1. Home
  2. Banking

Home Equity

Benefit from the equity in your home

Home equity loans and home equity lines of credit (HELOC) can be used for home improvements, major purchases and debt consolidation. Since an equity loan or HELOC uses your home as collateral, the interest rate is generally lower than other types of loans—saving you money. Plus, the interest may be tax deductible*. 

Check rates, apply now and compare the features of each below!  

*Consult your tax advisor for details. 

Home equity loans are not available in Texas. 

Land Loans*

Found the perfect spot to build your home? A Northwest Federal land loan helps you purchase your lot now—even before you have the plans drawn-up.

Our land loans can be used to finance the purchase of land for recreational use or a lot for your new home.  

  • Available for up to 20 acres
  • Loan amounts up to $200,000
  • 10 or 15-year repayment terms

Apply online for competitive rates and terms.

*Land loans are not available in Texas. 

Home Equity Loan Home Equity Line of Credit (HELOC)
Fixed rate Variable rate
Available on primary residence, second home and investment properties1 Available on primary and secondary homes only
Apply once for a specific amount Apply once, draw funds as needed

$350,000 maximum loan amount (up to 80% CLTV)
$250,000 maximum loan amount (up to 90% CLTV)

$350,000 maximum loan amount (up to 80% CLTV)
$250,000 maximum loan amount (up to 90% CLTV)
We'll pay up to $1,000 toward closing costs2 We'll pay up to $1,000 toward closing costs2
Earn up to 10,000 points on your Member Rewards MasterCard Earn up to 2,500 points on your Member Rewards MasterCard 

Home equity loans and HELOCs not available in Texas.

1 Investment property loan is limited to an 80% combined loan-to-value ratio (CLTV) and maximum loan amount of $50,000. Maximum loan amount and CLTV vary by loan term and occupancy of property.

2 Northwest Federal will pay a $1,000 maximum closing cost credit towards Northwest Federal home equity loan and home equity line of credit (HELOC) secured by a primary residence. Northwest Federal will pay a $500 maximum closing cost credit towards home equity loan and HELOCs secured by a second home or investment property. Credit may not exceed the actual costs and cannot be used to pay for the real estate appraisal (if one is required) and/or interim interest. This promotion cannot be combined with other offers and is subject to change without notice.

Mortgage Feature

When it comes to buying a home, we have a variety of mortgage options and we'll work with you to find the one that works best for you. Learn more.