Common Uses of Home Equity Lines of Credit
How long does it take to get a HELOC?
Processing times are currently estimated to take 45 to 55 calendar days to close on a new home equity loan or 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. Learn more about the process and how to apply here.
What are today's interest rates and terms for a HELOC?
Home Equity Resources
How to Apply for a Home Equity Loan or Line of Credit (HELOC)
Review our step-by-step guide to help you through the home equity loan process.Learn More about How to Apply for a Home Equity Loan or Line of Credit (HELOC)
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
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.↵
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.↵
Navy Federal offers the option to decline the included Home Equity Line Platinum Credit Card and/or to request checks to access funds.↵
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