Mortgage Rates

Effective 07/03/2017

Rates are subject to change at any time.

Not all applicants will qualify for the lowest rate. Advertised rates points apply to LTVs ≤ 60% and credit scores ≥ 740. Additional fees may be charged based on loan purpose, property type, credit scores and LTV.

First Trust Mortgage

Term LTV Rate Loan Points APR Origination
10 Years 95% to $424,100 2.750% 0.00 2.854% 0.50%
15 Years 95% TO $424,100 3.000% 0.00 3.072% 0.50%
20 Years 95% TO $424,100 3.500% 0.00 3.557% 0.50%
30 Years 95% TO $424,100 3.875% 0.00 3.916% 0.50%
JUMBO
10 Years 80%* Over $424,100 2.750% 0.00 2.854% 0.50%
15 Years 80%* Over $424,100 3.000% 0.00 3.072% 0.50%
20 Years 80%* Over $424,100 3.500% 0.00 3.557% 0.50%
30 Years 80%* Over $424,100 3.875% 0.00 3.916% 0.50%

*Interest rate will increase by .25% for Jumbo loans with LTV of 80.01% – 90%. Maximum LTV includes outstanding balances on home equity loans secured against the property.

  • Maximum LTV permitted on a limited cash-out refinance 95%.
  • Maximum LTV permitted on a cash-out refinance 80% LTV for primary residence; 75% for second home.
  • Members may lock rates 30 days prior to settlement.
  • Any first mortgage with a LTV of more than 80% must have Mortgage Insurance.
  • The home will be held as collateral.
  • Advertised rates / points apply to LTVs ≤ 60% and credit scores ≥ 740. Additional fees may be charged based on loan purpose, property type, credit scores and LTV.
  • Payment estimates include principal and interest only. They do not reflect taxes, insurance or other items included in escrow.

First Time Homebuyer/Low Down Payment

Term LTV Rate Loan Points APR Origination
30 Years 97% to $424,100 4.125% 0.50 4.167% 0.50%
  • 97% maximum LTV
  • $424,100 maximum loan amount
  • 30 year Fixed max term
  • Minimum 680 credit score
  • Mortgage insurance required
  • Down payment & closing costs can come from various sources including gifts, grants, unsecured loans from relatives or nonprofits, or secured borrowed funds.

Adjustable Rate Mortgage (ARM)

Term LTV Rate Loan Points APR Origination
1/1 90% TO $424,100 2.625% 0.00 2.663% 0.50%
3/1 90% TO $424,100 3.375% 0.00 3.415% 0.50%
5/1 90% TO $424,100 3.500% 0.00 3.540% 0.50%
7/1 90% TO $424,100 3.750% 0.00 3.791% 0.50%
10/1 90% TO $424,100 3.875% 0.00 3.916% 0.50%
JUMBO
1/1 75% Over $424,100 2.625% 0.00 2.663% 0.50%
3/1 75% Over $424,100 3.375% 0.00 3.415% 0.50%
5/1 75% Over $424,100 3.500% 0.00 3.540% 0.50%
7/1 75% Over $424,100 3.750% 0.00 3.791% 0.50%
10/1 75% Over $424,100 3.875% 0.00 3.916% 0.50%
  • LTV permitted on a limited cash-out refinance 90%.
  • Maximum LTV permitted on a cash-out refinance 75% LTV. For Jumbo ARMS, Maximum LTV is 75% limited cash out and maximum LTV is 60% cash out refinance.
  • Members may lock rates 30 days prior to settlement.
  • Any first mortgage with a LTV of more than 80% must have PMI.
  • The home will be held as collateral.
  • Advertised rates / points apply to LTVs ≤ 60% and credit scores ≥ 740. Additional fees may be charged based on loan purpose, property type, credit scores and LTV.
  • Payment estimates include principal and interest only. They do not reflect taxes, insurance or other fees included in escrow.

Second Home / Vacation loans are available on most products

Rate will be .125% higher.

When used for a second home, additional stipulations are:

  • Maximum 90% LTV based on PMI approval per geographical area.
  • Property primary use cannot be as an investment / rental property.
  • The loan points listed apply to members with excellent credit scores ≥ 740, loan-to-value (LTV) ratios of up to 75% for purchases, and up to 60% for cash-out refinances, where there is no subordinate financing. Members with <740 credit scores, higher loan-to-value ratios and/or second trusts or equity loans on their residences may be subject to increased loan points.
  • Rates are subject to change at any time.

Fixed Second Trust (80/10/10 or 80/15/5 Program)**

Term LTV Rate Origination
120 Months Up to 95% 6.50% 1.00
15 Years Up to 95% 7.00% 1.00
  • NO MORTGAGE INSURANCE REQUIRED!
  • The home will be held as collateral.
  • The 80-10-10 and 80/15/5 purchase program is when there is a first trust with NRLFCU for 80% of the home’s value, a second trust for 10% or 15% of the home’s value and 10% or 5% down, thus avoiding PMI. The term of the second trust loan shall not exceed 15 years.

Fixed-Rate Second Trust

Term LTV Rate Origination
5 Years Lesser of 90% LV or 4.50% 0.00
5 Years Lesser of 100% or 6.00% 0.00
5 Years Lesser of 80% LTV or 4.00% 0.00
10 Years >90% up to 100% 7.00% 0.00
10 Years Up to 80% 5.00% 0.00
10 Years >80% Up to 90% 5.50% 0.00
15 Years Up to 80% 5.50% 0.00
15 Years >80% up to 90% 6.00% 0.00
15 Years >90% up to 100% 7.50% 0.00
20 Years >90% up to 100% 8.00% 0.00
20 Years Up to 80% 6.00% 0.00
20 Years >80 up to 90% 6.50% 0.00
  • NRL Federal Credit Union pays closing costs up to $1,500.
  • Minimum $5,000 loan amount.
  • Non-owner occupied properties allowed (Max 80% LTV up to $50,000 / Rate is 1% higher)
  • The home will be held as collateral.

Home Equity

Type Collateral Value Rate
Variable Up to 80% of appraised value minus First Trust 5.25%
Variable >80% up to 90% of appraised value minus First Trust 5.75%
Variable >90% up to 100% of appraised value minus First Trust 7.25%
  • >Minimum $10,000 line of credit. Subsequent advances $100 minimum.
  • Maximum lifetime rate of 15%. Maximum line of credit $500,000. Rate is derived from Wall Street Journal prime +1% up to 80% LTV; + 1.5% for >80% LTV up to 90% LTV; +2.5% up to 100% LTV.
  • Non-owner occupied properties allowed (Max 80% LTV up to $50,000 / rate is 1% higher).
  • Changes to rate become effective the first day of the second month of each calendar quarter (2/1, 5/1, 8/1, 11/1).
  • Term 25 years, 10 year draw period and additional 15 year repayment period. NRL Federal Credit Union pays closing costs up to $1,500. The home will be held as collateral.

Equity Express

Type Collateral Value Rate
Variable Up to 80% of appraised value minus First Trust 4.25%
  • NRL Federal Credit Union pays closing costs on the Equity Express up to $1,500. The minimum equity express home equity line of credit is $5,000. The maximum limit is $50,000 or 80% LTV, whichever is less.
  • Terms of 15 years, 5-year draw period and additional 10-year repayment period.
  • Rate is derived from the Wall Street Journal Prime +0%.
  • The Prime rate is derived from the Wall Street Journal as of the last day of each quarter. Changes to rate become effective the first day of the second month following each quarter (5/1, 8/1, 11/1, 2/I). The maximum lifetime rate is 15%.
  • Non-owner occupied properties allowed.(Max 80% LTV up to $50,000 / rate is 1% higher)
  • The home will be held as collateral.

Fixed Home Equity

Type Collateral Value Rate
Fixed Up to 80% of appraised value minus First Trust 4.90%
Fixed > 80% up to 90% of appraised value minus First Trust 5.49%
Fixed > 90% up to 100% of appraised value 6.99%
  • Minimum $10,000 line of credit. Advances $100 minimum.
  • Maximum line of credit $500,000.
  • Term 10 years, 5-year draw period and additional 5-year repayment period. NRL Federal Credit Union pays closing costs up to $1,500.
  • Non-owner occupied properties allowed. (Max 80% LTV up to $50,000 / Rate is 1% higher)
  • The home will be held as collateral.

Home Improvement Loan - NEW!!

  • No Equity Required!
  • No closing costs.
  • Fixed interest rate of 8.0%.
  • Term 10 years, Loan amounts up to $25,000.
  • Minimum credit score requirement of 700.
  • Loan funds must be used for home improvements; supporting documentation will be required.