• Home Equity Loans



    Month APR Approx. Loan Pmt. ($25,000)
    60 months 3.74% $457.60
    120 months 4.49% $259.10
    180 months 4.24% $188.02
    240 months 4.74% $161.50


    Month APR Approx. Loan Pmt. ($25,000)
    60 months 4.24% $463.25
    120 months 4.74% $262.10
    180 months 4.74% $194.41
    240 months 5.24% $168.42


    Month APR Approx. Loan Pmt. ($25,000)
    60 months 4.74% $468.95
    120 months 5.24% $268.21
    180 months 5.99% $210.95
    240 months 6.74% $190.08


    Month APR Approx. Loan Pmt. ($25,000)
    60 months 7.24% $498.08
    144 months 7.24% $260.45
    • Loans from $10,000 - $400,000 up to 240 months
    • The maximum Loan To Value (LTV) for an Owner Occupied Home is 90% or less. Maximum loan amount is $100,000 for 85.01% to 90% LTV.
    • The maximum LTV for an Non-Owner Occupied Home is 80% or less. A maximum term of 144 months applies.
    • Perfect for big-ticket purchases: dream vacations, home improvements, weddings, and more
    • Closing cost credits1
    • Fixed monthly payments

    1Closing Cost Credit: PenFed will pay most closing costs associated with a fixed equity which includes: credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, city/county taxes, state taxes, property search and quick close. If an appraisal is required, the cost will be paid by the member, who is responsible for the fee whether or not the loan closes. The member is responsible for notary fees. Should this loan be paid off or closed within 24 months from the anniversary date of the loan closing, the member will be obligated to pay PenFed the full amount of the total closing cost for the loan. Other terms and conditions apply; call 1-800-970-7766 extension 6400 for details.

    Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

    Appraisals: An appraisal is required for all applications with a loan to value (LTV) over 80%. For applications with a LTV of 80% or less, PenFed will attempt to establish value via an independent method. If that method is unsuccessful, an appraisal will be required regardless of LTV. An appraisal is required in the following circumstances:

    • For any loan amount if the loan to value ratio (LTV) is greater than 80%; or
    • For all fixed term equity loans with a loan amount greater than $250,000.

    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 $350 to $525 (some run higher).

    Property in First Lien Position: The maximum term for a fixed rate equity loan that reflects PenFed in the first lien position is 60 months. Equity products are not offered on properties that are non-owner occupied with a first lien position.

    Property Insurance: Property insurance is required.

    PenFed Mortgage Aggregate: If PenFed holds the 1st mortgage plus any equity loans or lines of credit on the same collateral and the new loan exceeds $750,000 maximum combined loan-to-value (CLTV) ratio is 80% CLTV in all states.

    Multiple Loans: Multiple equity loans and ELOCs are available as long as the member and collateral qualify (except Texas). The total indebtedness cannot exceed $400,000 for all equity and ELOCs combined.

    PenFed does not lend on: 

    • Mobile homes
    • Co-ops or time-shares
    • Properties that are for sale/rent
    • Commercial property or property used for commercial purposes, even if a residence is part of the property
    • Undeveloped property (land only)
    • Properties with more than 4 units.

    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)

    Rate depends on loan term length, loan to value ratio (LTV), fair market value (FMV), and owner occupancy.

    LTV ratio requirements:

    • In Texas, the maximum owner occupied LTV allowed is 80% and non-owner occupied is LTV 75%. Additional restrictions apply in Texas, so please ask a representative for details.
    • In states other than Texas, the maximum owner occupied LTV is 90% (first lien position is limited to 80% LTV) and non-owner occupied LTV is 80%. No equity product is offered for non-owner occupied in a first lien position.
    • The maximum LTV for a condominium in all states is 70%.

    Rates are higher for non-owner occupied properties. Other terms and conditions may apply. Call 800-970-7766 extension 6400 to talk to a representative for details.

    Minimum Loan Amount Requirements in all States: 

    • For an owner occupied property the minimum loan amount is $10,000 and the maximum amount is $400,000 with an LTV of 85% or less of the fair market value and a maximum of $100,000 with an LTV 85.01 to 90.00%.
    • For a non-owner occupied property the minimum loan amount is $10,000 and the maximum amount is $400,000 with an LTV up to 80% of the fair market value.

    Call 800-970-7766, Extension 6400 for complete details.

    All rates and offers are as of November 2015 and subject to change without notice. To receive advertised product you must become a member of PenFed by opening a share (savings) account.

    We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.