin with a low, fixed interest rate for the initial term and then adjust according to an index.
Interest rate as low as
5.500%
APR as low as
6.159%
LTV up to
95%
Term
10- to 30-year
Learn More about Adjustable-Rate Mortgages
5/5 Conforming ARM Payment Example9
Loan Amount: $300,000 Term: 30 years
Year Interest Rate APR Monthly Payment Taxes and insurance not included; therefore, the actual payment obligation will be greater.
Mortgage Refinancing Resources
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When to Refinance Your Mortgage?
Refinancing your current home loan could save you money, but how can you tell if it’s the right choice for you? We’ll give you the tools to decide for yourself.
Learn Moreabout When to Refinance Your Mortgage?
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Mortgage Refinance Calculator
Considering refinancing your existing home loan? Use our calculator to see what you could save.
Learn Moreabout Mortgage Refinance Calculator
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5 Facts to Know About a Cash-out Refinance
If you’re considering refinancing and taking out cash from your mortgage, it’s important that you learn the facts.
Learn Moreabout 5 Facts to Know About a Cash-out Refinance
Still have questions? Visit our Mortgage FAQs.
1
Rates displayed are "as low as" and effective 06/01/2024 for purchase, refinance loans, and VA IRRRL, and require a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Displayed rates may include discount points. Rates are subject to change. All VA rules, guidelines, and additional program requirements will apply. All loans subject to approval. Navy Federal has no affiliation with U.S. Department of Veterans Affairs or any other government agency.
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2
100% financing subject to all VA rules, guidelines, and additional program requirements. All loans subject to approval. VA loans may include a funding fee, which may be financed up to the maximum allowed loan amount. Navy Federal has no affiliation with U.S. Department of Veterans Affairs or any other government agency.
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$300,000 mortgage for 30 years at6.125% (6.558% APR) will result in a monthly payment of $1,822. Taxes and insurance not included; therefore the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. All VA rules, guidelines and additional program requirements will apply. All loans subject to approval. Navy Federal has no affiliation with U.S. Department of Veterans Affairs or any other government agency.
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4
A VA Streamline loan of $300,000 for 15 years at 5.750% interest and 6.409% APR will have a monthly payment of $2,491.
A VA Streamline loan of $300,000 for 30 years at 6.125% interest and 6.558% APR will have a monthly payment of $1,822.
Taxes and insurance not included; therefore, the actual payment obligation will be greater.All loans subject to credit approval.
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5
All Choice loans require a 1.00% origination fee, which may be waived for a 0.25% increase in the interest rate. All Choice loans are subject to a funding fee of 1.75% of the loan amount. This funding fee may be financed up to the maximum allowed loan amount, or the fee may be waived for a 0.375% increase in the interest rate. Purchase loans require no down payment in most states. LTV restrictions apply to refinance and non-primary residence loans. All loans subject to approval. Note: To be eligible for Military Choice, at least one borrower must be Active Duty, reservist, or a Veteran.
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6
A Military Choice loan of $300,000 for 30 years at 7.125% interest and 7.458% APR will have a monthly payment of $2,021. Taxes and insurance not included; therefore, the actual payment obligation will be greater.All loans subject to credit approval.
Jumbo Loans: Loan amounts greater than $766,550. The Jumbo rates quoted above are for loan amounts above $766,550 up to $1,000,000.
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7
A fixed-rate loan of $300,000 for 30 years at 6.500% interest and 6.646% APR will have a monthly payment of $1,896.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval.
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8
A Homebuyers Choice loan of $300,000 for 30 years at 7.250% interest and 7.586% APR will have a monthly payment of $2,046. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Includes a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Discount points are included. Occupancy restriction applies. All loans subject to credit approval.
A Jumbo Homebuyers Choice loan of$1,000,000 for 30 years at7.625% interest and7.968% APR will have a monthly payment of $7,077. Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval. Jumbo loans: Loan amounts greater than $766,550 in most states. The jumbo rates quoted above are for loan amounts above $766,550 up to $1,000,000.
Rates displayed are “as low as” and effective 06/01/2024 for purchase and refinance loans, and require a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Displayed rate may include discount points. Rates are subject to change. Rates vary based on creditworthiness, loan-to-value (LTV), occupancy, property type and loan purpose, and/or other factors. All loans subject to credit approval.
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9
Adjustable Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed-rate period. The First Adjusted Payments displayed are based on the current Constant Maturity Treasury (CMT) index, plus the margin (fully indexed rate) as of the stated effective date rounded to nearest 1/8th of one percent.All loans subject to credit approval.
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