Our Interest-Only Fixed-Rate Equity Loan makes budgeting a snap: You begin with low interest-only payments then move to principal-and-interest payments starting the sixth year.
(Some restrictions apply in Texas.)
|Interest-Only Fixed Equity Loan Payment Example|
|Loan Amount||APR||Payment Years 1-5||Payment Years 6-20|
1. Rate discount is applied after your application has been accepted. Discount Is available for new Equity Loan applications. You must set up and maintain monthly recurring automatic payments from your Navy Federal checking account for the life of the loan, otherwise the 0.25% APR discount will be removed and your loan will revert to the original note rate.
2. Rates as low as 7.250% APR and are based on creditworthiness; your rate may differ.
3. Some restrictions may apply. The maximum combined loan-to-value for investment properties is 70%.
4. Limited-time offer. Navy Federal will pay closing costs (excluding government recording charges and title insurance) on new Equity Loan applications (Fixed Equity Loans/Lines of Credit). Loans paid off and closed in less than 3 years from the loan origination date will require reimbursement of all closing costs paid by Navy Federal. For loan amounts up to $250,000, closing costs typically range between $150 and $900. The closing costs depend on the location of the property and the amount of the Equity Loan. Offer excludes Equity Loans/Lines of Credit used for a home purchase and the appraisal fee, if an appraisal is necessary.