Last Updated: 04/18/2025
Navy Federal Home Equity Loans
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Last Updated: 04/18/2025
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Highlights
Community Rating
Strongly recommended
Credit Score Range
580 - 850
Amount Range
$10,000 - $500,000
Maximum LTV
100%
Loan Term (Years)
5 - 20
Number of Reviews
Navy Federal Home Equity Loans Review
Navy Federal Home Equity Loans is offered by Navy Federal Credit Union (NMLS #399807), a credit union founded in 1933 and based in Vienna, VA. Navy Federal are available in 31 states and Washington, DC.
Key Takeaways
- Investment and personal use properties considered. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Fast process. In some cases you can close on your home loan within 3 business days.
- No origination fees. Navy Federal Home Equity Loans does not charge fees for processing your application.
- High maximum LTV ratio. Navy Federal Home Equity Loans has a maximum loan to value ratio of 100%.
- Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for Navy Federal Home Equity Loans.
Navy Federal Home Equity Loans Pros & Cons
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Navy Federal Home Equity Loans FAQ
How much can you borrow with a Navy Federal Home Equity Loans 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 Home Equity Loans 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 Home Equity Loans
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.
Generally, the APRs of home equity loans do not include points and financing charges, just the interest rate. However, Navy Federal Home Equity Loans does not charge an origination fee.
What is the estimated funding time for a home loan via Navy Federal Home Equity Loans?
Navy Federal Home Equity Loans will typically fund home equity loans within 3 to 10 days of approval.
What fees does Navy Federal Home Equity Loans charge for a home equity loan?
Good news. Navy Federal Home Equity Loans 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.
What types of property can you use as security for a home equity loan with Navy Federal Home Equity Loans?
Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. Navy Federal Home Equity Loans will consider loans secured by the following property types:
- Primary home.
- Secondary homes and vacation properties.
- Investment properties and house flipping projects.
Is Navy Federal a legit company?
Navy Federal was founded in 1933, it is a well-established company that has been in business for 93 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
7:00AM - 5:00PM
Tuesday
7:00AM - 5:00PM
Wednesday
7:00AM - 5:00PM
Thursday
7:00AM - 5:00PM
Friday
7:00AM - 5:00PM
Saturday
Closed