More than a home loan. A lot more.
Quick access to your home’s equity
Expedited closing in as few as 15 days1
Rate as low as % APR2
Call now to get started: 800-970-7766. Or, complete this form and we’ll call you!
Simply open a PenFed HELOC (home equity line of credit).
You can draw on your HELOC whenever you like3– and use the funds however you like!
1For qualified borrowers with acceptable AVM (automated valuation), eligible income type, and title (properties with solar panel financing are not eligible). Borrower must agree to participate in the HELOC Express program. Upon agreement, borrower must provide required income, credit, and property documents within three business days and meet all established credit and underwriting guidelines. Delays in receiving the required documentation will affect the closing date. HELOC Express does not apply if renovations on the subject property are currently in process. Other terms apply.
2Prime Rate is % as of . The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.
For Properties Located in TX, minimum $4,000 draw amount is required.
Appraisals: PenFed will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:
For all loans with a loan amount greater than $400,000.
If an appraisal is required, it must be ordered by PenFed. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $550 to $850 (some run higher).
Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.
Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Draw Period. During your Draw Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.
Fixed Rate Advances will be amortized over the Fixed Rate Advance Term with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.
Property Insurance: Property insurance is required.
Multiple PenFed Loans: Multiple PenFed Equity loans and HELOCs are available as long as the member and collateral qualify (except Texas). For Equity loans and HELOCs the total indebtedness cannot exceed $500,000 for all PenFed Equity and HELOCs combined.
PenFed does not lend on:
Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).
Home Equity Line of Credit:
Minimum Loan Amount Requirements in all States:
Other terms and conditions apply; call 844-774-1055 to speak with a representative for details. All rates and offers are subject to change without notice. To receive advertised product, you must become a member of PenFed.
3For Properties Located in TX, minimum $4,000 draw amount is required.
4Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the fee must be paid by the borrower before the appraisal can be completed and is non-refundable.
5Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.
To receive any advertised product you must become a member of PenFed.