What Is a Fixed-Rate Equity Loan?
Our Fixed-Rate Equity Loan is a great option if you need money for a one-time expense. You’ll get the entire loan amount at closing. With a fixed interest rate for the life of the loan and set monthly payments, you’ll know exactly what to expect.
FEATURES OF NAVY FEDERAL’S FIXED-RATE EQUITY LOANS
- Ability to borrow up to 100% of your home’s equity1
- Fixed rate with set monthly payments
- Entire loan amount available at closing
- 5-, 10-, 15- and 20-year terms available
Common Uses of Fixed-Rate Equity Loans
Home Improvements and Repairs
Home Equity Offers and Benefits
Fixed-Rate Home Equity Loan Rates5
|Loan Type||APR as Low as||Minimum/Maximum Loan Amount||Maximum CLTV|
|Fixed Equity 5 Yrs||5.750%||$10,000 - $500,000||70%|
|Fixed Equity 5 Yrs||6.250%||$10,000 - $500,000||80%|
|Fixed Equity 5 Yrs||7.750%||$10,000 - $250,000||90%|
|Fixed Equity 5 Yrs||8.750%||$10,000 - $100,000||100%|
|Fixed Equity 10 Yrs||6.050%||$10,000 - $500,000||70%|
|Fixed Equity 10 Yrs||9.050%||$10,000 - $100,000||100%|
|Fixed Equity 15 Yrs||6.350%||$10,000 - $500,000||70%|
|Fixed Equity 15 Yrs||9.350%||$10,000 - $100,000||100%|
|Fixed Equity 20 Yrs||6.750%||$10,000 - $500,000||70%|
|Fixed Equity 20 Yrs||9.250%||$10,000 - $150,000||95%|
|Fixed Equity Investment 15 Yrs||9.380%||$10,000 - $100,000||70%|
|Interest Only Fixed Equity||8.130%||$10,000 - $250,000||70%|
|Interest Only Fixed Equity||8.630%||$10,000 - $250,000||80%|
|Interest Only Fixed Equity Investment||9.880%||$10,000 - $100,000||70%|
Rates as of January 24, 2019 ET.Combined Loan-to-Value Ratio: CLTV is a term used by lenders to represent the total amount of loans compared to the value of the property securing the loan. The CLTV includes the total amount from all loans borrowed divided by the total value of the property. For example, if a property owner takes out two separate $20,000 loans on a property worth $100,000, the CLTV would be calculated as $20,000 + $20,000/$100,000 or more simply, $40,000/$100,000 or 40%.
Interest-Only Fixed-Rate Equity Loan
Our Interest-Only Fixed-Rate Equity Loan is a good option if you want lower payments up-front and a fixed rate for the life of the loan. You begin with low, interest-only payments for the first five years, then move to principal-and-interest payments starting the sixth year.
- 15- and 20-year terms available
- Ability to borrow up to 80% of your home's equity1
Home Equity Resources
Applying for a Home Equity Loan or Line of Credit
Review our step-by-step guide to help you through the home equity loan process.Learn More about Applying for a Home Equity Loan or Line of Credit
What Is Home Equity?
Learn about home equity and how you can use it.Learn More about What Is Home Equity?
Registered Mortgage Loan Originators
See our list of licensed Mortgage Loan Originators.Learn More about Registered Mortgage Loan Originators
1Some restrictions may apply. The maximum CLTV for investment properties is 70%.↵
2Navy 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.↵
3Consult with your tax advisor.↵
4Rate 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.↵
5Rates are as low as 5.750% 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. A sample Fixed-Rate Equity Loan payment based on $100,000 at 6.75% APR for 20 years is $760.36. 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. For Interest-Only Fixed Equity Investment Loans, payments are interest-only for 5 years and then change to principal and interest for the remaining 10 years. Rates are subject to change—information provided does not constitute a loan commitment. Interest-Only Fixed-Rate Equity Loans are not available in Texas.↵
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