HOME EQUITY LOANS AND LINES OF CREDIT

Start My Application Online

Get an Affordable Way to Do More

No matter your big plans, PenAir gives you options.

Already a Member?

Let's Get Started

Ready to Join Us?

Let's Begin

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?

Tools class="wrapper">

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.

Calculator class="wrapper">

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.

Credit Card class="wrapper">

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?

  • Best for

    Best for

  • Term

    Term

  • Rate

    Rate

  • Closing Cost

    Closing Cost

  • Funding

    Funding

  • Loan to Value

    Loan to Value

  • Annual Fees

    Annual Fees

Line of Credit

  • Best for

    When you want ongoing access to funds that can be used and re-use as needed.

  • Term

    10-year draw with 20-year amortization & repayment

  • Rate

    Variable*

  • Closing Cost

    Paid by PenAir Credit Union5

  • Funding

    Online transfer, by check or in person at any PenAir location

  • Loan to Value

    Up to 90% - credit score and other factors apply

  • Annual Fees

    No Annual Fees

Loan

  • Best for

    When you need a loan for a fixed amount, provided in a lump sum at a fixed rate.

  • Term

    5, 10, 15, or 20-years based on amount borrowed.

  • Rate

    Fixed Rate**

  • Closing Cost

    Paid by Member6

  • Funding

    One lump sum payment

  • Loan to Value

    Up to 85% of home's value

  • 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.

Do More, Start Here

Get an Affordable Way to Do More

No matter your big plans, PenAir gives you options.

Already a Member?

Let's Get Started

Ready to Join Us?

Let's Begin

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)
Didn't Find What You Needed? Say Help Me With Something Else

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.

5 Tips to Affording Your First Mortgage

It’s a good idea to make a 20% down payment on your mortgage if you want to start building equity ...
Read More

Buy or Rent – Which is Right for You?

For generations, home ownership was considered an essential component of the American dream. However...
Read More

Housing Decisions After a Divorce

When a marriage ends, housing can be one of the most challenging transitions to work through. If you...
Read More
Feed bottom image

Ready, set, go.

You built the equity, now spend it on your future!

Turn Homeownership into Reality
Get Started Online

Get an Affordable Way to Do More

No matter your big plans, PenAir gives you options.

Already a Member?

Let's Get Started

Ready to Join Us?

Let's Begin
Give Us a Ring
1-877-473-6247
Our Friendly Staff Are Here to Help
Schedule an Appointment

Schedule an appointment

Do you want an in-person or virtual appointment?

In-Branch Appointment

Jump the queue and set aside time to address your financial priorities.

Book in-branch appointment

Virtual Appointment

Save the drive and meet with PenAir via phone or video.

Book virtual appointment

Specialty Appointments

For Wealth, Financial Counseling, and Mortgage Lending appointments, please follow the steps below.

Wealth Management

For help with retirement, rollovers, and portfolio management, call 850-505-3200 ext. 8332 to meet with a licensed Wealth Manager.

Financial Counseling

For help with your finances, schedule an appointment with a Financial Counselor.
Meet with a Financial Counselor

Mortgage Lending

For all Mortgage appointments, please call 850-505-3200 ext. 8360 or email the Mortgage Department.

Disclosures

©2023 PenAir Credit Union. NMLS#413053. Terms and conditions subject to change without notice. Subject to credit approval. Rate may vary based on individual.
SVG linear gradient