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Renovation Recon

Renovation Recon

Figuring out your financing first can be your blueprint for a successful start.

When it comes to starting your home renovation or repair, there are lots of ways to pay for it.

The best plan of attack is to do a little recon to determine the best fit.

Our Home Project Financing Center brings you all the information you need in one handy place. Quickly see financing options and the renovation projects best suited for each.

Great Financing Options, No Matter How Big or Small Your Home Improvement Project

Use Your Home's Equity

Home equity loans—sometimes called home improvement loans—allow you to borrow against the equity in your home. Navy Federal offers 2 types: Fixed-Rate Home Equity Loan and Variable-Rate Home Equity Line of Credit.

Home Equity Loan

A great option if you’re planning to spend a specific amount on a one-time project. You’ll pay $0 in closing costs,1 receive your funds in one lump sum and enjoy a fixed interest rate for the life of your loan; plus, you may qualify for a tax benefit on the interest you pay. 2

CREDIT AMOUNT: $10K-$500K

Home Equity Line of Credit (HELOC)

A good choice if you expect to have ongoing home-improvement projects. You can borrow the amount you need when you need it up to your credit limit; plus, you may qualify for a tax benefit on the interest you pay. 2

CREDIT AMOUNT: $10K-$500K

A cash-out refinance is another way to tap into the equity in your home. Find out if this option makes sense for you.

Home equity loans are best for:

Lower rates

Larger renovations and big expenses

Good to excellent credit

Take Out a Personal Loan

Personal loans can give you access to funding quickly—in most cases, on the same day as you apply. Monthly payments are set at a fixed rate.

Home Improvement Loan

Great for larger-scale planned home repairs, remodeling or efficiency upgrades like adding a second story or backyard pool, or a complete landscaping and yard overhaul. With this loan, you can borrow up to $150K.3

LOAN AMOUNT: $250-$150K4

 

Personal Expense Loan

A good choice when you need money quickly for smaller projects and emergencies, such as a new roof, upgraded plumbing or adding a room to your home. With this flexible loan, you can borrow as little as $250.

LOAN AMOUNT: $250-$50K

 

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Take Out a Personal Loan

Personal loans can give you access to funding quickly—in most cases, on the same day as you apply. Monthly payments are set at a fixed rate.

Home Improvement Loan

Great for larger-scale planned home repairs, remodeling or efficiency upgrades like adding a second story or backyard pool, or a complete landscaping and yard overhaul. With this loan, you can borrow up to $150K.3

LOAN AMOUNT: $250-$150K4

 

Personal Expense Loan

A good choice when you need money quickly for smaller projects and emergencies, such as a new roof, upgraded plumbing or adding a room to your home. With this flexible loan, you can borrow as little as $250.

LOAN AMOUNT: $250-$50K

 

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Personal loans are best for:

Getting money quickly

Home renovations & timely repairs

Average to excellent credit

Pay With Your Credit Card

Credit cards offer a variety of advantages, including fast funding and the opportunity to earn rewards. You can use your current Navy Federal card or apply for a new one online. 

Platinum Credit Card

A great option for emergency repairs and planned bigger projects. Because our Platinum credit card features our lowest available credit card APR, you could save money if you need to pay over time with a credit card. Shop through Member Deals (including Home Depot and Lowes), and you can get a credit that will be applied to your account balance!5

MAXIMUM AVAILABLE CREDIT LINE: $50K6

Navy Federal Rewards Credit Cards

Our rewards credit cards are a good choice for smaller purchases that you can pay off quickly—and you'll earn points when you spend! 

MAXIMUM AVAILABLE CREDIT LINE: $80K7

Credit cards are best for:

Getting rewards

Emergency repairs or small renovation costs that you’re able to pay off quickly

Good to excellent credit

Compare Your Financing Options

Loan Type APR Terms Funding Timing Limit
Fixed-Rate Equity Loan As low as 7.340% Fixed rate 5-, 10-, 15-, 20-year8 45-55 days Up to 100% of your home’s equity9
Personal Expense Loan 7.49%-18.00%10
14.79%-18.0011
Fixed rate12
Up to 60 mos.10  , 11 Same day in most cases $250 to $50,000
Navy Federal Credit Cards 11.24%-18.00% Variable rate13 N/A Immediately for cardholders; within 7 days for new cards Varies

Home Improvement Resources


Disclosures

1

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.

2

The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult with your tax advisor for more information about tax deductibility.

3

The maximum loan amount is $50,000 for an individual, $150,000 with a co-applicant.

4

$250 minimum loan amount applicable to loan terms of up to 36 months. $25,000 minimum loan amount for 61 to 84 month terms and $30,000 minimum loan amount for 85 to 180 month terms

5

Rewards are subject to change and vary by merchant. Reward types are based on the purchasing credit card. cashRewards receives cash back, Platinum receives a statement credit, and all others receive points. Program excludes Navy Federal business and Home Equity Line Visa® Platinum credit cards and Navy Federal Debit Cards.

6

$50,000 is the maximum available credit line for existing cardholders. New Platinum credit card accounts are eligible for a maximum initial credit line of $30,000.

7

Advertised maximum available credit line not available on all cards. $80,000 is the maximum available credit line for existing Visa Signature® Flagship Rewards cardholders. The maximum available credit line for existing cashRewards, GO REWARDS®, and More Rewards accounts is $50,000. New cashRewards, GO REWARDS, Flagship Rewards, and More Rewards credit card accounts are eligible for a maximum initial credit line of $30,000.

8

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. 

9

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).

10

7.49%-18.00% APR range available for loan terms up to 36 months.

11

14.79% - 18.00% APR range available for loan terms between 37 and 60 months.

12

Rates are subject to change and based on creditworthiness, so your rate may differ. Personal Loan rates range from 8.99% to 18.00% APR.Payment Example: A loan amount of $5,000 for 36 months has a payment range from $160 to $183 and finance charge range from $763 to $1,598. 

13

As of 04/16/2024, nRewards® Secured card rate is 18.00% APR and will vary with the market based on the U.S. Prime Rate. All other Navy Federal Credit Card rates range from 11.24% APR to 18.00% APR, are based on product type and creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction. $49 annual fee for Visa Signature® Flagship Rewards.