1. 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.

  2. 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.

  3. Gather Your Information

    Here's what you'll need:

    • 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)
  4. Complete and Submit Your Application

    Apply online, by calling us at 1-888-842-6328 or by visiting a branch. A Processor will be assigned to review your application and will contact you within a few days to discuss the details.

  5. 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.

  6. Get Approved

    Once your initial documents are signed and received, we'll begin the approval process. This involves four 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.

    Home Valuation

    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.

    Title Approval

    Your Processor will order a title report to document the ownership of your property.

    Final approval

    Your Processor will perform final verifications, communicate when your application is approved and schedule your loan closing.

  7. 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!

  8. Enjoy Support

    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.

Have questions? Call our Mortgage and Equity Line at 1-888-842-6328 (Monday to Saturday, 7 am to midnight, EST, and Sunday, 9 am to midnight, EST).