Loans

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.

Advertisement

What Military Members Need to Know About Navy Federal HELOC: An Overview

Navy Federal HELOC
Achieve your full potential: Navy Federal HELOC review. Source: Stealth Capitalist

Find out the pros and cons of Navy Federal Credit Union HELOC in our all-inclusive review.

Navy Federal HELOC

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!

APRStarting from 8.500%;
Loan PurposeDebt consolidation, home renovation and repairs, life events, large purchases;
Loan Amounts$10,000 – $500,000;
Credit Needed680
Terms20 years drawing period, followed by 20 years of repayment;
Origination FeeN/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.

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?

Happy businessman connecting with his team online
Is it worth it to apply for Navy Federal HELOC? Discover next! Source: Adobe Stock

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.

Navy Federal HELOC

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.

Trending Topics

content

HCOL area: what is the meaning for your finances?

What is an HCOL area meaning? This article answers this question and explains where HCOL, MCOL and LCOL areas connect to your finances.

Keep Reading
content

Applying for the SavorOne Rewards for Good Credit card: learn how!

Learn how to apply for a SavorOne Rewards for Good Credit card and get 3% cash back on all of your favorite everyday categories!

Keep Reading
content

LightStream personal loan review: is it worth it?

Do you already know the LightStream personal loan? Credit reaches $100,000 and you have no origination fee. Know more.

Keep Reading

You may also like

content

Top 6 best rewards cards in Canada: enjoy the benefits in 2022!

Looking for the best rewards cards in Canada? We've got you covered with top cash back, travel points, and sign-up bonus offers for 2022!

Keep Reading
content

Applying for the Truist Enjoy Beyond Credit Card: learn how!

Learn how to apply for the Truist Enjoy Beyond Credit Card here! Earn 30,000 bonus points in the 1st 3 months! Read on!

Keep Reading
content

Lazy investing portfolio: a beginners guide

A lazy investing portfolio is the best strategy for people who want to build wealth without having to keep track of complex market data.

Keep Reading