![]() To exercise the no-refi rate drop option, you must contact Navy Federal. ![]() (d) RATES AND TERMS ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. (c) Exercising the no-refi rate drop option will permanently reduce your interest rate, as well as the remaining principal and interest payments on your loan but will not modify any other terms contained in your loan documents, including the principal balance, maturity date, and additional amounts due for escrows as part of your monthly Periodic Payment under your Security Instrument. There is no limit on the number of times the no-refi rate drop option can be exercised if all applicable criteria are met each time. (b) You must pay a $250.00 fee each time that the no-refi rate drop option is exercised. (2) (A) You must contact us and request to exercise the no-refi rate drop option (B) the reduced interest rate for your loan must be at least 0.25% lower than your existing rate when you request to exercise the no-refi rate drop option (C) your loan must be current with no more than one monthly payment, which includes principal, interest, taxes, and insurance, that has been 30 days late or more within the last 6 months of your request (D) you have made at least 6 consecutive monthly payments, which includes principal, interest, taxes, and insurance, on your loan since closing or the last time you exercised your no-refi rate drop option (E) you do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months prior to your request (F) your loan is not in an active loss mitigation option, process, or consideration and (G) you continue to own the property, notwithstanding successor-in-interest exceptions. Cash-out refinance transactions, however, are not eligible for the no-refi rate drop option. (1) Your loan is one of the following fixed-rate mortgage loan products: Homebuyers Choice, Military Choice, or 15- and 30-year Jumbo Fixed loans (collectively, “Covered Loan Products”) with Navy Federal Credit Union. (a) To be eligible to exercise the no-refi rate drop (Rate Reduction) option and receive a reduction to the interest rate on your loan, you must meet all of the following criteria:
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