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

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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 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/

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This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2006
Garzone
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#3
Up to 400k 5 years at 2%. wow, pretty incredible stuff!
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Joined Feb 2004
L7: Teacher
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#4
LOL @ home equity. Right...
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Joined Nov 2008
L7: Teacher
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#5
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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Joined Dec 2005
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#6
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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#7
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.
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Last edited by namlook March 25, 2012 at 03:19 PM.
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#8
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?
Quote from Gameross
:
I want to know more about your loan!
me too!
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#9
So how can we use this to make money?
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Joined Jan 2009
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#10
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
I guess to make money you'd put money down on more buildings (homes/apts) and rent them out.
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#12
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
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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Joined Feb 2012
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#14
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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#15
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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