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Home Equity Line of Credit

Use the equity you’ve built in your home to access funds for major expenses. Get the cash you need when you need it and take advantage of interest-only payments.


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

80% OR LESS $
- $
(Prime + 0%)
80.01% to 85% $
- $
(Prime +.50%)

1 Prime Rate is % as of . There is a minimum rate floor of % APR and a maximum rate of % APR.

Non-Owner Occupied Homes

Loan to Value (LTV)
Line Amount Rate2

80% or Less LTV

$ - $

Variable % APR (Prime + 1.00%)

2 Prime Rate is % as of . There is a minimum rate floor of % APR and a maximum rate of % APR.


  • Loans from $10,000 - $400,000
  • Perfect for recurring expenses
  • Only pay on the funds that you use
  • Low monthly payments

• Closing Costs Credit

• Available funds when you need them

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Closing Cost Credit: PENZIOX will pay most closing costs associated with an interest only 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 24 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). For Equity loans and ELOCs the total 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).

Interest Only Equity Line of Credit:

  • This Account has a Draw Period of 15 years, after which you will be required to repay any outstanding amount in one balloon payment.
  • If only minimum payments are made, the loan balance will not decrease.
  • In Texas, the maximum CLTV available is 80% on owner occupied properties and 75% on non-owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 85% on owner occupied properties and 80% on non-owner occupied properties.
  • 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.

What You Need to Know About EMV Chip-Enabled Debit Cards

Posted May 2016

If you’ve gotten a new debit card recently, you might have noticed something different about it: many debit cards now feature a rectangular metallic chip placed just above the card number on the left-hand side.

Congratulations. You are now an official holder of an EMV chip-enabled debit card—and while it still has the magnetic strip you’re used to, it also has a microchip. Both of these features contain the information a retailer needs to process a transaction, but credit and debit card issuers are transitioning to EMV chip-enabled technology because it’s more secure.

What makes an EMV chip-enabled debit card more secure?

A magnetic strip card contains all the information about your card right in the strip. Because everything’s on the card and read by the retailer to process a transaction, thieves that hack into retailer databases and steal data usually have everything they need to use your card to make transactions.

EMV chip-enabled debit cards work differently. The chip is actually a tiny computer chip and every time you make a transaction, in addition to handing over your account information, it generates a unique, one-use code to verify the transaction. Without that code, you can’t make a transaction, and the code is hard to forge or duplicate.

When you use your debit card at a retailer, you have to insert your card into a reader. It takes a few seconds for the reader to verify your card, but that extra time is a small price to pay for the security these cards offer.

How is an EMV chip-enabled debit card different from a magnetic strip debit card?

While your new EMV debit card processes transactions differently, it works in the same way as your old card. Instead of swiping your card, you insert or dip it into a reader and enter your PIN (Personal Identification Number). Though processing the transaction will take a little longer, your debit card basically works the same way it always has.

What you need to know about your new EMV chip-enabled debit card

As with any new technology, there are a few things you need to know about these new chip debit cards:

They’re easy to use. Though chip debit cards work differently than the magnetic strip cards we’re used to, they’re still simple to use. Most merchants have instructions on the chip reader terminal screen to guide you through the steps if you’re not sure what to do—and the sales clerk will always be happy to help you out!

Insert, don’t swipe! To use your EMV chip-enabled debit card and benefit from the most protection, you insert the end with the chip into the reader. Don’t pull it back out as you would when you swipe with a magnetic strip: your debit card needs to stay in the reader while it generates and verifies that one-use code to process your transaction. It should beep or provide instructions on the chip reader terminal screen to remove your card when it’s finished.

Not every retailer is using EMV chip technology yet. While many shops are already using chip readers, not all of them are. These stores may not have chip readers yet or they may have chip readers that aren’t active yet. Typically, inactive chip readers will be marked, but if you’re having trouble using your chip card, the reader may not be working yet—ask the sales clerk. In this case, you can still swipe your card to use it the traditional way.

You might sign or enter a PIN. Depending on your financial institution and the merchant, your new chip card may require a PIN or a signature to use it. The merchant should prompt you to sign or enter a PIN as needed.

They’re easier to use overseas. Much of the rest of the world has been using this technology for years—which means some retailers may not accept your magnetic strip card when you’re traveling abroad. With a chip card, you’re using the same technology that’s used internationally, saving you a travel headache. However, Europe uses chip cards with PIN more often than with signatures. If your financial institution requires a signature rather than a PIN, you may want to contact them about getting a PIN.

You still want to keep your card safe. Even though EMV chip-enabled cards are more secure than the magnetic strip cards we’re used to, you should still take precautions to keep your card safe. Keep an eye on your debit card statement for fraudulent charges and always keep your card physically secure. If someone steals your wallet, it’s still easy for them to use your card.

Get an EMV chip-enabled card from PENZIOX

All new credit and debit cards from PENZIOX come with an EMV chip to help protect you from fraud. If you don’t already have a PENZIOX credit card, you can apply for one today. From simple cards to rewards cards, we have an option that’s perfect for you!