PenFed Home Equity Line of Credit
Best Credit UnionPenFed
4.3
8.00%–18.00% APR$25,000–$500,000Fee: No closing costs; no annual feeMin credit: 660+
APR Range
8.00%–18.00%
Loan Amount
$25,000–$500,000
Term
120–240 mo
Origination Fee
No closing costs; no annual fee
Our take
PenFed is open to anyone (not just military) and consistently ranks among the lowest-cost HELOCs — no closing costs, no annual fee, no inactivity fee. The variable rate can drop further than banks in falling-rate environments. Membership required but free to join.
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Full details
| Minimum loan amount | $25,000 |
| Maximum loan amount | $500,000 |
| Lowest APR | 8.00% |
| Highest APR | 18.00% |
| Shortest term | 120 months |
| Longest term | 240 months |
| Origination fee | No closing costs; no annual fee |
| Minimum credit score | 660+ |
| Funding speed | 2–4 weeks |
Frequently asked questions
What is the APR range for PenFed Home Equity Line of Credit?
PenFed Home Equity Line of Credit offers APR from 8.00% to 18.00%. Your actual rate depends on creditworthiness, loan amount, and term length.
How much can I borrow with PenFed Home Equity Line of Credit?
Loan amounts range from $25,000 to $500,000. The amount you qualify for depends on your income, credit score, and existing debt.
What credit score do I need for PenFed Home Equity Line of Credit?
A minimum credit score of 660 is typically required. However, meeting the minimum doesn't guarantee approval — lenders also consider income, debt-to-income ratio, and employment history.
Does PenFed Home Equity Line of Credit charge an origination fee?
Yes, PenFed Home Equity Line of Credit charges an origination fee of No closing costs; no annual fee. This is deducted from your loan proceeds before disbursement.
How fast can I get funded with PenFed Home Equity Line of Credit?
PenFed Home Equity Line of Credit typically funds loans within 2–4 weeks. Actual funding time may vary based on verification requirements and your bank.
Is PenFed Home Equity Line of Credit worth it?
PenFed is open to anyone (not just military) and consistently ranks among the lowest-cost HELOCs — no closing costs, no annual fee, no inactivity fee. The variable rate can drop further than banks in falling-rate environments. Membership required but free to join.
Related guides
Verified Mar 2026
PenFed Home Equity Line of Credit