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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 allow you to use your home’s equity to help you pay for life’s big expenses.

Included with All Navy Federal Home Equity Loans and Lines of Credit

  • Personal guidance from first call to closing
  • No application or origination fee1
  • Interest that may be tax deductible2
  • Navy Federal servicing for the life of your loan

Learn More about home equity loans and lines of credit

Home Equity Loan Types and Rates

Fixed-Rate Equity Loan

The best part about our Fixed-Rate Equity Loan3 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 at closing and enjoy a fixed rate for the life of the loan with set monthly payments.

Loan Details:

  • Borrow up to 100% of your home's equity4
  • 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: 4.990%

Term:

5-, 10-, 15-, 20-year

Home Equity Line of Credit

Our Home Equity Line of Credit5 offers flexibility. 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:

  • Borrow up to 95% of your home’s equity4
  • Min/Max Loan Amount: $10,000 - $500,000
  • Variable rate, based on the U.S. Prime Rate
  • No application, origination, annual or inactivity fee1

Rate:

APR as low as: 3.990%

Term:

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

New! Enjoy a Smooth Loan Experience With HomeSquad

Step-by-Step Guidance and 24-7 Access to Your Loan Status

Learn More about HomeSquad

Home Equity Resources

View MoreHome Equity Resources

Disclosures

1

Home Equity Lines of Credit are variable-rate loans. Rates are as low as 3.990% APR with a plan maximum of 18% APR. For loan amounts of up to $250,000, closing costs that members must pay typically range between $150 and $1,200 ($250 and $1,900 in NY and ID). 

2

Consult with your tax advisor.

3

Rates are as low as 3.990% 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. For loan amounts of up to $250,000, closing costs that members must pay typically range between $150 and $1,200 ($250 and $1,900 in NY, ID and TX). Rates are subject to change—information provided does not constitute a loan commitment.

A sample Fixed-Rate Equity Loan payment based on $100,000 at 6.00% APR for 20 years is $716.43.

Home Equity Lines of Credit are available for primary residences and second homes. Second-home loans and all loans for amounts less than $25,000 require a 1.00% increase in the interest rate and may be subject to other restrictions.

4

Some restrictions may apply.

5

Home Equity Lines of Credit are variable-rate loans. Rates are as low as 3.990% 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. The plan has a maximum APR of 18%. For loan amounts of up to $250,000, closing costs that members must pay typically range between $150 and $1,200 ($250 and $1,900 in NY and ID). Members may borrow against their available credit line for a period of 20 years, after which any existing balance must be paid in full within the following 20 years. Rates are subject to change—information provided does not constitute a loan commitment.

Home Equity Lines of Credit are available for primary residences and second homes. Second-home loans and all loans for amounts less than $25,000 require a 1.00% increase in the interest rate and may be subject to other restrictions. You must carry homeowners insurance on the property that secures this plan. Home Equity Lines of Credit are not available in Texas.