The best way to get a Navy Federal home improvement loan is to take out one of the credit union's unsecured personal loans. There are few limits to what a borrower can use a personal loan for, so all home improvement expenses are fair game. The APRs for NFCU personal loans range from 8.19% to 18%, depending on credit history, income and how many months the borrower needs to pay the loan off. Navy Federal lets people borrow for far longer than most lenders: up to 180 months (60 - 84 months is standard). NFCU doesn't charge origination fees either.
But personal loans aren't the only way to get a home improvement loan. Navy Federal also offers home equity loans for 5 - 20 years. You can borrow anywhere from $10,000 to $500,000 and use it for whatever you want, including home renovations. NFCU will let you borrow up to 100% of your home's equity, which is how much your house is worth minus how much of the mortgage you still have to pay. The APR can be as low as 5.750%. There is no application or origination fee.
The third option for a Navy Federal home improvement loan is a home equity line of credit, or HELOC. The difference from a home equity loan is that with a HELOC you don't get a lump sum upfront. Instead, you have a certain amount of credit that you can draw from any time you want, but are never required to. This line of credit can be up to 95% of your home's equity, and can range from $10,000 to $500,000. The APR can be as low as 5.750%. You will be able to draw from the line of credit for 20 years, assuming you make the required minimum payments when you do. Then, you'll have another 20 years to fully repay any remaining balance. You're only charged interest on what you borrow. HELOCs from NFCU don't charge origination, application or annual fees.
It's important to be careful with home equity loans and HELOCs, though. They are secured by your house, so you could lose your house if you default on your loan. And keep in mind that to get any product from NFCU, you'll have to be a member of the credit union. To join NFCU, you'll need to be a current or former member of the armed forces, Department of Defense or National Guard, or have someone in your family who is. Immediate family of NFCU members can also join.