Lock in Your Home's Value with an introductory rate of 1.99% APR2 for the first 12 months, then as low as 4.99% APR3 variable for the life of the loan. Pay $0 in closing costs1. Offer valid 3/19/18 through 4/20/18.

At Pen Air, we're here to help you with the things you value most. Helping you finance important purchases, from kitchen renovations to college tuition or simply debt consolidation. We'll work with you to find the right solution that works best for you - a process that's easy. Since most loans close two weeks faster than other lenders, you can save time while taking care of what's most valuable to you.

You can use the value of your home to affordably borrow money for whatever it is you need through a Home Equity Loan or a Home Equity Line of Credit. These two types of loans often have a lower interest rate since they are secured loans.

Here are two solutions to unlock your home's value:

  Term Rate Closing Cost Accessing Funds


A Home Equity Line of Credit (HELOC) is a revolving account that allows you to draw on an "as-needed" basis up to a pre-set limit.


10 year draw period with a 20 year amortization and a 20 year repayment period.


* Pen Air will never increase the rate more than 2% in a 12 month period, no matter how high prime  rises.

Pen Air pays the closing costs.

You receive a pack of free checks or you can transfer funds straight from your HELOC to your account online or in any Pen Air Location.

Home Equity Loan

A Home Equity Fixed Rate Loan is a loan for a specific amount and term for repayment

Terms offered are 5, 10, 15 or 20 years depending on the amount you borrow.

Fixed Rate*

*Rates vary weekly. Ask a Member Advisor for this week's rates.

Member pays closing cost.*

*Closing costs can be paid outside of closing or can be deducted from proceeds.

You receive the funds in one lump sum.

Two easy ways to apply:

» Online: An online loan application takes approximately 5 - 10 minutes. However, you can save your application data and login at a later time to finish, check your loan status or submit additional loan documents.

» In-Person at any Pen Air Location

Apply Now

Why do I need a home equity loan?

We all have unexpected expenses, cash shortage, home repairs or large purchases to make and need affordable options. Instead of draining your investments that may increase in value over time, you can use the equity in your home to open a Home Equity Line of Credit (HELOC) or Home Equity Loan. Our competitive rates and quick application and closing process make the decision to unlock your home's value simple.

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 wiht a fixed rate that is especially useful for a large initial purchase. Our Member Advisors 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 Member Advisor to determine your estimated credit limit or loan value amount.

Verfication of Income

» Most recent 30 days of paystubs

» Most recent W2

» 1099 or awards letter for retirment income, social security, etc.

» 2 years tax returns with all schedules and year to date profit and loss statement for BUSINESS income, RENTAL income or if the majority of your income is commission.

First Mortgage Statement

» To verify loan balance and escrow status

Home Owner's Insurance Certificate

» Declarations Page

Copy of Payoff Statements (if applicable)

» For accounts that we will be paying off


© 2018 Pen Air Federal Credit Union. NMLS# 413053.  1Special Offer: Pen Air will pay closing costs on new Home Equity Line of Credit applications only. Loans paid off and closed in less than three years (36 months) from the loan origination date will require reimbursement of all closing costs paid by Pen Air. For loan amounts up to $250,000, closing costs typically range between $150 and $900. The closing costs depend on the location of the property and the amount of the loan. No minimum draw required on loan. Flood insurance may be required. Owner occupancy required. 2Introductory Rate discount is available for New Home Equity Line of Credit applications. For the first twelve months after the open date, the monthly Periodic Rate for new transactions will be l.99%APR. 3Beginning on the day following the first twelve months after the open date, the Periodic Rate and the corresponding (APR) for all transactions and balances will be based upon your contracted rate which will be a variable rate based upon The Wall Street Journal Periodic Rate which is 4.50% as of 12/14/17, plus a margin ranging from .49% to 1.49% and will never be more than 18%. Your contract APR will be based on several factors, including your credit history, loan to value ratio, property type, and lien status. A sample HELOC payment based on $100,000 at 4.99% APR for 20 years is $659.40. Terms and conditions subject to change without notice. Subject to credit approval. Rate may vary based on individual. 

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Surprising Ways to Use a Home Equity Line of Credit

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Home Equity and Line of Credit