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Open the Door to Your Home's Equity

Open the Door to Your Home's Equity

Great options to help you benefit from the equity you've earned. 

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 Loan1 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 costs2 and enjoy a fixed rate for the life of the loan with set monthly payments.

Loan Details:

  • No closing costs
  • Borrow up to 100% of your home's equity3
  • 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-year1

Home Equity Line of Credit

Our Home Equity Line of Credit4 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:

  • Convenient access to your funds with the included Home Equity Line Platinum Credit Card6
  • Borrow up to 95% of your home’s equity5
  • Min/Max line amount: $10,000 - $500,000
  • Variable rate, based on the U.S. Prime Rate
  • No application, origination, annual or inactivity fee4
  • Interest-only option available4

Rate:

APR as low as: 8.750%

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 costs on Fixed Equity Loans2
  • Personal guidance from first call to closing
  • No application or origination fee1
  • 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

Home Equity Loan Features

  • Pay no closing costs on Fixed Equity Loans2
  • Personal guidance from first call to closing
  • No application or origination fee1
  • 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."7

-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 45 to 55 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 doesn’t require origination and application fees for home equity loans.

Navy Federal will pay all closing costs on new Fixed-Rate Equity Loan applications, effective June 1, 2023.2

For a Home Equity Line of Credit (HELOC), you'll be responsible for closing cost fees paid to third parties for services performed during the loan process. Navy Federal doesn't add additional fees or receive any payments from these service providers. Closing costs depend on the location of the property, property type, and equity loan or line of credit amount.

Typical closing costs you’ll need to cover for a HELOC include:

  • credit report fee
  • flood determination fee
  • government fees and recording charges
  • taxes (e.g., transfer taxes)
  • property valuation
  • title search/insurance (if required)
  • fees associated with condominium properties (if required)

Occasionally, there may be exceptions or unique situations when you’re charged other closing fees. Consult with your Processor for the fees you’ll need to pay.

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. Closing costs are costs paid to third parties rather than an application or origination fee retained by Navy Federal. The closing costs depend on the location of the property, property type, and the amount of the Equity Loan. Rates are subject to change—information provided does not constitute a loan commitment. A sample Fixed-Rate Equity Loan monthly payment based on $100,000 at 8.350% APR for 20 years is $858.35. Taxes and insurance not included; therefore, the actual payment obligation will be greater. You must carry homeowners insurance on the property that secures this plan. 

2

Navy Federal will pay for all closing costs on new Fixed-Rate Equity Loan applications dated on or after June 1, 2023. The covered costs include 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. 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. Closing costs depend on the location of the property, property type, and the amount of the Equity Loan. Offer is not valid for Home Equity Lines of Credit. Offer is subject to change or cancellation without notice.

3

Some restrictions may apply. Factors that may impact the amount of equity that can be borrowed include evaluation of credit history, CLTV ratio, occupancy, loan amount, and loan term (5, 10, 15, 20 years).

4

Home Equity Lines of Credit are variable-rate lines. Rates are as low as 8.750% APR and 9.750% 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. The plan has a minimum APR of 3.99% and a maximum APR of 18%. Members who choose to proceed with an Interest-Only Home Equity Line of Credit may experience significant monthly payment increases when the line of credit enters into the repayment phase. For line amounts of up to $250,000, closing costs that members must pay typically range between $300 and $2,000. Closing costs are costs paid to third parties rather than an application or origination fee retained by Navy Federal. The closing costs depend on the location of the property, property type, and the amount of the Equity Line. Rates are subject to change—information provided does not constitute a loan commitment. You must carry homeowners insurance on the property that secures this plan. Home Equity Lines of Credit are not available in Texas. Applications for a Home Equity Line of Credit include the Home Equity Line Platinum Credit Card. Checks are available as an additional or alternative access to funds. Please refer to your Guide to Benefits for further details about the Home Equity Line Platinum Credit Card.

5

Some restrictions may apply. The maximum CLTV for primary and second properties is 95% and for investment properties is 70%. Factors that may impact the amount of equity that can be borrowed include evaluation of credit history, CLTV ratio, occupancy, and loan amount.

6

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

7

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.