Borrowers eager to take advantage of refinancing and origination incentives at Navy Federal Credit Union pushed the lender's mortgage application volume up 50% in the past ten days when comparing the period to the first part of the month.
The surge could drive the credit union's total mortgage originations for 2011 past $5 billion. Navy Fed currently has $46 billion in assets, and clients are current or former U.S. armed forces members.
Navy Fed rolled out a special incentive package in August, which allowed qualified borrowers to obtain a $2,500 credit on closing costs tied to purchase and refinance mortgages.
"The rate match offer guarantees members the lowest rate possible, if they find a lower rate for the same mortgage from another lender," Navy Fed said in a statement.
In addition to the closing cost credit, Navy Fed is promoting its credit union's rate lock special, which lets members obtain a one-time opportunity to obtain a lower mortgage rate even after it has been locked. The lender also offers 100% financing and special programs for first-time homebuyers.
"With mortgage rates again at historical lows, this is a market full of opportunity," said Jack Gaffney, executive vice president of lending at Navy Fed. "We are proud to offer our members extremely competitive rates. We've added these other specials to help our members take advantage of this unique market, knowing that this is one of the most important investments they will ever make."