Great deal on HELOC at Navy Federal

[Kent Verge]

While searching for options for an HELOC, I found this deal at Navy Federal Credit Union.

• 95% LTV (less any existing mortgage) for personal residence; 70% for investment properties
• Rate as low as 3.99% depending on credit; .25% rate discount with direct pay
• No closing costs as long as you keep the line open for 3 years; it stays open for up to 20 years

You can see the details on their website. You do have to either be military or family to have an account, but it's worth it for those who qualify.

One negative is that closing takes 45-90 days (at least according to their loan agents). Even so, it could be a great source of funds from current equity once you get it opened.

[Kent Verge]

Thanks @Mehran K. I'll have to make sure we find out the payment structure too. 

I dug into the terms and see that the 3.99% only applies at 70% LTV; it goes up to 4% at 80% (don't know why you'd do 3.99 vs. 4), 4.5% at 90% LTV, and 5% at 95% LTV.

Even so, the low interest and no closing costs make this a pretty sweet deal.