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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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Anyways, I owe 17,428.81 ....at %3.99 .....would it make much sense for me to contact PenFed at %1.99? We have only paid for about 10 mos. so far. out of 60.
My assumption is the loan is you take it out right away. The line of credit is available to you when you need it?
I have a remaining balance of $56K on my mortgage @4.5% with an estimated home value of over $160K. I've wanted to refi to get the lower interest rates but the closing costs usually sour the deal enough to not make it worth the trouble... could I take out this home equity loan at 1.99%, pay off the rest of my mortgage and be done with it? I'd much rather pay off this much better looking 1.99% than 4.5%. Is my logic flawed or what?
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I have a remaining balance of $56K on my mortgage @4.5% with an estimated home value of over $160K. I've wanted to refi to get the lower interest rates but the closing costs usually sour the deal enough to not make it worth the trouble... could I take out this home equity loan at 1.99%, pay off the rest of my mortgage and be done with it? I'd much rather pay off this much better looking 1.99% than 4.5%. Is my logic flawed or what?
NEW RECORD!
.... well I guess not since I mentioned it..bummer.
I have a remaining balance of $56K on my mortgage @4.5% with an estimated home value of over $160K. I've wanted to refi to get the lower interest rates but the closing costs usually sour the deal enough to not make it worth the trouble... could I take out this home equity loan at 1.99%, pay off the rest of my mortgage and be done with it? I'd much rather pay off this much better looking 1.99% than 4.5%. Is my logic flawed or what?
if you can't even figure out whether or not this makes sense assuming you qualify why in the world did you take out a mortgage in the place first?
no wonder the sub prime crisis happened, people borrowed without understanding what they were doing
FYI for first timers: you need very good credit to qualify for a loan from these guys
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