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Navy Federal Credit Union

in Home Equity Loans from Navy Federal Credit Union

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Navy Federal Credit Union

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in Home Equity Loans from Navy Federal Credit Union

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Highlights
Highlights
Loan Amount $10,000 - $500,000
APR (Fixed APR) 4.87% - 18%
Loan Term (Years) 5 - 20

Overview

Where does Navy Federal Credit Union do business?

Navy Federal Credit Union is a credit union based in Vienna, VA. The company was founded in 1933 and offers home equity loans to borrowers in 31 states (and Washington, DC).

How much can you borrow with a Navy Federal Credit Union home equity loan?

A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

Navy Federal Credit Union allows borrowers to apply for home equity loans of up to $500,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

What are the home equity loan requirements of Navy Federal Credit Union

This lender's maximum loan to value rate is 100%. That means the total debt secured by the property cannot exceed 100% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $80k.

What home equity loan rates does Navy Federal Credit Union offer?

Navy Federal Credit Union offers home equity loans with a fixed APR that ranges from 4.87% up to 18%

Remember the APRs of home equity loans do not include points and financing charges, just the interest rate.

What is the estimated funding time for a home loan via Navy Federal Credit Union?

Navy Federal Credit Union will typically

What fees does Navy Federal Credit Union charge for a home equity loan?

Good news. Navy Federal Credit Union does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees. of $0

What types of property can you use as security for a home equity loan with Navy Federal Credit Union?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. Navy Federal Credit Union will consider loans secured by the following property types:

  • Primary home.
  • Secondary homes and vacation properties.
  • Investment properties and house flipping projects.
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Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 31 states and Washington, D.C.
  • Alabama
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Ohio
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Origination Fee ($) $0
Origination Fee 0%
Minimum Age 18
Credit Score Range 580 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Maximum LTV 100%
Military Status
  • Active Duty Military
  • Military Dependent
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Joint Loan Applications Accepted
  • Co-borrower
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Social Security Number
  • Driver License (or other photo ID)
Funding Time Range (in days) 3 - 10
Joint Loans Available  
Loan Amount $10K - $500K
Loan Term (Years) 5 - 20
APR (Fixed APR) 4.87% - 18%

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