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
  • 0.25% rate discount with automatic payments 1
  • Special savings on closing costs 2
  • No application or origination fee 2 3
  • Interest that may be tax deductible 4
  • Navy Federal servicing for the life of your loan
Learn More about home equity loans and lines of credit

Home Equity Loan Types and Rates56

Fixed-Rate Equity Loan

The best part about our Fixed-Rate Equity Loan 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 equity7
  • Min/Max Loan Amount: $10,000 - $500,000
  • Fixed rate for the life of the loan
  • No application or origination fee
Interest-only option available for Fixed Rate Equity Loan.

Rate:

APR as low as: 4.990%

Term:

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

Home Equity Line of Credit

Our Home Equity Line of Credit 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 equity7
  • Min/Max Loan Amount: $10,000 - $500,000
  • Variable rate, based on the U.S. Prime Rate
  • No application, origination, annual or inactivity fee2 3
Interest-only option available for Home Equity Line of Credit.

Rate:

APR as low as: 5.000%

Term:

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

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Home Equity Resources

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Disclosures

1 Rate discount is applied after your application is accepted. Discount is available for new Fixed Equity Loan and Home Equity Line of Credit applications. You must set up and maintain monthly recurring automatic payments from your Navy Federal checking account for the life of the loan; otherwise, the 0.25% rate discount will be removed, and your loan will revert to the original note rate. The minimum APR that can apply during the Home Equity Line of Credit plan is 3.99%. Offer must be accepted prior to loan closing, and is subject to change or cancellation without notice.

2 Navy Federal will pay most closing costs on new Equity Loan applications (Fixed-Rate Equity Loans and Home Equity Lines of Credit), including settlement fees, flood determination fee, title search and notary fees. Offer excludes government fees and recording charges, credit report fees, taxes, and when required, appraisal fees, title insurance and any fees associated with condominium properties. Loans paid off and closed in less than three years from the loan origination date will require reimbursement of all closing costs paid by Navy Federal. Reimbursement does not apply to Texas equity loans and loans paid off with a Navy Federal equity/mortgage loan. 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). Closing costs depend on the location of the property, property type and the amount of the Equity Loan. Offer is not valid for Fixed-Rate Equity Loans/Home Equity Lines of Credit used for a home purchase. Offer is subject to change or cancellation without notice.

3 Home Equity Lines of Credit are variable rate loans. Rates are as low as 5.00% APR with a plan maximum of 18% APR.

4 Consult with your tax advisor.

5 Rates are as low as 4.990% 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 APR listed does not include the advertised 0.25% rate discount. 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.
Fixed-Rate Equity Loans are available for primary residences, second homes and investment properties. 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.
For Interest-Only Fixed-Rate Equity Loans, payments are interest-only for 5 years and then change to principal and interest for the remaining 15 years.
Interest-Only Fixed-Rate Equity Loans are not available in Texas for second homes or investment properties.

6 Home Equity Lines of Credit are variable-rate loans. Rates are as low as 5.000% 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%. The APR listed does not include the advertised 0.25% rate discount. 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). 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, second homes and investment properties. 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. Interest-Only Home Equity Lines of credit are not available for second homes.

7 Some restrictions may apply. The maximum CLTV for investment properties is 70%.

8 A sample Fixed-Rate Equity Loan payment based on $50,000 at 4.990% APR for 5 years is $943.33.
A sample Fixed-Rate Equity Loan payment based on $50,000 at 5.300% APR for 10 years is $537.69.
A sample Fixed-Rate Equity Loan payment based on $50,000 at 5.600% APR for 15 years is $411.20.
A sample Fixed-Rate Equity Loan payment based on $50,000 at 6.000% APR for 20 years is $358.22.
A sample Fixed-Rate Equity Investment Loan payment based on $50,000 at 8.630% APR for 15 years is $496.19.
A sample Interest-Only Fixed-Rate Equity Loan payment based on $50,000 at 7.380% APR is $307.50 for years 1-5 and $460.10 for years 6-20.

Rates

Savings as high as 1.35% APY

Auto Loans as low as+ 2.49% APR

Certificates as high as 3.50% APY

Credit Cards as low as++ 7.49% APR

We encountered an issue with our Rates feed, please call for rates or check back later.