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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).
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.
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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.
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.
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:
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Va Home Equity Loan Options
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PenFed Credit Union: 2023 Home Equity Review This nationally accessible credit union offers a HELOC to its more than 2 million members.
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Emma Woodward Emma Woodward is a personal finance writer with a passion for simplifying tricky financial concepts. She has covered loans, budgeting and credit cards for Bankrate, The Financial Diet, Finch, Gusto and Human Interest. When she's not helping you balance your budget, you can find her writing about real estate, food and restaurant tech. See full bio
Marc Wojno Senior Editor Marc is senior editor at Money, overseeing such topics as banking and home equity. He’s been a writer and editor in the financial field for more than two decades, including for such media organizations as The Kiplinger Washington Editors, U.S. News & World Report, Bankrate and Dow Jones. Before joining Money, Wojno was Senior Editor of Finance for ZDNet, writing on blockchain, cryptocurrency, finserv, investing and taxes. Outside the digital world, Marc can be found spinning vinyl, threading reel-to-reel tapes, shooting film with his Bolex and hosting an occasional pub quiz. See full bio
Pentagon Federal Credit Union, better known as PenFed, is the second largest federal credit union in the country, serving more than 2.3 million members in all 50 states and the District of Columbia.
Penfed Cu Home Equity Loans Reviews (2023)
Based just outside the nation’s capital in Tysons Corner, Virginia, PenFed -- listed among’s best credit unionsfor 2022 -- mainly serves the armed forces community and government employees. But unlike many not-for-profit credit unions that have requirements to join, there are no restrictions to membership; anyone can join. And membership has its benefits including providing competitive rates on its home equity line of credit, orHELOC.
While PenFed offers a variety of financial products services -- including checking and savings accounts, credit cards, personal loans, mortgages and VA loans -- it offers only one type of home equity product, a HELOC.
PenFed is best suited for people who are affiliated with the armed forces and employees of the government who have good-to-exceptional credit. Homeowners with solid credit can take advantage of the credit union’s reasonable interest rates and low fees that its HELOC offers.
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PenFed offers only a HELOC as part of its home equity services, providing members with the opportunity to have a revolving line of credit based on the home equity they have. With PenFed, loan amounts range from $25, 000 to $1 million. Keep in mind, however, that loan amounts of more than $500, 000 are limited to applications based on occupancy type, lien position, CLTV, credit score and are subject to a full appraisal, according to PenFed. For an owner-occupied property, the minimum loan amount is $25, 000 and the maximum amount is $500, 000, with a CLTV of 80% or less of the fair market value.
PenFed’s HELOC consists of a 10-year draw period and a 20-year repayment period. During the draw period, you’re required to make payments only on the interest. What’s more, you have the ability to switch between a variable interest rate and a fixed interest rate on qualifying interest payments.
HELOC closing costs are typically covered by PenFed. The only closing cost you may have to pay is an appraisal fee if you’re required to do an appraisal on your property. The typical appraisal cost can range between $550 and $850. However, members whose primary property is in either Florida, Louisiana, Maryland, Minnesota, New York, Tennessee or Virginia will be responsible for paying any city, county and/or state taxes.
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What’s more, you may be required to pay a $99 annual fee. This fee is only charged if you paid less than $99 in interest in the 12-month period before your account anniversary.
PenFed’s home equity team will evaluate your HELOC application on a variety of factors. First, you must have a credit score of at least 700 and a “favorable” debt-to-income, or DTI, ratio. You also have to provide proof of income and proof that you’ve been paying your mortgage on the property. You’ll also have to verify bank activity and show proof of any other debts you may have.
Your property also must meet certain requirements: It can’t be under major construction and it must be livable. Certain types of properties don’t qualify, including mobile homes, time-shares, properties currently for sale, multifamily properties with more than four units and undeveloped land.
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Take some time to prepare your paperwork before you apply for a PenFed HELOC as you’ll need them handy before starting the process. Gather these documents before you apply:
Once you’ve gathered everything you need, you can start the application process. Applications can be made online. You can applyhereon PenFed’s website. You can also call 800-208-0596 for any questions specifically about the application.
PenFed customer service reps can be reached by email, phone or chat. A contact form is available on its website where you can fill out your contact information and submit your questions. Upon completing the form, you can choose to have a representative get back to you by phone or email. Alternatively, you can chat with a representative using the chat option on its website’s Contact Us page.
What Is A Home Equity Loan?
If you prefer to reach out by phone, you can call PenFed toll-free at 800-247-5626. Customer service representatives are available Monday through Friday from 4 a.m. to 8 p.m. PT, Saturday from 5 a.m. to 8 p.m. PT and
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