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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!
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 usa06
April 3, 2012
at
01:55 PM
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/
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/
371 Comments
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Best thing is you'll be paying off principle faster during the 1.99% which will save you lots of money later.
My assumption is the loan is you take it out right away. The line of credit is available to you when you need it?
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Great Program, I was smart and bought my first home at 21, with that program I was able to put 20% down, use conventional loan.. and get 4.5 Fixed Rate... Many banks can use this program but you have to find a Loan Officer who is willing to help, because I went to many who wanted me to do the searching for a program found the perfect Loan Officer who helped me a lot with it.. and we talked about many programs this was the best one...
No re-payment if you stay their as your primary residence for 5 years and you can use any type of Loan you want FHA, conventional, whatever.
Thre isn't much Info about it online, but I was able to find one link talking about it, and banks that received this grant under grant recipents.
http://www.fhlbsf.com/ci/grant/wish/default.asp
The Workforce Initiative Subsidy for Homeownership (WISH) Program provides matching grants to qualified first-time homebuyers through our members.
Only Bank members may submit applications.
The household income of the homebuyer at the time of enrollment in the WISH program is 80% or less of the HUD area median income.
Participants must complete a homebuyer counseling program.
Under the WISH Program, the Bank will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home.
The WISH Program can complement or supplement a variety of state, local, and federal homeownership programs, including CalHFA, NSP, and FHA programs.
http://www.fhagovernme
If you want/need a HEL, this is a great opportunity! PenFed's previous HEL rate was 2.99%, they've just dropped the rate to 1.99% with no closing costs. I doubt you can find better.
PenFed also has some other good products: a 5/5 ARM at 3.25% with no closing costs (up from ~3%), and some auto loans for 1.99% APR.
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If you want/need a HEL, this is a great opportunity! PenFed's previous HEL rate was 2.99%, they've just dropped the rate to 1.99% with no closing costs. I doubt you can find better.
PenFed also has some other good products: a 5/5 ARM at 3.25% with no closing costs (up from ~3%), and some auto loans for 1.99% APR.