To continue enjoying all the features of Navy Federal Online, please use a compatible browser. Confirm your browser capability.

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

Apply Now for a Fixed-Rate Equity Loan Learn More about fixed-rate equity loans

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: 7.750%

Term:

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

Apply Now for a home equity line of credit Learn More about a home equity line of credit

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

Video Transcript for Home Equity Loan Features

(DESCRIPTION)

The spokesperson walks through a room. A neon sign on the wall behind her says "Navy Federal Credit Union."

 

Text: Please see important disclosure information at the end of this video.

 

(SPEECH)

- Here are five reasons you should turn to Navy Federal Credit Union for a home equity loan or Home Equity Line of Credit, also called a HELOC. Reason number one. We cover all your closing costs, which could save you hundreds of dollars. Add our competitive rates and the fact that we don't charge application or origination fees, working with Navy Federal could make good financial sense.

These fees can typically run between half a percent to 1% of the loan amount. So for a $100,000 loan, you'd pay from $500 to $1,000. Nobody wants that. And for HELOCs, we don't ding you with annoying annual or inactivity fees.

 

Reason number two. You can borrow as much as 100% of your home's equity with a Navy Federal Home Equity Loan. You can borrow up to 95% with a HELOC. Seriously. Other lenders may require you to retain at least 15% to 20% of your equity, so that $100,000 loan you're looking to take out could drop to $85,000 or $80,000.

 

Reason number three. You choose the term and the loan. With a Navy Federal Home Equity Loan, you have the flexibility of 5-, 10-, 15-, or 20-year terms. Whatever works best for you. Our HELOCs come with a 20-year draw period and a 20-year repayment period. Some lenders only offer a 10-year draw period, so with us, you have longer-term access to a hassle-free safety net of funds. And you can turn to Navy Federal for both a home equity loan and a home equity line of credit. Not all lenders offer both.

Reason number four. Both applying and closing are convenient with digital options. Apply online through Navy Federal's HomeSquad. It's your personalized loan hub where you can upload documents, review next steps, check your loan status, and more. Want a more streamlined closing? We offer both hybrid and e-closing options.

Reason number five. You'll receive award-winning service and a loan from a credit union you can trust. For more than 90 years, we've made our members' goals our number one priority. And it shows. What do our members think? They love us. According to Trustpilot, they rate our home equity loans 4.7 out of 5 stars.

 

Wondering which would be better for you? A home equity loan or a home Equity line of credit? Home equity loans are used primarily for planned, one-time, big expenses. These could be a home improvement project, wedding, college education, or other life events. A home equity line of credit offers the flexibility of borrowing over time.

Our members use HELOCs for home improvements they might do in stages, emergency expenses, and medical bills. Both could be good options for debt consolidation. We're also seeing some of our members using both home equity loans and HELOCs to fund down payments for investment properties.

Ready to apply? It's easy. Our US-based member service representatives are here for you 24/7. You can reach us online, over the phone, or at any of our more than 355 branches. Oh, and one more thing. You don't have to have a mortgage with Navy Federal to get a home equity loan or HELOC from us, but you do need to be a member. All branches of the military, veterans, DOD employees, and their family members are eligible. Navy Federal Credit Union. Our members are the mission. Apply today at NavyFederal.org.

(DESCRIPTION)

Logo: Navy Federal Credit Union.

 

Text: Army, Marine Corps, Navy, Air Force, Space Force, Coast Guard, Veterans.

(SPEECH)

ANNOUNCER: Navy Federal Credit Union is insured by NCUA Equal Housing Lender.

[MUSIC PLAYING]

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 7.750% APR and 8.750% 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.

↵