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

5 best cards that offer welcome bonuses: choose and enjoy!

Wondering what are the cards that offer welcome bonuses? Check out the best sign-up rewards products and start earning points today!

Keep Reading
content

No fees and no hassle: Sesame Cash Debit Card review

You just found a game changer debit card! Read our Sesame Cash Debit Card review and learn how to build credit and pay no fees! Let's go!

Keep Reading
content

Tips on how to invest in a bear market

Learn two valuable tips on how to invest during a bear market to protect your funds and make the most of this economic downturn.

Keep Reading

You may also like

content

OpenSky® Secured Visa® Credit Card Review

Build credit confidently with the OpenSky® Secured Visa® Credit Card. No credit check needed to apply. Start your credit journey today!

Keep Reading
content

Applying for the Robinhood Investing card: learn how!

The Robinhood Investing card allows you to make purchases virtually everywhere with money directly from your investment account.

Keep Reading
content

Get up to $25,000 with the Tally Line of Credit!

Learn how to apply for the Tally Line of Credit today. Find out about the requirements to get up to $25,000!

Keep Reading