Pentagon Federal Credit Union Low Home Equity Rates

Ok, I know I mentioned yesterday that taking out a Home Equity loan to pay off cars and other items could be risky. Well if you HAVE to do it, I thought I would offer a reccomendation.

I currently have a Home Equity loan through Pentagon Federal Credit Union. They are essentially a credit union that anyone can join. The reason I went with them was because there were no closing costs. LITERALLY! I asked for $20,000 and they sent me a check for $20,000. No fees, or anything. Not sure where else you can get a deal like that.

They are now offering Home Equity loans up to 120 months with no points or closing costs for 4.99%. The best part is that this is a fixed rate. So it is not going to change for the life of the loan like other lenders do. When I got my loan last year the rate was at 7.24%, so this is a pretty good deal!

Signing up is easy. If you don’t fit in their field of membership then sign up to be a member of the National Military Family Association (NMFA). The cost is $20 to sign up and you don’t need to renew the membership every year to stay a member of the Credit Union. Not a bad way to get you in the door here.

You can get statements in the mail or have everything done electronically. You can even have your loan paid through their website, so no need to write checks. Which means that you can make the payment the day before it is due.

They offer other products as well like cash back credit cards, checking and savings accounts too. Over the year I have had my loan with them I am definetly happy with everything. The next time I need another mortgage or decide to refinance, I am sticking with PenFed. You just can’t beat their low rates and nonexistent fees.