Understand Your Timeline
It typically takes 30 to 45 days to close on a new equity loan once we receive your application. Processing times may vary if an appraisal or additional documentation is needed.
Due to high application volume, processing times are currently estimated to take 75 to 90 calendar days.
Choose a Loan Type
Compare the different types of equity loans and select the one that’s right for you. This is also a good time to review the offers and benefits associated with our loans.
Gather Your Information
- Estimated value of the property
- Navy Federal savings and/or checking account number
- Gross (before taxes and other deductions) monthly income
- Current tax, homeowners association or condominium dues, insurance and lien information (balance, monthly payment and mortgage company/lien holder name) for all real estate owned
- Original purchase price and purchase date of property
- Date home was built
- Information on any liens you wish to pay off (company/lien holder name, balance, monthly payment)
Complete and Submit Your Application
Due to high application volume, your processor will contact you within 17 to 19 business days.
Send Your Documents
Within a few days of submitting your application, your Processor will send you instructions on how to sign and return important loan documents.
Once your initial documents are signed and received, we'll begin the approval process. This involves 4 steps:
Initial Credit Approval
We’ll review your credit history and income. You may be asked to send additional documents to help us verify the information provided on your application. Your Processor will notify you once a credit decision has been reached.
There are several property valuation methods available, and your Processor will explain the benefits and costs associated with each. Once the value of your home has been determined, your Processor will send you a copy of the home valuation report. Your Processor will use your home’s value to calculate the loan-to-value ratio (LTV) and combined loan-to-value ratio (CLTV), which may impact your interest rate.
Your Processor will order a title report to document the ownership of your property.
Your Processor will perform final verifications, communicate when your application is approved and schedule your loan closing.
Close on Your Loan
You'll review and sign your loan documents with a Notary Public at a time and place convenient for you. Some states require closings with an attorney. Your loan will be funded shortly.
Once the loan process is complete, Navy Federal provides servicing for the life of your loan. Our stateside member reps are available to answer your questions.