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 Home Equity Loans is available in 31 states (and Washington, DC).

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.

What home equity loan rates does Navy Federal Home Equity Loans offer?

Navy Federal Home Equity Loans 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 Home Equity Loans?

Navy Federal Home Equity Loans will typically fund home equity loans within 3 and 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.