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What's a Home Equity Line of Credit (HELOC)?

A HELOC is a credit line, like a credit card would offer, that uses the equity in your home as collateral! It lets you borrow funds as needed, up to a set maximum credit limit. And, you only have to repay the funds you use.

Features of Home Equity Lines of Credit from Navy Federal

  • Ability to borrow up to 95% of your home's equity1
  • Variable rate based on the prime rate
  • 20-year draw period, followed by 20-year repayment period
  • No application, origination, annual or inactivity fee2
  • Convenient ways to access your funds
  • Navy Federal servicing for the life of your loan

Common Uses of Home Equity Lines of Credit

  • Home Improvements
  • Emergency Fund
  • Medical Expense
  • Tuition

Home Equity Line Features

  • Personal guidance from first call to closing
  • No application or origination fee2
  • Navy Federal servicing for the life of your loan
  • Interest-only option available3

 

Learn More about Home Equity Offers

Home Equity Line of Credit

Our HELOC2 offers flexibility. That's why 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 equity1
  • Min/max loan amount: $10,000 - $500,000
  • Variable rate based on the U.S. Prime Rate
  • No application, origination, annual or inactivity fee2
  • Interest-only option available3

Rate:

APR as low as: 7.250%

Term:

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

Additional home equity line of credit rates and terms are available. Call us at 1-888-842-6328.

Navy Federal's Home Equity Line Visa® Platinum Card

Our card is an easy, convenient way to make purchases with your equity line.

Learn More about the Home Equity Visa Platinum card

Home Equity Resources

View MoreHome Equity Resources

Disclosures

1

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.

2

Home Equity Lines of Credit are variable-rate lines. Rates are as low as 7.250% APR 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 maximum APR of 18%. For loan amounts of up to $250,000, closing costs that members must pay typically range between $300 and $2,000. The closing costs depend on the location of the property, property type, and the amount of the Equity Line. 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. Primary residences are owner-occupied, principal residences only. Second home properties must be owner-occupied at some point during the year. Investment properties are non-owner occupied.

All lines for amounts less than $25,000 require a 1.00% increase in APR.

Second home lines require a 1.00% increase in APR and may be subject to other restrictions.

Investment lines require a 2.00% increase in APR with a maximum line amount of $100,000 and a maximum CLTV of 70%.

You must carry homeowners insurance on the property that secures this plan.

Home Equity Lines of Credit are not available in Texas.

Lifetime Floor: The minimum APR that can apply during the Home Equity Line of Credit Plan is 3.99%. Our Home Equity Line APR varies based on the U.S Prime Rate and is updated to the published rate in the Wall Street Journal on the first workday of every month.

3

Home Equity Interest-Only Lines of Credit are variable-rate lines. Rates are as low as 8.250% APR 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 maximum APR of 18%. Line amounts are up to $250,000 and the closing costs that members must pay typically range between $300 and $2,000. The closing costs depend on the location of the property, property type, and the amount of the Equity Line. 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. Payments are interest only for 20 years and then change to principal and interest for the remaining 20 years.  Rates are subject to change—information provided does not constitute a loan commitment.

Home Equity Interest-Only Lines of Credit are available for primary residences and second homes. Primary residences are owner-occupied, principal residences only. Second home properties must be owner-occupied at some point during the year.

All lines for amounts less than $25,000 require a 1.00% increase in APR.

Second home lines require a 1.00% increase in APR 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.

Lifetime Floor: The minimum APR that can apply during the Home Equity Line of Credit Plan is 3.99%. Our Home Equity Line APR varies based on the U.S Prime Rate and is updated to the published rate in the Wall Street Journal on the first workday of every month.