The key distinction between a home improvement loan and a house equity loan is that the latter is secured by your home fairness. This affects every aspect of the mortgage, from the appliance process to the amount you presumably can borrow to the rate of interest you’ll pay . Navy Federal does require larger loan minimums for longer-term loans. Loans with rate terms over 60 months require a $25,000 minimal, and phrases over 84 months require a $30,000 minimal. LightStream does enable co-applicants, which can help you qualify should you personally don’t meet the credit score and financial necessities. LightStream doesn’t provide pre-qualification, however, so you’ll need to complete a full utility to qualify, which requires a tough credit score pull.
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