Andrews Federal Credit Union Mortgage Review 2024
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Our Take
4.5
Though relatively small, Andrews Federal Credit Union offers some mighty advantages, like allowing you to see detailed, personalized interest rates without providing any contact info and making it easy to get out of paying an origination fee. Most likely to appeal to borrowers in the Mid-Atlantic states looking for standard loan types.
Pros
- Has a robust and user-friendly tool for customized mortgage rates.
- Easy to qualify for credit union membership.
- Offers HELOCs and home equity loans.
Cons
- Physical branches in the U.S. are limited to Maryland, New Jersey, Virginia and Washington, D.C.
- Does not offer less common mortgage types, like renovation or construction home loans.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
$400,000 | 85% | 640 | Visit Lenderat Figure at Figure | |
$750,000 | 80% | 580 | Visit Lenderat New American Funding at New American Funding | |
$1,000,000 | 85% | 670 | Visit Lenderat Bethpage Federal Credit Union at Bethpage Federal Credit Union |
Full Review
Andrews Federal Credit Union is a credit union based in Suitland, Maryland. Loans are available in all 50 states, plus Washington, D.C.
🏠 Popular loan types include: Fixed and adjustable rate; conventional; FHA; VA; USDA; jumbo; rate-and-term and cash-out refinance
💵 Home equity borrowing options: Home equity loan; HELOC
Andrews Federal offers a couple of money-saving options for borrowers. Buyers and refinancers using conventional loans can take advantage of a free, one-time float-down after locking their mortgage rate. The credit union waives the origination fee for borrowers who set up direct deposit for mortgage payments (a savings of up to $1,500).
» MORE: How to apply for a mortgage
How we score Andrews Federal Credit Union mortgages
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Andrews Federal Credit Union has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
What borrowers say about Andrews Federal Credit Union mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers' subjective experiences, NerdWallet gathers customer satisfaction ratings from J.D. Power and Zillow, but Andrews Federal Credit Union didn't have sufficient data from either source for NerdWallet to share. We also contacted Andrews Federal customer support.
🤓 Our Nerds say...
Andrews Federal Credit Union has a small mortgage footprint compared to most of the lenders NerdWallet evaluates, so it's not especially surprising that online reviews are scant. But despite minimal market share, Andrews Federal offers fairly robust assistance options. It's easy to reach an actual human via online chat or over the phone. If you're a credit union member, you can also apply for a mortgage online via the website or on the Andrews Federal app. Membership eligibility requirements are quite broad, since in addition to military, geographic or employer affiliations, you can join by signing up for the American Consumer Council, a consumer education nonprofit.
Alternatives to a home loan from Andrews Federal Credit Union
We recommend comparing mortgage rate offers from three or more lenders.
Andrews Federal Credit Union qualifies as a minority depository institution based on the credit union’s identification of its leadership and membership to the National Credit Union Administration.
If you'd like to work with a mortgage lender that's committed to supporting communities of color and you're buying a home near Boston, Los Angeles or Miami, you might also consider OneUnited Bank.
PenFed Credit Union is another Mid-Atlantic credit union with simple membership requirements.
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
