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5/5 Home Equity Line of Credit

Access funds for short-term needs without the hassle.  If you have temporary expenses such as tuition or short-term medical care,  this line of credit provides a flexible and convenient option.


Become a member and take advantage of products and exclusive offers!

To become a member, you need only fulfill two requirements:

1. Determine your eligibility

2. Open a Regular Share Account with at least $5

Owner Occupied Homes

Loan to Value (LTV)
Line Amount Variable APR1

75% or Less LTV

$25K - $400K up to 180 Months


1 Rate adjusts once every 5 years. There is a minimum rate floor of % APR and a maximum rate of 18% APR.

Non-Owner Occupied Homes

Loan to Value (LTV)
Line Amount Variable APR2

70% or Less LTV

$25K - $400K up to 144 Months


2 Rate adjusts once every 5 years. There is a minimum rate floor of % APR and a maximum rate of 18% APR.

Features & Benefits

  • Loans from $25,000 - $400,000
  • Funds when you need them
  • Rate changes once every 5 years
  • Only pay on the funds that you use

• Closing Costs Credit

• The maximum Loan To Value for an Owner Occupied Home is 75% or less.

• The maximum Loan To Value for an Non-Owner Occupied Home is 70% or less.

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Closing Cost Credit: PENZIOX will pay most closing costs associated with an equity line of credit (ELOC) which includes: credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county and/or state taxes if the subject property is located in FL, KS, MD, MN, NY, TN or VA. If an appraisal is required, the cost will be paid by the member, who is responsible for the fee whether or not the loan closes. The member is responsible for notary fees. Should this loan be paid off or closed within 36 months from the anniversary date of the loan closing, the member will be obligated to reimburse the full amount of the PENZIOX paid closing costs for the loan.

Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Home equity lines of credit (ELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan.

Appraisals: An appraisal is required for all applications with a CLTV over 80%. For applications with a CLTV of 80% or less, PENZIOX will attempt to establish value via an independent method. If that method is unsuccessful, an appraisal will be required regardless of CLTV. An appraisal is required in the following circumstances:

  • For any loan amount if the loan to value ratio (CLTV) is greater than 80%; or
  • For all equity loans with a loan amount greater than $250,000.

If an appraisal is required it must be ordered by PENZIOX. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $350 to $525 (some run higher).

Property Insurance: Property insurance is required.

PENZIOX Mortgage Aggregate: If the total combined PENZIOX indebtedness for real estate loans against the collateral property exceeds $750,000 then the maximum CLTV is 80%. This total indebtedness includes a PENZIOX 1st mortgage, the new requested loan amount and any outstanding PENZIOX equity loan products.

Multiple Loans: Multiple equity loans and ELOCs are available as long as the member and collateral qualify (except Texas). The total PENZIOX indebtedness cannot exceed $400,000 for all equity and ELOCs combined.

PENZIOX does not lend on:

  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • Commercial property or property used for commercial purposes, even if a residence is part of the property
  • Undeveloped property (land only)
  • Properties with more than 4 units.

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

5/5 Equity Line of Credit:

  • In all states, the maximum CLTV available is 75% on owner occupied properties and 70% on non-owner occupied properties.
  • In Texas an ELOC amount may not exceed 50% of market value, regardless of equity available. Additional restrictions apply in Texas, so please ask a representative for details.
  • The maximum CLTV for condominiums is 80% in all states.
  • Rates vary depending on owner occupancy and CLTV.

Other terms and conditions apply; call 1-800-970-7766, extension 6400 to speak with a representative for details. All rates and offers are as of June 2017 and subject to change without notice. To receive advertised product you must become a member of PENZIOX by opening a share (savings) account.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Can You Buy a Car While You’re Still in School?

Posted January 2016

The college student’s traditional 10-speed bicycle isn’t always enough for getting around today’s sprawling university campuses, back and forth to off-campus jobs, and through rush-hour traffic to an apartment across town. But is it realistic to finance a car when your student loan debt is ticking upward with every passing semester?

While starting out life as a new graduate with debt is never ideal, the way you go about tackling both student loans and a car loan can leave you with a reasonable amount of financial breathing room. The trick is not piling on both student loans and car payments at the same time.

Buy a car the smart way

Put your college research skills to work pinning down the right loan and the right car before you even begin looking at individual cars.

Set your budget. How much money do you have for a down payment? How big a monthly payment can you afford to make? Use an online auto loan payment calculator to figure out how the interest rate, size, and length of your car loan will affect your monthly payments. Resist the temptation to lower those payments by stretching out the payment term. The longer your loan term, the lower your monthly payments—but the more interest you pay over time. When you already have student loans to deal with, that’s money you can’t afford to add.

Shop for a loan before you shop for a car. Keep your heart from running away with your head by lining up your financing before you shop for a car. Not only does handling the financing first let you shop around for the best financing rates, but it takes the pressure off you at the car lot. Now the burden is on the dealer or seller to cut a great deal in order to earn your business.

Buying a car when you’re in school

When you’re still in school, you need to keep the cost of buying a car to a bare minimum. The smartest method is to self-finance the money and upgrade the car in stages—the method popularized by financial guru Dave Ramsay.

Here’s how it works: Buy an old car for a couple of thousand dollars in cash, and then begin making monthly “car payments” to your own savings account. Once you’ve saved another few thousand dollars, sell the car (hopefully for about as much as you originally paid), and then use that money plus your new car savings to buy a newer, better car. Repeat this process until you find yourself behind the wheel of a reasonably recent model. By the time you graduate, you’ll be in a newish car you’ve paid for entirely with cash—and with no car debt. Happy graduation!

Buying a car as recent grad

New grads often think paying off student loans should be their number one priority. But now that you’re actively making student loan payments, you can’t afford to overextend yourself. What you really need is the safety net of an emergency fund for handling unexpected expenses.

Stick with the Ramsay method while you build your emergency fund. When you’re finally in a position to finance a car, consider buying a low-mileage used car to take advantage of the price difference between new and used cars. Don’t be tempted by a lease, which leaves you with nothing to trade-in when the lease is up, setting you back to ground zero.

Auto financing options for students

Even first-time student buyers can find competitive financing with the right lenders. A PENZIOX new car loan or used car loan can get you behind the wheel at a great rate—comparable to what you’re probably paying for your student loan, and maybe even less.

If the entire process feels too intimidating, cut to the chase and use the PENZIOX Car Buying Service to make your purchase online. You can search and sort cars by the features you’re looking for, and you’ll get a free CARFAX® report on most used cars to ensure you’re choosing a reliable vehicle.