Home Equity Loans

Home Equity Line of Credit
 

Home-Equity-1
 

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

With a PFCU Home Equity Line of Credit is an easy and flexible way for you to help pay for:
  • Home Improvements
  • Vacations
  • Tuition
  • Debt consolidation

  • PFCU has two options available depending your what you will work best for you. We offer Home Equity Lines of Credit that you can pay the Interest & Principal from the start or just the Interest until the draw period is over*. 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? 
We offer a super low introductory rate of 1.99% APR for the first 6 months, saving you hundreds or thousands of dollars in your first year. After the first 6 months 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 Equity Special
Home Equity Fixed Special

 

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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 6 months, followed by a variable rate based on The Wall Street Journal Prime Rate minus .10%. Prime as of 3/2/15 was 3.25%. After the first 6 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 draw period for the credit line is 10 years. The borrower may repay principal up to 50% of the credit line at any time without penalty. In the event the repayment is more than 50% of principal by the borrower, then the borrower may have to pay a closing costs recapture fee. If the Home Equity Line of Credit is for more than $150,000, borrower will have to pay closing costs. For interest only Home Equity Lines, loans will consist of principal and interest after the 60th payment with a minimum payment of $100. Upon completion of the draw period, loan payments will be calculated to amortize at 180 months. 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 50% of the approved credit line. Borrower may have to pay a closing cost recapture fee if during the first 36 months of the loan the account is closed or the outstanding balance falls below 50% 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.

Fixed Rate Home Refinance:
*Annual Percentage Rates (APR) are current as of 4/3/15. Requires automatic deduction from a PFCU checking account and are subject to change without notice. Fixed terms of up to 180 months. Minimum loan amount is $50,000, maximum loan amount is $500,000. Offer is only available on 1-4 family owner occupied residences located in NY, NJ, CT, PA and MA. Maximum loan to value ratio is 75% in 1st position and 70% in 2nd position. Borrower is responsible for closings costs if the loan is greater than $150,000. Borrower may have to pay a closing cost recapture fee if during the first 36 months of the loan the account is closed or the member ceases automatic deduction from a PFCU checking account. Loans subject to credit approval. Property insurance required. Flood insurance may be required. Not available for purchase money mortgages or loan modifications.

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