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!
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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.
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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!
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