Home Equity Loans
If you’re looking to get a little more out of your house, a Home Equity Loan might be for you. We offer our members, age 18 and older, two ways to use the equity you’ve built in your home to fulfill your financial goals. By using your home as collateral, you can secure a great rate and the interest you pay may be tax-deductible.*
What is a Home Equity Loan?
A Home Equity Loan is a loan that allows borrowers to use the value of their home as collateral. Home Equity Loans typically offer borrowers a fixed term, fixed interest rate with fixed monthly payments. This means a Home Equity Loans offer borrowers an opportunity to borrow a specific amount – only borrowing the money that they need.
Why Choose a Home Equity Loan
- Consolidate debt. Enjoy one low interest rate and one monthly and – most likely – smaller bill. Plus, you may improve your credit rating in the process.
- Home improvements. Use your home equity to make improvements that can increase the market value of your home.
- College tuition. Your home’s equity can help you invest in your child’s future.
Benefits of Choosing a Home Equity Loan
- Fixed monthly payments. With a fixed loan sum and fixed rates, you’re able to make affordable monthly payments –and know what you’ll be paying each month for the duration of the loan.
- Competitive rates. Use your home’s equity to lock in a low, competitive rate for your loan.
- Use Investment Properties as Collateral. For loan amount under $50,000, borrowers can use their investment properties to get the loan they need.
Home Equity Loans from PFCU
A PFCU fixed-term Home Equity Loan is a check for a specific amount, to be paid over a specific term. Our Home Equity Loan rates are as low as 3.24% APR* and until December 31, 2016, we're waiving the application fee!* So if you’re interested, now’s the time to act.
Terms & Restrictions
Home Equity Loan
Determined by your home's equity
- Primary residences and vacation homes can be used as collateral.
- Investment properties can be used as collateral for loan amounts under $50,000.
Fixed by terms of loan.
- Repayment up to 240 months
- Maximum term on an investment property is 144 months.
Home Equity Line of Credit
Is a Home Equity Loan not the right fit for your needs? PFCU also offers Home Equity Line of Credit to qualified borrowers. Learn more »
Want to talk to someone?
Call our Member Services Representatives at 215-934-3500 to talk with a PFCU Mortgage Professional.
* APR = Annual Percentage Rate. This plan has a variable rate feature. The Annual Percentage Rate (corresponding to the prime rate) and the minimum payment during the draw and the repayment periods can change as a result. Minimum payment example: If you made only the minimum payments and took no other credit advances, it would take 180 months to pay off a credit advance of $15,000.00 at an annual percentage rate of 3.50%. During that period, you would make 180 monthly payments of $107.22. Maximum rate and payment example: If you had an outstanding balance of $15,000.00 during the draw period and took no credit advances, the minimum payment at the maximum annual percentage rate of 18.00% would be $241.49. If you had an outstanding balance of $15,000.00 during the repayment period, the minimum payment at a maximum annual percentage rate of 18.00% would be $241.49. Our rates are based on the prime rate as published in the Wall Street Journal with a floor of 2.99% on lines of credit up to $250,000 and are valid for 80% loan to value. Your rate will be based on your credit history and may be higher. Rates and terms are subject to change without notice. The maximum APR that can apply is 18%. Property insurance is required, and Flood insurance may be required. Home Equity Loans are only available in PA, NJ, DE, MD and FL. Other charges may apply for loans outside of PA and NJ. Offer of credit is subject to credit approval. All closing costs are paid by the credit union but if the loan is paid off within three years, the member is responsible for reimbursing the credit union for fees paid. Consult a tax advisor regarding the deductibility of interest.
** APR = Annual Percentage Rate. Quoted rate is the lowest available rate and is accurate as of July 1, 2016. Your rate will be based on your credit history and may be higher. For each $15,000 borrowed at 3.24% APR over a term of 60 months, pay approximately $271.15 a month. Offer cannot be combined with any other offer. Rates and terms are subject to change without notice. Home Equity Loans are only available in PA, NJ, DE, MD and FL. Other charges may apply for loans outside of PA and NJ. Offer excludes all loans already financed at PFCU. Application waiver promotion is valid for 80% loan-to-value and expires February 28, 2017. Property insurance is required, and Flood insurance may be required. Fees that PFCU pays on your behalf will be recaptured if the loan is paid off within the first three years. Offer of credit is subject to credit approval.