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info844-753-7379Your home equity - ready when you areRates as low as 6.75%1—built for flexibility when it matters most.Flexible ways a HELOC can work for youPlan ahead, respond to change, or invest in what matters most—when flexibility counts.Why a PenFed Home Equity Line of Credit (HELOC)?Home equity is the difference between what you owe on your mortgage and what your home is worth. PenFed Credit Union helps you put that equity to work for important financial needs.Popular uses for HELOCsPopular uses for HELOCsNew Bathroom$7.5K - $22.5KPopular uses for HELOCstickHome improvementstickDebt consolidationtickStudent loan payofftickPlanned or unexpected expensesThe perks of a HELOCThe perks of a HELOCEasy Access2Your Equity, On DemandThe perks of a HELOCtickKeep your current mortgagetickDraw funds when neededtickRevolving access2 to equitytickFlexible repayment over time

Real members, real stories, real homes

HELOC rates made straightforwardRates displayed are updated daily.HELOC LoanInterest Rate
6.750 %APR
6.7501  %

CALCULATOR

Compare your options for accessing home equity.

Key Considerations

  • HELOC rates are often variable while refinance rates are typically fixed.
  • Refinancing resets your loan term, potentially extending your payment period.
  • HELOCs typically have faster approval than refinancing.
  • Consider mortgage interest deduction limits and tax benefits*.
  • This calculator is for educational purposes only. Your actual rate, payment, and costs could be higher.

Cash Needed

Cash-Out Refinance and Home Equity Comparison

Great! A HELOC could save you a total of $250,450 over the life of the loan - with no closing costs**.

Cash-Out Payment

$2,495

Mortgage + HELOC Payment

$2,316

Payment Details

Cash-Out Refinance Summary
New Loan Amount$375,000
Monthly Payment$2,495
Total Interest$523,158
Closing Costs**$8,000
Total Cost$906,158
Home Equity + Current Mortgage
Current Mortgage Payment$1,665
Home Equity Payment$651
Combined Monthly Payment$2,316
Closing Costs**$0
Total Cost$655,708
Ready, set, access2 home equity!1Review your Options2Submit Application
  • Apply for HELOC in a few minutes when the timing feels right.
  • Get support along the way—questions, timing, and next steps. Speak with a Home Lending Advisor.
3Close & Access
  • Close in as few as 15 days3 and keep your current mortgage rate. Plus, the interest you pay may be deductible*.
  • Access funds for 10 years, then repay over 20 years1.
helocExploreIs a HELOC right for me?You don’t have to figure it out alone—get a clearer picture of your options by taking a quick quiz to learn more.infoRatesThe scoop on today’s mortgage rates and fees.infoCalculatorsYou give us the numbers, we’ll do the math.infoLoan TypesKnow your ARM from your jumbo—we decipher it all.Know more, save more**, smarter financingRefinance your mortgage with PenFed.HELOCHELOCExpert AdviceHome Equity Line of Credit (HELOC) Pros and ConsRead time: 7 minutesPublished: June 10, 2025The benefits of a HELOC and how they may apply to your financial situation.Home Equity Line of Credit (HELOC) Pros and ConsHome Equity Line of Credit (HELOC) Pros and ConsHelp ArticleHELOCs 101: Understanding the BasicsHELOCs 101: Understanding the BasicsHelp ArticleWhat is a HELOC?What is a HELOC?What is a HELOC?InfographicsEverything you should know about HELOCEverything you should know about HELOCEverything you should know about HELOCElectronic BookMobile IconHow can we help?Speak with a Home Lending AdvisorCall844-753-7379Mon–Fri: 8 am – 8 pm ET, Sat: 9 am – 5 pm ET.Contact

FAQs

Disclosures*Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.**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 member, who is responsible for the fee whether or not the loan closes, will pay the cost.
Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.1Prime Rate is 6.750% as of December 12, 2025. 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 6.750% for primary residences and second homes.
  • Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.
  • Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.
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).
Closing 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 member, who is responsible for the fee whether or not the loan closes, will pay the cost.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 6.750% 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:
  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • 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).
  • Additional limitations may apply
Home Equity Line of Credit:
  • This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
  • If only minimum payments are made during the draw period, the loan balance will not decrease.
  • In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
  • Property type of Condo has a maximum CLTV of 80%.
  • The maximum CLTV available is dependent on credit qualification.
  • Rates vary depending on owner occupancy and CLTV and other loan criteria.
Minimum Loan Amount Requirements in all States:
  • For an owner-occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.
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.2For Properties Located in TX, minimum $4,000 draw amount is required.3For 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.Additional Disclosures
Calculators display default values. Information and interactive calculators are for educational purposes only and are not intended to provide financial or tax advice. Consult a tax advisor for further information regarding the deductibility of interest and charges. Loan terms and mortgage interest rates will depend on your individual circumstances. Results do not indicate approval of financing, contact a Mortgage Loan Officer to discuss your specific details.

To receive the advertised product, you must become a member of PenFed Credit Union, which is federally insured by the NCUA.

This credit union is federally insured by the National Credit Union Administration. Rates are current as of July 2026 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate

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Home Equity Line of Credit (HELOC) & Today's Rates | PenFed