Net Recommendation Score +33 NET RECOMMENDATION SCORE This product is mostly recommended by users with a score of +33, equating to 3.7 on a 5 point rating scale. +33 -100 0 +100 No one recommends Everyone recommends Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.
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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This product is mostly recommended by users with a score of +33, equating to 3.7 on a 5 point rating scale.
Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.This nationwide credit union offers home equity lines of credit from $25, 000 up to $1 million with generally low APRs. They also help cover the majority of your closing costs, but watch out for fees and early closing penalties.
PenFed requires a membership to use its products — but requirements are loose and its HELOC could be worth the extra step.
Va Home Equity Loan Options
The PenFed HELOC offers competitive interest rates and a wide range of borrowing limits reaching up to $1 million. This sets up a nice product for customers looking to borrow a lot of money. But if you want to avoid added costs, an appraisal fee and the potential for annual fees, you may want to look into other options.
Other than stating you may need a minimum credit score of 660, PenFed doesn’t list its eligibility requirements. This is a common practice for many banks and credit unions. Note that you have to be a member of PenFed to apply for any of its products.
The site also mentions having a favorable debt-to-income ratio (DTI) and a combined loan-to-value ratio (CLTV) of 90% or below on owner-occupied properties, or 80% in Texas.
What Is A Home Equity Loan?
PenFed covers the majority of closing costs, but you could be on the hook for a $99 annual fee if you haven’t already paid that amount in interest in the past 12 months. And if you pay off your HELOC within 36 months, you’re required to reimburse PenFed for the full amount of the closing costs.
PenFed isn’t accredited by the Better Business Bureau (BBB), but it has an A+ BBB rating. The BBB recorded 455 closed customer complaints in the past three years and customers rate PenFed with 1.18 out of 5 stars — though not all reviews are referencing home equity products.
Over at TrustPilot, PenFed has a 4.6 out of 5 “excellent” rating with over 800 reviews. Customers are generally happy with the services provided, though some relate hit or miss customer service experiences.
Penfed Credit Union
PenFed doesn’t offer an online application for its HELOC. But you’re able to start the application process by submitting a call-back request online with some of your personal information. PenFed will then call you to discuss the process and requirements.
Reach PenFed at 800-970-7766 if you’d rather skip straight to the phone call. Availability is weekdays from 9 a.m. to 9 p.m. ET.
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
Home Mortgage Rates
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
Heather Petty is a personal finance writer at , specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno.
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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.
