Use the equity in your home and enjoy predictable monthly payments.
With a Fixed-Rate Home Equity Loan from Palisades Credit Union, you can tap into the home equity you've worked so hard to accrue. You'll also appreciate the ease of making fixed monthly payments. When you already have a large expense in mind, a Home Equity Loan may be a better option than a Home Equity Line of Credit. Borrow only what you need and repay the loan on a budget-friendly schedule of predictable monthly payments. Our Fixed-Rate Home Equity Loans allow homeowners to use their available equity to help finance home improvements, pay college tuition, consolidate higher interest debt, or to refinance existing higher-rate mortgages. Have something else in mind? That's fine, too.
For a more in-depth comparison of home equity loans and lines of credit, see The Difference Between a Home Equity Loan vs. A Home Equity Line of Credit.
Fixed Rate Home Equity Features:
- Fixed Rate over the life of the loan.
- Refinance existing Mortgages / Home Equity Loans.
- Set up account activity notifications through Online Banking.
- Available on properties in New York, New Jersey, Connecticut, Massachusetts, and Pennsylvania.
- Possible tax advantages. Consult with your tax advisor to determine eligibility.
How do Home Equity Loans Work?
You can think of your home equity loan as a second mortgage. The application process will be similar to your experience applying for an original mortgage. There will also be closing costs, a predetermined loan term, fixed interest rate, and predictable monthly payments. These are the primary similarities between a mortgage loan and a home equity loan.
How much can I borrow with a Home Equity Loan?
Your total home equity can be calculated by subtracting your primary mortgage balance from the current value of your house (as determined through an appraisal). Generally, you will be able to borrow a certain percentage of your total available equity. It's good to leave some of it untouched so that you don't end up "underwater" (when you owe more for the house than it is currently worth). A Palisades Credit Union Loan Officer can help you assess the maximum amount you may be able to borrow.
Apply for a Home Equity Loan online!
Palisades Credit Union is a not-for-profit, member-owned financial institution that exists solely to meet the banking needs of our members. From online account opening to ATM-fee refunds, no monthly service fee, and cash-back rewards, we are proud to bring you one of the best credit union Home Equity Loans for Bergen County, Rockland County, and select groups in New York City.
At Palisades Credit Union, our mission is to build valued relationships through a lifetime of financial solutions. With over $200 million in assets and more than 14,000 members, we continuously strive to offer our members first-class financial services. Our focus is on our members and the local community, allowing us to tailor the financial products and services we offer to the needs of Rockland County, New York; Bergen County, New Jersey; and select groups in New York City.
Ready to move ahead with your plans for home improvement or debt consolidation? Apply for a Home Equity Loan or one of our other home loans online or visit your nearest PCU location in Nanuet, New City, or Orangeburg, NY.
Average closing costs for loans of $250,000 are $3,121.
* APR=Annual Percentage Rate. Rate effective as of 1/1/2020. Rate is subject to change at any time and is subject to credit approval. Rates are subject to Lender's credit criteria, certain conditions and restrictions apply. Fixed terms of up to 180 months. Minimum loan amount is $25,000, maximum loan amount is $500,000. Home Equity Loans are only available in 2nd lien position, and must be secured by the 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 and MA. Rates start as low as 5.50% for loans in second position with loan to value ratio up 70%. For loans with loan to value ratio up to 100%, rates start as low as 7.00%. Borrower may have to pay a closing cost recapture fee if the loan is closed within the first 36 months of the origination date. Property insurance required. Flood insurance may be required. Based on a $25,000 loan with a 5.50% APR for 60 months, monthly payments will be $478.Go to main navigation