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Navy Federal Credit Union offers mortgage refinancing options ranging from 10- to 30-year loan terms for their Homebuyers Choice and VA Streamline. Navy Federal also offers the Military Choice loan if you have exhausted your VA loan option. Additionally, Navy Federal can refinance conventional loans and FHA loans.
If you want to refinance or sell and purchase new property, Navy Federal Title Services and Reality Plus are tools that facilitate the mortgage refinance process. To assist with your mortgage application, Reality Plus connects you with an agent coordinator. And if you close your mortgage with Navy Federal Credit Union using Reality Plus, you can get between $400-$9,000 cash back.
Navy Federal Credit Union also offers HomeSquad. This is an option for potential borrowers to get faster pre-approval for a refinance or purchase loan.
After the application is submitted, HomeSquad allows you to track your loan status 24 hours a day, seven days per week. You can do this through a mobile app or online. You can also upload documents easily and request forbearance assistance, as well as other account activities.
Short answer: it is not necessarily cheaper to refinance with your current lender. Shopping around is one of the best ways to ensure you are getting the best interest rate on your new home loan. If you stay with your current lender, who knows what your current rate is, you may get a lower rate. However, you may not get the best rate out there.
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