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Achieve your full potential: Navy Federal HELOC review
Ready to use your home equity with a Navy Federal Credit Union HELOC? Don't go in blind- read our detailed review and get all the information you need upfront.
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What Military Members Need to Know About Navy Federal HELOC: An Overview
Find out the pros and cons of Navy Federal Credit Union HELOC in our all-inclusive review.
Who can Apply for the Navy Federal HELOC? Find out
Read on for a comprehensive guide on how to easily apply for a Navy Federal HELOC within minutes, covering all necessary steps.
Get the details on terms, rates, and everything else you need to know right here. Keep reading!
| APR | Starting from 8.500%; |
| Loan Purpose | Debt consolidation, home renovation and repairs, life events, large purchases; |
| Loan Amounts | $10,000 – $500,000; |
| Credit Needed | 680 |
| Terms | 20 years drawing period, followed by 20 years of repayment; |
| Origination Fee | N/A. |
Navy Federal HELOC overview
In simple terms, a HELOC is a revolving line of credit secured by your home equity.
HELOCs operate like credit cards, so they allow you to borrow from a predetermined limit as needed.
Also, they offer flexibility and potentially lower costs, making them a useful option for uncertain borrowing needs.
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Navy Federal Credit Union HELOC
With that in mind, the Navy Federal Credit Union’s HELOC stands out from its competitors because of its prolonged 20-year draw period.
Also, it comes with a loan-to-value ratio of 95%.
However, only eligible borrowers can join the credit union.
Current or former military personnel, as well as their immediate family members, can apply, in addition to Department of Defense employees.
Loan Amount
The minimum draw amount for this HELOC is $10,000. In addition, the loan can take around 60 days to be processed.
Funding options
Once approved, borrowers from the Navy Federal HELOC can access their funds via checks, cards, or transfer options.
Property types accepted
When applying for a Navy Federal HELOC, borrowers have the flexibility to use various types of properties as collateral.
It includes primary properties, secondary homes, and vacation homes, as well as investment properties and house-flipping projects.
Is it worth it to apply for Navy Federal HELOC?
If you’re a service member, veteran, or civilian working for the Department of Defense with no immediate need for funds, then this HELOC could be worth considering.
However, it’s important to review its advantages and disadvantages before deciding.
Benefits
- Long draw period (20 years);
- No annual fee;
- No origination fee;
- CLTV of 95%.
Disadvantages
- Limited eligibility for Navy members and family;
- Minimum draw amount of $10,000;
- The payback term is limited to 20 years.
What credit score is required for the application?
If you meet the eligibility requirements and have a credit score of 680 or higher, then you might be able to be approved.
However, they review other factors when analyzing your application to the Navy Federal HELOC. So, it depends on each process.
How does the application process work?
Learn about the requirements and application process for a Navy Federal HELOC.
Applying is simple, so continue reading for more information in our post below.
Who can Apply for the Navy Federal HELOC? Find out
Read on for a comprehensive guide on how to easily apply for a Navy Federal HELOC within minutes, covering all necessary steps.
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