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
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.
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.
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.
Trending Topics
Applying for the One Finance Account: learn how!
Apply for a One Finance Account today and learn how to manage your expenses, monitor your bank account, and save your money all in one app!
Keep Reading
Applying for the Applied Bank® Secured Visa® Gold Preferred® credit card: learn how!
Learn how to apply for the Applied Bank® Secured Visa® Gold Preferred® card and start rebuilding your credit score today!
Keep Reading
Applying for the Coutts World Silk card: learn how!
Learn how to apply for the exclusive Coutts World Silk card to enjoy its many perks. We've got all of the information you need right here!
Keep ReadingYou may also like
Apply for the Avant Credit Card: It’s only a few minutes
Apply for the Avant Credit Card effortlessly in just a few minutes. Discover the simplified application process!
Keep Reading
Applying for the U.S. Bank Cash+™ Visa Signature® Credit Card: learn how!
The U.S. Bank Cash+™ Visa Signature® Card lets you select your categories to earn 5% cash back and has no annual fee. Learn how to apply!
Keep Reading
Upgrade Bitcoin Rewards Visa credit card: complete review
Get 1.5% cash back in crypto with the Upgrade Bitcoin Rewards Visa credit card, as well as a $200 sign-up bonus and pay no annual fee.
Keep Reading