Pennymac Home Equity Loan Review 2025
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Our Take
3.5
Pennymac’s home equity loan stands out for its fast closing, which can be available in as little as one week. And if closing drags, Pennymac offers a 30-day rate-lock period. You can start an application online, but you'll have to speak with a loan officer in order to finish it. Sample rates aren’t posted online.
Pros
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Qualified borrowers may be able to close within a week.
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Home equity loans are available for second homes.
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Offers a wide range of customer support options.
Cons
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Doesn’t post home equity loan rates online.
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Borrowers must speak with a loan officer to apply.
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Borrowers will have to pay closing costs and may have to get an appraisal.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
 Visit Lenderat Figure at Figure | $750,000 | 85% | 600 | Visit Lenderat Figure at Figure |
 Visit Lenderat Achieve at Achieve | $300,000 | 85% | 600 | Visit Lenderat Achieve at Achieve |
 4.0 Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC | $250,000 | 95% | 600 | Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC |
 Visit Lenderat New American Funding at New American Funding | $750,000 | 90% | 620 | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat NBKC at NBKC | $250,000 | 85% | 720 | Visit Lenderat NBKC at NBKC |
Full Review
💲Pennymac home equity loan rates
Home equity loan rates tend to move with the federal funds rate, which is set by the Federal Reserve. In addition to market factors, your home equity loan rate offers will be determined by your financial profile, including your credit score and income.
Pennymac does not post sample home equity loan rates online.
👍 Reasons to get a Pennymac home equity loan
Borrowers can access up to 85% of their home equity with a Pennymac home equity loan, a typical borrowing limit. According to the lender, organized borrowers may be able to close within a week. Borrowers who need more time can lock their rate for up to 30 days.
Pennymac offers flexible repayment term options: 10, 15, 20 and 30 years. Home equity loans are also available for second homes.
» MORE: Best home equity loan lenders
🤔 Reasons why Pennymac home equity loan gives us pause
Borrowers have to speak with an agent over the phone in order to finish an application. They’ll also pay closing costs (which are standard, though not required with every lender) and may need to get an appraisal.
📎 Ways to apply for a Pennymac home equity loan
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | 🚫 |
In person 🏦 | ✅ |
While Pennymac earned marks for offering an online application, you’ll need to speak with a representative over the phone to access it.
You can contact customer service over the phone or in person at a branch. Online chat is also available to customers logged into an account.
Physical branches are located in Arizona, California, Florida, Hawaii, Missouri, Nevada, Tennessee and Texas.
🛒 Alternatives to a Pennymac home equity loan
Wondering if another lender or product might be a better fit? It’s worth it to shop around to learn more about your options.
Borrowers looking to access a lot of their home equity should consider PrimeLending, which has a max CLTV of 95%. If you’re more concerned with getting an efficient closing, NBKC offers closing in an average of 15 days.
Finally, borrowers who are just looking for an overall solid home equity loan lender should look at New American Funding.
A home equity loan isn’t your only option
You can also explore products outside of home equity loans. Alternatives to home equity loans include a HELOC, which you can draw from as needed, or a cash-out refinance, which replaces your existing mortgage with a larger loan.
Among these options, Pennymac offers cash-out refinancing.
Borrow from your home’s equity
NerdWallet’s home equity loan star ratings are independently researched and developed by the editorial team based on the following factors: maximum combined loan-to-value ratio, closing costs, whether an appraisal is required, the number of repayment term options, length of the longest available term, rate transparency, average time to close, availability for second homes, number of ways to apply and number of customer service touchpoints. A recent regulatory action against a lender may affect its home equity loan star rating.
