For most homeowning servicemembers and veterans, their primary residence makes up a majority of their net worth, and for good reason. A home builds generational wealth through equity. In simple terms, the equity of your home is its market value, minus the amount remaining on your loan.

For example, if you own a home valued at $250,000, and $100,000 remaining on your mortgage payment, then you have approximately $150,000 in home equity. An upgrade to your property that costs $10,000 but adds $30,000 in value is a net equity gain of $20,000.

While the concept is relatively simple, many homeowners don’t realize that their equity is an outstanding financial asset you can leverage to help improve your portfolio through a home equity loan from Navy Federal Credit Union.

That means you can get a lump sum for up to 100% of the equity in your home valuation, and unlike a home loan, there are no closing costs. Navy Federal Credit Union doesn’t charge application or origination fees, and the rate will remain fixed for the life of the loan.

You also have flexibility on the lifespan of your loan, choosing from 5, 10, 15, or 20 years with rates as low as 6.64% APR. That’s money you can use for another property or investment purchase to expand your portfolio, consolidate and pay off higher-interest debt, college tuition, a dream wedding, or anything else you can imagine!

The best part about accruing equity is that you’re not limited in how you use it. If a large lump sum isn’t the best for your needs, then perhaps a home equity line of credit is a better fit. If you expect to have variable, ongoing expenses then the credit line will give you a reliable source of funds, which only needs to be used when needed. With rates down to 8.75%, you can obtain up to 95% of your home’s equity. The more you have, the more you can draw against, from $10,000–$500,000. Like their fixed rate option, Navy Federal won’t charge you application or origination fees for a line of credit, there’s no annual fees or a penalty for inactivity, so you can have peace of mind knowing the money is there when you need it, and there’s no requirement to spend it if you don’t.

If you’ve been making regular payments and increasing the equity in your home, or the market has taken a bump and you’ve seen a significant leap in the value of the property, then now might be the perfect time to contact your friendly local Navy Federal Credit Union representative and see what the best option is for leveraging your hard work into a financial tool that could pay serious dividends in the future.

What are you waiting for?

This article was sponsored by Navy Federal Credit Union.