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Open the Door to Your Home's Equity

Open the Door to Your Home's Equity

Great loan options to help you benefit from the equity you've earned with $0 closing costs!Footnote 1 Footnote 2

What Is Home Equity?

Home equity is the difference between how much you owe on your mortgage and how much your home is worth. Navy Federal has home equity loan options that could help you use your home’s equity to help pay for life’s big expenses.


Home Equity Loan Types and Rates

Fixed-Rate Equity Loan

The best part about our Fixed-Rate Equity LoanFootnote 1 is stability. This is a great option if you’re in need of a specific amount of money for a one-time expense. You'll get a lump sum amount, pay zero closing costsFootnote 1 and enjoy a fixed rate for the life of the loan with set monthly payments.

Loan Details:

  • No closing costsFootnote 1
  • Borrow up to 100% of your home's equityFootnote 3
  • Min/Max loan amount: $10,000 - $500,000
  • Fixed rate for the life of the loan
  • No application or origination fee

Rate:

APR as low as: 7.340%

Term:

5-, 10-, 15-, 20-yearFootnote 1

Home Equity Line of Credit

Our Home Equity Line of Credit offers flexibility, and you'll pay zero closing costs.Footnote 2 If you expect to have ongoing expenses, this option is for you. Borrow as you need, when you need it, up to your maximum credit limit.

Loan Details:

  • No closing costsFootnote 2
  • Convenient access to your funds with the included Home Equity Line Platinum Credit CardFootnote 4
  • Borrow up to 95% of your home’s equityFootnote 3
  • Min/Max line amount: $10,000 - $500,000
  • Variable rate, based on the U.S. Prime Rate
  • No application, origination, annual or inactivity feeFootnote 2
  • Interest-only option availableFootnote 2

Rate:

APR as low as: 8.000%

Term:

20-year draw period, followed by 20-year repayment period

Common Uses of Equity Loans

  • Home Improvements and Repairs
  • Debt Consolidation
  • Large Purchases
  • Life Events

Home Equity Loan Features

  • Pay no closing costsFootnote 1 Footnote 2
  • Personal guidance from first call to closing
  • No application or origination feeFootnote 2
  • Navy Federal servicing for the life of your loan
  • eClosing options that can help you save time at closing

 

Learn More about Home Equity Offers

See What Our Members Have to Say 

"Great company. Made the process very easy and enjoyable. Highly recommend to all my friends."Footnote 5

-Navy Federal Member James


Home Equity Loan FAQs

Please visit our resource page to learn more about the home equity process and what steps you need to take. 

You can view today's rates here

Processing times are currently estimated to take 30 to 40 calendar days to close on a new home equity loan or Home Equity Line of Credit (HELOC) once we receive your application. However, closing times vary based on many factors, so check with your Equity Processor early in the process to better understand when you can expect to close. 

Navy Federal pays all closing costs on home equity loans and doesn't require origination or application fees.Footnote 1 Footnote 2

Calculate Your Loan Amount 

Our home equity calculator can help you estimate how much money you could get with a home equity loan or line of credit.

Crunch the Numbers about our homebuying journey

Home Equity Resources

View MoreHome Equity Resources

Ready to apply or have a question?

Stateside member reps are here for you 24/7. Reach us online, over the phone or at a branch. Contact us.

If you're ready to apply for an equity loan or want to check the status of your loan, please call us at 1-877-573-2324.

Disclosures

1

Home Equity Loans are fixed-rate loans. Rates are as low as 7.340% APR and are based on an evaluation of credit history, CLTV (combined loan-to-value) ratio, loan amount, and occupancy, so your rate may differ. A sample Fixed-Rate Equity Loan monthly payment based on $100,000 at 7.650% APR for 20 years is $814.79. Taxes and insurance not included; therefore, the actual payment obligation will be greater. Navy Federal will pay for all closing costs on new Fixed-Rate Equity Loan applications dated on or after June 1, 2023. Covered closing costs include lender fees and fees paid to third parties, such as settlement fees, credit reports, flood determinations, property valuations (including appraisals, if required), title searches, lender’s title insurance, recording, mortgage transfer taxes, and government charges. For loan amounts of up to $250,000, closing costs that members may pay typically range between $300 and $2,000. The member is responsible for escrow payments and/or prepaid costs, if required, including property taxes and assessments, homeowners’ and flood insurance premiums, association fees/dues and assessments, and prepaid interest. You must carry homeowners’ insurance on the property that secures this plan. All loans subject to approval. Offer is subject to change or cancellation without notice.

2

Home Equity Lines of Credit (HELOC) are variable-rate lines. Rates are as low as 8.000% APR and 9.000% for Interest-Only Home Equity Lines of Credit and are based on an evaluation of credit history, CLTV (combined loan-to-value) ratio, line amount, and occupancy, so your rate may differ. HELOC has a minimum APR of 3.99% and a maximum APR of 18%. Members who choose to proceed with an Interest-Only HELOC may experience significant monthly payment increases when the line of credit enters the repayment phase. Navy Federal will pay for all closing costs on HELOC applications dated on or after June 3, 2024. Covered closing costs paid to 3rd parties include settlement fees, credit reports, flood determinations, property valuations (including appraisals, if required), title searches, lender’s title insurance, recording, and government charges. The member is responsible for prepaid interest and escrow payments for 1st lien HELOCs. Member must carry homeowners’ insurance on the property that secures the HELOC. For loan amounts up to $250,000, closing costs typically range between $300 and $2,000. Applications for a HELOC include a request for a HELOC Platinum Credit Card. All loans subject to approval. Offer is subject to change or cancellation without notice. Rates are subject to change. HELOC loans are not available in Texas.

3

Product features subject to approval, which is based on an evaluation of credit history, CLTV (combined loan-to-value) ratio, loan amount, line amount, and occupancy.

4

Navy Federal offers the option to decline the included Home Equity Line Platinum Credit Card and/or to request checks to access funds.

5

The views expressed in the reviews are solely those of the individuals posting them. The testimonials are substantively the words of the individual reviewer, but may have undergone minor clerical revisions to ensure readability, add context, or protect private information. Any imagery displayed is for decorative purposes only and is not necessarily associated with the reviewer.