Northwest Federal offers two basic types of equity loans to help you make the most of the equity in your home—fixed-rate Equity Loan and Home Equity Line of Credit (HELOC). An equity loan uses your home as collateral, so interest rates are generally lower than other types of loans, and the interest may be tax deductible (consult your tax advisor for details). Compare the features to see which option is right for you.
Equity Loan–competitive fixed interest rates nationwide.1
1Programs are not available in Texas.
2Member is responsible for appraisal fee and interim interest expense. Closing cost credits not to exceed actual costs.
3Maximum loan amount determined by combined loan-to-value (CLTV) ratio-$100,000 maximum loan amount at 90% CLTV; $350,000 maximum loan amount up to 80% CLTV.
4A $500 closing cost credit will be provided on second homes and investment properties at closing. Credit not to exceed actual costs and cannot be applied toward appraisal and interim interest expenses.
5Investment property loan is limited to an 80% combined loan-to-value ratio and maximum loan amount of $50,000. Maximum loan amount and CLTV vary by loan term and occupancy of property.
Obtaining any loan with Northwest Federal requires membership eligibility and becoming a member by opening a primary savings account.