1.99% Home Equity Loan from Pentagon Federal Credit Union (PenFed) with NO Closing Costs!

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Posted 03-25-2012, 01:43 PM in

Rokket

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1.99% Home Equity Loan from Pentagon Federal Credit Union (PenFed) with NO Closing Costs!

Pentagon Federal Credit Union (PenFed) is now offering a 5 year home equity loan (HEL) for only 1.99% with NO closing costs! Must be owner-occupied home with 80% or less loan to value, must apply online.

Here's a link for more info: https://www.penfed.org/home-equity-loan/

Use a home equity loan to remodel/renovate your house, pay college costs, pay down your higher interest debt (including a mortgage), or buy a second home or investment property. HELs may be tax-deductible.

I've never seen a better deal on a home equity loan (1.99% for 5 years with no closing costs!!!), so if one is right for your situation you might want to check into PenFed. PenFed has a great reputation. Link to home page: https://www.penfed.org/HomePage.aspx

Hope this helps someone!

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Last edited by widgit; 03-25-2012 at 03:50 PM.. Reason: added general deal picture

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03-25-2012, 01:43 PM
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This deal is only for people who have over 20% EQUITY in their house. For example, if you have 30% equity in your house, you can take 10% out.
Edit: Home equity loans may be tax deductible, see IRS publication http://www.irs.gov/publications/p...1000230008

FYI - I applied for mortgage with penfed a month ago - I got approved and then I was able to get their platinum visa card WITHOUT a new credit check. They use the credit report from my home mortgage. This card has no annual fees and you get $250 in rewards with $1000 spent within first 3 months. So this should work with this HELOC offer also. Link:
https://www.penfed.org/Platinum-Rewards/

Last edited by usa06; 04-03-2012 at 01:55 PM..

03-25-2012, 02:55 PM

marioletto Garzone Member sinceJun 2006 Posts455 Reputation 85 Followers 0 + Give Rep	Up to 400k 5 years at 2%. wow, pretty incredible stuff!
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03-25-2012, 02:59 PM

dorkino L6: Expert Member sinceFeb 2004 Posts1,571 LocationAtlanta, GA Reputation 513 Followers 0 + Give Rep	LOL @ home equity. Right...
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03-25-2012, 03:00 PM

curiousity L5: Journeyman Member sinceNov 2008 Posts644 LocationLos Angeles County. Reputation 87 Followers 0 + Give Rep	I have a second loan that was govt funded that I do not have to pay back if I remain here for 5 years, if it is not counted I am about 79% LTV.. if its counted I am about 92% LTV Anyone know if I can qualify?
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03-25-2012, 03:11 PM

Gameross

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Quote from curiousity

I have a second loan that was govt funded that I do not have to pay back if I remain here for 5 years, if it is not counted I am about 79% LTV.. if its counted I am about 92% LTV

Anyone know if I can qualify?

I want to know more about your loan!

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03-25-2012, 03:14 PM

namlook

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Quote from dorkino

LOL @ home equity. Right...

It's all about timing. Bought in 1998 and am around 25% LTV with a 3.25% fixed rate.

Last edited by namlook; 03-25-2012 at 03:19 PM..

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03-25-2012, 03:15 PM

davisa

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Quote from curiousity

Quote from Gameross

I want to know more about your loan!

me too!

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03-25-2012, 03:18 PM

namlook L10: Grand Master Member sinceMay 2006 Posts11,436 Reputation 1,557 Followers 2 + Give Rep	So how can we use this to make money?
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#10

03-25-2012, 03:25 PM

GreatDeals4Me2 L2: Beginner Member sinceJan 2009 Posts44 Reputation 10 Followers 0 + Give Rep	Has anyone ever used this that can chime in on this in more detail? I have student loans to pay that are currently out of this world at 6.8% and would love to get in on this to lower the interest rate significantly. Any help/advice would be greatly appreciated. Thanks!!!
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#11

03-25-2012, 03:26 PM

Golbez L3: Novice Member sinceSep 2006 Posts106 Reputation 22 Followers 0 + Give Rep	I guess to make money you'd put money down on more buildings (homes/apts) and rent them out.
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#12

03-25-2012, 03:29 PM

Gameross

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Quote from GreatDeals4Me2

Has anyone ever used this that can chime in on this in more detail? I have student loans to pay that are currently out of this world at 6.8% and would love to get in on this to lower the interest rate significantly. Any help/advice would be greatly appreciated. Thanks!!!

You realize you have a actually own a home with actual equity meaning you owe less on it that it's worth and judging from the tables, you have to have more than 20% equity to qualify for the awesome rate.

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#13

03-25-2012, 03:43 PM

marsgamer L4: Apprentice Member sinceJan 2006 Posts324 Reputation 78 Followers 0 + Give Rep	Advice I am about to close on my home and have put 20% down. I will be moving in May. Can I apply and qualify for this Home Equity loan?. Can someone let me know on this?. Thanks.
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#14

03-25-2012, 03:51 PM

daake07 L2: Beginner Member sinceFeb 2012 Posts53 Reputation 14 Followers 0 + Give Rep	I might actually look into this....a few family members and I are looking at a vacation house and we could certainly use this instead of other bank financing.
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03-25-2012, 03:59 PM

Gameross

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Quote from marsgamer

I am about to close on my home and have put 20% down. I will be moving in May.
Can I apply and qualify for this Home Equity loan?.
Can someone let me know on this?.
Thanks.

Most likely no. Only the equity above 20% qualifies for the 1.99% rate.

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1.99% Home Equity Loan from Pentagon Federal Credit Union (PenFed) with NO Closing Costs!