What is a HELOC?
What You’ll Learn:
Topic Discussed:HELOC, Home equity, Refinance, Home Ownership
Expected Read Time:5 MINS
Published: Apr 30, 2024
PenFed Mortgage with Confidence
HELOC LOANS
Rates starting at % (APR %)*
What You’ll Learn:
Topic Discussed:HELOC, Home equity, Refinance, Home Ownership
Expected Read Time:5 MINS
Published: Apr 30, 2024
What You’ll Learn:Three reasons to use equity and how to access cash with a loan or line of credit
Topic Discussed:HELOC, Home equity, Refinance, Home Ownership
Expected Read Time:6 MINS
Published: Apr 02, 2024
What You’ll Learn:How to determine whether a reverse mortgage or HELOC is the best choice for you.
Topic Discussed:Getting Started, Home equity, HELOC, Home Ownership
Expected Read Time:8 MINS
Published: Mar 22, 2024
What You’ll Learn:How to pick a mortgage that maximizes your tax savings
Topic Discussed:Purchase, Homebuying 101, First Time Home Buyer, Getting a Mortgage
Expected Read Time:8 MINS
Published: Mar 20, 2024
What You’ll Learn:Everything you need to know about HELOC closing costs and associated fees.
Topic Discussed:Getting Started, Home equity, HELOC, Home Ownership
Expected Read Time:5 MINS
Published: Feb 26, 2024
What You’ll Learn:How a HELOC draw period and repayment period work.
Topic Discussed:Home equity, HELOC, Home Ownership, Getting Started
Expected Read Time:5 MINS
Published: Jan 26, 2024
What You’ll Learn:Types of loans to fund your home improvement projects and remodeling ideas.
Topic Discussed:Homebuying 101, Home equity, HELOC, Getting Started
Expected Read Time:6 MINS
Published: Jan 26, 2024
What You’ll Learn:The meaning of first-lien HELOC and how it differs from a second mortgage HELOC.
Topic Discussed:Home equity, HELOC, Home Ownership, Getting Started
Expected Read Time:6 MINS
Published: Jan 26, 2024
What You’ll Learn:Pros and cons of choosing a credit union to fund your HELOC.
Topic Discussed:Home equity, HELOC, Home Ownership, Getting Started
Expected Read Time:3 MINS
Published: Jan 08, 2024
What You’ll Learn:The difference between variable- and fixed-rate HELOCs.
Topic Discussed:Refinance, HELOC, Home equity, Getting Started
Expected Read Time:3 MINS
Published: Jan 08, 2024
HELOC LOANS
Rates starting at % (APR %)*
Rates as Low as % APR* with flexible use of funds
*Prime Rate is % as of . 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 % for primary residences and second homes.
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).
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 Advance Period. During your Advance 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 % for primary residences and second homes and 4.75% for investment properties.
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:
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).
Home Equity Line of Credit:
Minimum Loan Amount Requirements in all States:
Other terms and conditions apply; call 844-918-4307 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.