5.24% Home Equity Loan at Pentagon Federal Credit Union

Here is a great deal from Pentagon Federal Credit Union. They are currently offering home equity loans at 5.24% for up to 120 months. This is a fixed rate people, so no, it isn’t going skyrocket later. To get this rate you need to have at least 20% equity in the home after the loan is taken out. If you don’t have that much equity, their other rates are pretty good as well.

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I can’t find anywhere where it discusses closing costs, but when I took out my home equity loan with them, there were zero closing costs. Yes, not even an appraisal. I would call them to ask about closing costs prior to applying. Since PenFed is a credit union, you need to be a member to get in on these great rates. Most credit unions require you to live or work in a certain area, however with PenFed anyone can join and the process is fairly simple. 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. I currently have a home equity loan with them and am definitely 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.

NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.

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