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  PenFed CU Home Equity Loans

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PenFed CU Home Equity Loans
in Home Equity Loans from PenFed Credit Union · NMLS ID #401822
Claimed

PenFed CU Home Equity Loans

Claimed
in Home Equity Loans from PenFed Credit Union · NMLS ID #401822
Net Recommendation Score +50  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +50, equating to 4 on a 5 point rating scale.

+50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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APR  (Fixed APR) 3.75% - 18%
(Verified 08/04/2023)
Loan Term (Years) 5 - 20 years
Loan Amount $25,000 - $500,000
Maximum LTV 90%

PenFed CU Home Equity Loans Review

PenFed CU Home Equity Loans is offered by PenFed Credit Union (NMLS #401822), a credit union founded in 1935 and based in Tysons, VA. PenFed CU Home Equity Loans are available in 50 states (and Washington, DC).

PenFed CU Home Equity Loans FAQ

How much can you borrow with a PenFed CU Home Equity Loans home equity loan?

A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

PenFed CU Home Equity Loans allows borrowers to apply for home equity loans of up to $500,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

What are the home equity loan requirements of PenFed CU Home Equity Loans

This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k.

What are the terms for a home equity loan via PenFed CU Home Equity Loans?

PenFed CU Home Equity Loans offers home equity loans with terms 10 years and a repayment period of 20 years.

What home equity loan rates does PenFed CU Home Equity Loans offer?

PenFed CU Home Equity Loans offers home equity loans with a fixed APR that ranges from 3.75% up to 18%.

Generally, the APRs of home equity loans do not include points and financing charges, just the interest rate.

What is the estimated funding time for a home loan via PenFed CU Home Equity Loans?

PenFed CU Home Equity Loans will typically fund home equity loans within 3 and 11 days of approval.

What fees does PenFed CU Home Equity Loans charge for a home equity loan?

PenFed CU Home Equity Loans may charge a loan origination fee

What types of property can you use as security for a home equity loan with PenFed CU Home Equity Loans?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. PenFed CU Home Equity Loans will consider loans secured by the following property types:

  • Primary home.
  • Secondary homes and vacation properties.
  • Investment properties and house flipping projects.

Is PenFed Credit Union a legit company?

PenFed Credit Union was founded in 1935, it is a well-established company that has been in business for 88 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Annual Fee $0 - $99
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Other
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
Maximum LTV 90%
Military Status
  • Active Duty Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Cash
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Government Issued Photo ID
  • Social Security Number
Draw Period 10 years
Funding Time Range 3 - 11 days
Repayment Period 20 years
APR (Fixed APR) 3.75% - 18%
(Verified 08/04/2023)
APR Type Fixed APR
Loan Amount $25,000 - $500,000
Loan Term 5 - 20 years

PenFed CU Home Equity Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +50, equating to 4 on a 5 point rating scale.

+50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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