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. Consult your tax advisor for details.
Decide which option is best for you:
| Home Equity Loan3 | Home Equity Line of Credit (HELOC)3 |
| Fixed rate | Variable rate |
| Available on primary residence, second homes | Available on primary residence, second homes |
| Apply once for a specific amount | Apply once, draw funds as needed |
|
Primary residence and second home properties: |
Primary residence and second home properties: |
| 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 Rewards Visa® | Earn up to 2,500 points on your Rewards Visa® |
Home equity loans and HELOCs not available in Texas.
1 Minimum credit score for all home equity loans and HELOCs is 620.
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; up to $500 maximum closing cost credit towards home equity loan and home equity line of credit (HELOC) secured by a second home. 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.
3 All Northwest Federal home equity loan and HELOC refinances within the first 12 months after disbursement are ineligible for the closing cost credit promotion.
4 100% Home Equity Loan and HELOC is available only in Virginia, Maryland, and Washington DC. Available on primary residence only with maximum loan amount of $100,000, depending on credit score.
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