You've built equity, now build memories with a Home Equity Line of Credit or Home Equity Loan.

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At Pen Air, we're here to help you with the things you value most. Whether it's financing your dream kitchen remodel or a pool for the family to enjoy, we'll work with you to find the right home improvement loan 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 planning out your next home improvement project.

You can use the value of your home to affordably borrow money for your home improvement projects 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.

Compare a Home Equity Loan to a Home Equity Line of Credit:

  Term Rate Closing Cost Accessing Funds Loan to Value


Annual Fees


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 (excluding increases after a promotional rate).

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.

Up to 100% depending on credit socre and other factors.

No annual fees

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.

Up to 85% of your home's value No annual fees
Surprising Ways to Use a HELOC

Two simple 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


Contact our team of Home Equity experts by calling 850.505.3200 ext. 8380 or by  email today. 

Home Equity loans are an affordable option for home improvements.  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 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 Member Advisor 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. Pen Air offers up to 85% of your home's value on fixed home equity loans and up to 100% on home equity lines of credit.

» 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

» 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


© 2019 Pen Air Federal Credit Union. NMLS# 413053. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications and collateral conditions. All loans subject to approval.


Pen Air offers great home equity loans for your home improvement needs for residents in Pensacola, FL and Mobile, AL

Home Improvements Using a Home Equity Loan