Home Equity Loans

Home Equity Line of Credit


 

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Can be used for: Tuition, Debt Consolidation, 
Home Improvements, Vacations or 
Anything Else You Choose!

An Interest only Home Equity Loan could reduce your initial monthly payments to give you more cash in your wallet now. You can choose to make interest only payments on the mortgaged amount for a fixed term and at the end of the interest-only period, you can choose to either let the line automatically convert to principal and interest payments until the loan is paid off, refinance the outstanding principal or pay the balance off in one lump sum. 

Why is our Home Equity Line of Credit an excellent choice? 
Because we provide you with a Prime* minus .10% rate lock for life. Therefore, no matter what the prime rate might change to you'll always receive a rate that is .10% lower.* We also offer a super low introductory rate of 1.99% APR for the first 12 months, saving you hundreds or thousands of dollars in your first year. After the first year your rate will switch to Prime minus .10% (3.50% APR floor rate). There could also be potential tax savings available to you once you've taken the loan.  Our Home Equity Line of Credit is easy to apply for and we can provide you with a quick decision. Don't delay, you can apply right now by clicking here. If you'd like additional information or a quick monthly payment quote call 1-800-438-7415 anytime.


Fixed Rate Home Refinance


 

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Home Equity, Auto Equity Loans and Lines of Credit*

The money you need may be in your own backyard. We have home equity loans and lines of credit to meet all your borrowing needs. You can even refinance an existing home equity loan or line of credit, saving you hundreds of dollars each year.

*Principal residence or second home in NY, NJ, PA, MA & CT. Rates are subject to change. Some restrictions may apply for refinancing PFCU loans.


Automatic Loan Payment

Loan payments can be made automatically with payroll deduction at no extra charge. If your employer does not offer payroll deduction, ask us about our automatic transfer option.

For more information on applying, including completing an online application, please click here.

View our low Home Equity Rates


*Annual Percentage Rate (APR) of 1.99% is fixed for the first 12 months, followed by a variable rate based on The Wall Street Journal Prime Rate minus .10%. Prime as of 8/6/14 was 3.25%. After the first 12 months, the maximum variable rate is 15% and minimum rate is 3.50%. Rates at time of application are subject to change without notice. The credit line is available for the first 10 years in which for the first 5 years the borrower will be billed for interest only; however, the borrower may repay principal up to 75% of the credit line at any time without penalty. In the event of the repayment of more than 75% of principal by the borrower, then the borrower shall pay a closing costs recapture fee. Payments from the 6th through the 25th year will include principal and interest. Payments will be adjusted, if necessary, so that the loan will be self amortizing. Minimum loan amount is $25,000, maximum loan amount is $500,000; A Home Equity Line of Credit (HELOC) is secured by a first or second mortgage, which must be borrower’s primary residence and consist of residential 1-4 unit dwelling, condo or Planned Urban Development (PUD). Offer applies only to properties located in NY, NJ, CT, PA & MA. Maximum loan to value ratio in first position is 80% and in second position is 70%. Required minimum initial draw at closing is 25% of the approved credit line. A closing cost recapture fee will be imposed if during the first 36 months of the loan the account is closed or the outstanding balance falls below 25% of the credit line or the member ceases automatic deduction from a PFCU checking account. Loans subject to credit approval. Property insurance required. Flood insurance may be required. HELOCs do not qualify for Advantage Pricing. For terms and conditions of Advantage Pricing, see www.palisadesfcu.org under "Terms of Use". Other conditions and restrictions may apply; offer is subject to change. Applies to new loans only. Federally insured by the NCUA.

Fixed Rate Home Refinance:

*Annual Percentage Rates (APR) are current as of 8/1/14, require automatic deduction from a PFCU checking account and are subject to change without notice. Fixed terms of 3 to 5 years with a 3.75% APR will result in 36 to 60 equal monthly payments for principal and interest of between $29.42 and $18.31 per $1,000 borrowed depending on the term selected. Fixed terms of 6 to 10 years with a 4.25% APR will result in 72 to 120 equal monthly payments of principal and interest of between $15.77 and $10.25 per 1,000 borrowed depending on the term selected. Minimum loan amount is $50,000, maximum loan amount is $1,000,000; Offer is only available on 1-4 family owner occupied residences located in NY, NJ, CT, PA and MA. Loan must be secured by a first position mortgage. Maximum loan to value ratio is 75%. A closing cost recapture fee will be imposed if during the first 36 months the mortgage is paid off or the member ceases automatic deduction from a PFCU checking account. The closing cost recapture fee will be the actual amounts expended by Palisades FCU on this loan. Property insurance required. Flood insurance may be required. Subject to credit approval. Not available for purchase money mortgages or loan modifications. Federally insured by the NCUA.

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