Loans
Who can Apply for the Navy Federal HELOC? Answers here!
Apply for a Navy Federal HELOC and get over 90% of your equity used as credit. All parts of the application are explained here. Keep reading!
Advertisement
Find out if you are among the exclusive people who can get a Navy Federal HELOC
A Navy Federal HELOC isn’t for everyone to apply for. Military members and their families are part of the select group.
Do you want to know who else is eligible for this home equity line of credit? So keep reading!
Apply online
Before applying for a HELOC with Navy Federal, it’s important to understand the timeline for the process.
Generally, it takes between 35 and 45 days to close the deal after you receive your application.
It varies according to documentation and appraisal.
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
Requirements
To apply for a HELOC with Navy Federal, you’ll need to gather certain information beforehand, such as:
- The estimated value of your property;
- Navy Federal savings or checking account number;
- Gross monthly income;
- Tax and insurance information, lien information;
- The original purchase price and date of your property;
- Additionally, you’ll need to know the date your home was built.
Application Submission
All set? Then complete and submit the HELOC application online through Navy Federal’s website.
Then be sure to fill out all required fields accurately and completely to avoid delays or complications in the approval process.
Documentation
Next, Navy Federal may request additional documentation to verify your income, employment, or other financial information, such as pay stubs, tax returns, etc.
Approval and Closing
If your application is approved, you’ll receive detailed information on the terms and conditions of the loan.
You’ll then need to close on the loan by signing the agreement and paying any closing costs associated with the loan.
Once the loan is closed, you can access your funds.
Apply on the app
Indeed, applications on the app aren’t available. So try their phone, or visit their website.
Navy Federal HELOC vs. PNC HELOC: which one is the best for you?
If you meet their requirements, PNC will approve your loan application and allow you to borrow a minimum of $100,00.
However, Navy Federal is exclusively for military members and their families; thus, you can only borrow $10,000.
So it’s important to compare the two options and choose the one that best suits your needs.
| Navy Federal HELOC | PNC HELOC | |
| APR | Starting from 8.500%; | Current Prime Rate: 8,25%; |
| Loan Purpose | Debt consolidation, home renovation, and repairs, life events, large purchases; | Debt consolidation, home renovation, mortgage refinance, large purchases; |
| Loan Amounts | $10,000 – $500,000; | $100 and up; |
| Credit Needed | 680; | 680; |
| Terms | 20 years drawing period, followed by 20 years of repayment; | 5–30 years ( except for Tennessee, where it ranges from 5-20 years); |
| Origination Fee | N/A. | N/A. |
Further, discover how to apply for the PNC HELOC- we’ve broken down all pieces of the application, one step at a time to ensure you don’t have any questions.
So keep reading and learn more!
Apply for the PNC HELOC
Here's our detailed explanation of how to apply for the PNC HELOC in just a few minutes- all stages covered. Read on!
Trending Topics
Applying for the Mogo card: learn how!
Would you like to improve how you manage your money? Mogo card will give you rewards while helping you to save money with better budgeting.
Keep Reading
Chipotle Hiring Now: Apply for a job!
If you're interested in working at Chipotle, here's how to apply for a job. Enjoy health coverage, free food, paid time off, and more!
Keep Reading
100 Lenders Personal Loan review: is it worth it?
Get an in-depth review at how the 100 Lenders Personal Loan can help customers find the best loan for their needs! Up to $40K! Read on!
Keep ReadingYou may also like
Applying for the Truist Enjoy Cash Secured Credit Card: learn how!
Find out how to apply for Truist Enjoy Cash Secured Credit Card. Get all the details now! Earn unlimited cash back on purchases! Read on!
Keep Reading
Apply for Pyramid Credit Repair: simple and quick process!
Looking to apply for credit repair services? Then check out how to apply for Pyramid Credit Repair. Enjoy free credit repair evaluation.
Keep Reading
Ensure competitive rates: apply for Bank of America HELOC
Learn how to apply for a Bank of America HELOC and take advantage of its flexible loan options, low APR, and easy online application process.
Keep Reading