HOME EQUITY LOANS AND LINES OF CREDIT
Use Your Home Equity for Something Great
You might already have your dream house, but maybe it needs a bathroom upgrade or a pool to cool you off from the hot summer sun. Use the equity that you’ve built to finance renovations, growing your family, education or even consolidate debt. No matter your big plans, PenAir gives you options.
What Will You Do With Your Equity?
Home Improvements
Your equity might just buy you a brand new kitchen with a beautiful new back splash, upgraded appliances and even that spacious farmhouse sink.
Debt Consolidation
Pay off your high-interest credit cards with a lower payment and in one location. Never underestimate the power of a lower rate.
Big Ticket Items
Whether college tuition expenses might be knocking at your door or growing your family is the top matter at heart, your home equity can get you there.
Which Home Equity Option Fits You Best?
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Best for
Best for
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Term
Term
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Rate
Rate
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Closing Cost
Closing Cost
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Funding
Funding
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Loan to Value
Loan to Value
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Annual Fees
Annual Fees
Line of Credit
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Best for
When you want ongoing access to funds that can be used and re-use as needed.
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Term
10-year draw with 20-year amortization & repayment
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Rate
Variable*
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Closing Cost
Paid by PenAir Credit Union5
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Funding
Online transfer, by check or in person at any PenAir location
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Loan to Value
Up to 90% - credit score and other factors apply
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Annual Fees
No Annual Fees
Loan
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Best for
When you need a loan for a fixed amount, provided in a lump sum at a fixed rate.
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Term
5, 10, 15, or 20-years based on amount borrowed.
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Rate
Fixed Rate**
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Closing Cost
Paid by Member6
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Funding
One lump sum payment
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Loan to Value
Up to 85% of home's value
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Annual Fees
No Annual Fees
*PenAir will never increase the rate more than 2% in a 12 month period, no matter how high prime rises. This excludes increases after a promotional rate period has ended.
**Rates vary weekly. Ask a Member Advisor for the current rate.
5 If you close your line of credit within 36 months, you will be responsible for paying back the closing costs.
6 Closing Costs can be paid outside of closing or can be deducted from proceeds.
Your journey starts with a single click.
Need a little more information?
See if this is what you’re looking for.
Each type of loan has its benefits depending on what you’re looking for. For example, the Home Equity Line of Credit (HELOC) gives you the flexibility to use the funds on an “as-needed” basis. On the other hand, the Home Equity Loan gives you a one-time draw with a fixed rate that is especially useful for a large initial purchase. Our Home Equity experts are ready to help you find the solution to fit your need.
The amount of equity you currently have in your home will determine the Home Equity Line of Credit (HELOC) limit or Home Equity Loan value.* Consult with a Home Equity expert to determine your estimated credit limit or loan value amount.
*If your home is valued at $150,000 and you owe $100,000, then your home’s equity is $50,000. PenAir offers up to 85% of your home value on fixed home equity loans and up to 90% on home equity lines of credit.
Verification of Income:
- W2 income – your most recent W2 and 30 days’ paystubs or income statement. Retiree’s or Social Security income – your most recent 1099 or benefits awards letter. Self-employed, rental income or commission income – your two most recent years’ tax returns, including all schedules.
- First Mortgage Statement
- Home Owner’s Insurance Certificate
- Declarations Page
- Copy of Payoff Statements (if applicable)
Getting the most enjoyment from your home is the goal.
Let us help you frame your questions and find solutions that work best for you.
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Ready, set, go.
You built the equity, now spend it on your future!