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  PenFed Credit Union Home Equity Loans

PenFed Credit Union Home Equity Loans

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

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PenFed Credit Union Home Equity Loans

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

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Highlights
Highlights
Loan Amount $25,000 - $500,000
APR  (Fixed APR) 3.75% - 18%
Loan Term (Years) 5 - 20 years

PenFed Credit Union Home Equity Loans Review

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

PenFed Credit Union Home Equity Loans FAQ

How much can you borrow with a PenFed Credit Union 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 Credit Union 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 Credit Union 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 Credit Union Home Equity Loans?

PenFed Credit Union 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 Credit Union Home Equity Loans offer?

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

Remember 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 Credit Union Home Equity Loans?

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

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

PenFed Credit Union 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 Credit Union Home Equity Loans?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. PenFed Credit Union 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.

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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • 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
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Annual Fee $0 - $99
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
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)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Government Issued Photo ID
  • Social Security Number
  • Driver License (or other photo ID)
Draw Period 10 years
Funding Time Range 3 - 11 days
Joint Loans Available  
Repayment Period 20 years
APR (Fixed APR) 3.75% - 18%
Loan Amount $25,000 - $500,000
Loan Term 5 - 20 years
Terms 5, 10, 15 and 20 years

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