![]() That means if you get your loan from Navy Federal Credit Union, you’ll also make your payments to the credit union. Unlike many lenders, Navy Federal Credit Union services all the home equity loans it originates. How much you can borrow depends on your qualifications and how much equity you have in your home. You may be able to borrow more using another lender. You can borrow up to $500,000 on a home equity loan or line of credit through Navy Federal Credit Union. For example, Chase’s minimum is $25,000 in most states. ![]() Some lenders do not offer small mortgage loans, even for home equity products. Navy Federal Credit Union’s minimum home equity loan amount is $10,000, which is good news if you need to tap a small amount of your home’s value. After having your line open for at least six months, you can convert the balance you’ve borrowed to a fixed-rate loan with no further draws. Draw period of up to 20 years and an interest-only payment option, followed by a repayment period of up to 20 years. Navy Federal Credit Union offers the following home equity products: The rate changes monthly based on the Wall Street Journal prime rate. Navy Federal’s HELOCs have an interest rate floor (minimum) of 3.99% and a ceiling (maximum) of 18%. The best available rate on a HELOC was 8.50% (9.50% on an interest-only HELOC), and the best rate on a home equity loan was 6.64% as of June 2023. You can check the interest rates of Navy Federal’s most common mortgage types on its website. However, it doesn’t offer HELOCs in Texas. Navy Federal Credit Union offers home equity loans and home equity lines of credit (HELOCs) nationwide.
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