Navy Federal Credit Union Purchase Agreement: What You Need to Know
If you`re in the market for a new home or car, you may be considering financing through Navy Federal Credit Union. As a member-owned financial cooperative, Navy Federal Credit Union offers a variety of loan options with competitive rates and flexible terms.
But before you finalize your purchase, it`s important to understand the Navy Federal Credit Union purchase agreement. This legal contract outlines the terms and conditions of your loan, as well as your responsibilities as a borrower.
Here`s what you should know about the Navy Federal Credit Union purchase agreement:
1. It`s a binding contract
When you sign the purchase agreement, you are legally bound to the terms and conditions outlined in the document. This means you will be held responsible for making timely payments on your loan, as well as any penalties or fees for late or missed payments.
2. It outlines the specifics of your loan
The Navy Federal Credit Union purchase agreement includes details about the loan amount, interest rate, repayment terms, and any additional fees or charges. Make sure you review this information carefully before signing, and ask any questions you may have about the terms.
3. It outlines your rights and responsibilities
As a borrower, you have certain rights and responsibilities under the Navy Federal Credit Union purchase agreement. This includes providing accurate and complete information on your loan application, maintaining insurance coverage on any collateral used to secure the loan, and notifying the credit union of any changes to your contact information.
4. You have a right to cancel
Under federal law, you have a right to cancel your loan within a certain timeframe after signing the purchase agreement. This is known as the “right of rescission,” and it applies to certain types of loans, such as home equity loans or refinances. Be sure to review the terms of your loan agreement to determine if this right applies to your loan.
5. It`s important to keep a copy
Once you sign the Navy Federal Credit Union purchase agreement, you should keep a copy of the document for your records. This will be an important reference if you have questions or concerns about your loan in the future.
By understanding the Navy Federal Credit Union purchase agreement, you can make informed decisions about your borrowing options and avoid any surprises down the road. If you have questions about your loan agreement or the borrowing process, don`t hesitate to contact a Navy Federal representative for assistance.