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Navy Federal Credit Union

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LAST UPDATED: November 6th, 2020

Founded in 1933, Navy Federal's mission is to serve and enrich the lives of those in the military through its specialized home financing products.

With Navy Federal, you can borrow up to 100%of your home's equity with loans between $10,000 and $500,000. HELOCs have a 20-year draw period followed by a 20-year repayment period. Included with all Navy Federal home equity loans and lines of credit are these benefits:

  • Rate discount of 0.25% with automatic payments
  • Special savings on closing costs
  • No application or origination fee
  • Interest that may be tax-deductible

To see what other borrowers have said about their experience, check out the Navy Federal home equity loan reviews below.

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The Good

  • Rate Match Guarantee
  • Interest Rate Reduction Program
  • Additional Military Benefits

Rate Match Guarantee

Navy Federal wants to help you feel confident as you shop around for the right loan by offering its rate match guarantee. If you find a better rate with a different lender, Navy Federal will match the rate or give you $1,000 to compensate for the difference. To see if you qualify for the rate match guarantee, check out the following guidelines:

  • The competing loan must be identical Navy Federal's loan product
  • Loan estimate from competing lender must be dated and received within three days of locking in your Navy Federal loan
  • The $1,000 will be deposited to your Navy Federal account within 30 days of your documentation being accepted

More lenders are offering rate match guarantees, but It is rare that a lender will offer a rate match guarantee that offers a $1,000 compensation for not being able to match a competitor's rate. If you are in the middle of comparison shopping and you find a better deal elsewhere, consider approaching Navy Federal for the chance to secure a lower interest rate for your va loan.

Interest Rate Reduction Program

Navy Federal wants to make sure that you are receiving the best possible interest rate when you close on your home equity loan or a refinance loan. It has introduced a service called the Freedom Lock that allows borrowers to lower their interest rate for no extra cost. When you get a mortgage with Navy Federal, you have the opportunity to lock in a new interest rate up to a rate reduction of 0.5% within the first 60 days of your initial interest rate offer. In order to guarantee that you qualify for the Freedom Lock offer you must meet the following requirements:

  • This is a new application for a purchase loan or refinance loan
  • You contact your loan officer at least 14 days prior to settlement/closing
  • Your loan closes within 60 days of the initial lock

If rates go up, your initial, lower rate stays the same. This Freedom Lock program is exceptionally unique to a mortgage lender. Navy Federal is one of the only, if not the only lender, that lets borrowers change their interest rate upto two months after closing for no additional cost. If you want to guarantee the lowest interest rate possible, Navy Federal is a great option.

Additional Military Benefits

In addition to home equity loans, Navy Federal has wide variety of other home loan services

Service members, veterans, and spouses may be eligible for loans in addition to a home equity loan:

  • Military Choice Loan
  • Conventional Loan
  • VA loan
  • Homebuyers Choice Loan
  • FHA Loan
  • Adjustable-Rate Mortgage (ARM)
  • Interest Only Loan

If you are interested in looking into other types of home loans that are catered to those in the military, then you'll be impressed with the wide selection of loan options available to you.


The Bad

  • Long Approval Process

Long Approval Process

It takes 30 to 45 days to close on a new equity loan through Navy Federal. While this timeline is relatively common, there are many other lenders that are notorious for closing on a loan much sooner. If you only have a short time frame to be involved in the home equity loan process, then you may want to consider a ledner that prioritizes quicker closing times.


The Bottom Line

Navy Federal's mission is to, "be the most preferred and trusted financial institution serving the military and their families" and the company is living up to its mission with the perks it offers and the over eight million credit union members that trust it with their financial needs.

If you have ties to the armed forces, Department of Defense, or National Guard then you will be pleased with the expertise and variety of home equity loan options that you can receive through Navy Federal. To see what other borrowers have said about their experience, check out the Navy Federal home equity reviews below.


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Hugo Fischer Tacoma, WA

Saw their advertised home loan rate "15 year as low as 2.125, only .5 point APR 2.338" . It's a pure bait and switch and along the way they suck you in to set up a NFCU account, $5 deposit. Then before you've even get far you see they are really only offering you a refinance for well above $3%...after inputing a bunch of information, maybe an hour wasted...and then to top it off they ask for $39 to run a credit check. Can't even get a real loan estimate from them till you pay the $39...I've been to seven others online and none charged to get a loan estimate. Check all the competitors. You can get 2.5% pretty easy for a 15 year, they don't charge you up front for a credit check or a "set up account"..even though you don't need one. They may have good deals on car loans...dealers offer better usually...but in the home loan market I count them as one of the sneaky predatory lenders that suck in the young inexperienced Military and Vets with all kinds of fees they don't need to have...and they use the Navy name to do it. Go elsewhere for a home loan.

3 years ago