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Turn home equity into possibilities
Have a big expense on the horizon? A fixed-rate home equity loan or line of credit from Palisades Credit Union lets you easily tap into your home's value and get the money you need.
Contact us to apply
A Home Equity Loan is like a second mortgage, using your home's value to obtain the necessary funds. Like your primary mortgage, it has a fixed interest rate, predictable monthly payments, and a set loan term.
The details
- Lock in a low, fixed interest rate, with rates as low as 5.99% APR1.
- No closing costs on loans up to $250,0002.
- Use for renovations, repairs, education, debt consolidation.
- Set up account activity notifications through online banking.
- Available on NY, NJ, CT, MA, and PA properties.
- Potential tax advantages.
Ready to learn more? A Palisades Credit Union Loan Officer can help you determine how much you can borrow and find the right loan for your needs.
Tap into your home's value and access funds when you need them. It's like a credit card but with the security of your home as collateral.
The details
- Fixed introductory rate3 as low as 3.99%
- Use for anything, like a credit card
- Withdraw money during the 10-year draw period
- Pay interest only on what you use
- After the draw period, repay any remaining balance over a 15-year term
Not sure which option is the best fit? Palisades Credit Union is here to help you navigate the choices.
Local love. Local lending.
We understand that your home is more than just an asset—it's a source of financial possibilities. Whether you dream of a renovation, need funds for a major expense, or want to consolidate debt, our Home Equity Loans and HELOCs can help you achieve your goals.
1APR = Annual Percentage Rate. Minimum loan amount is $25,000, maximum loan amount is $500,000. HELOCs have a floor rate of 3.50% and a ceiling of 15.00%. After the introductory rate period, rates will adjust based on the Wall Street Journal Prime Rate and the loan-to-value and lien position of the HELOC. Prime Rate as of 12/19/2024 is 7.50%. Closing costs are waived on credit lines up to $250,000, additional conditions and geographic limitations may apply. Federally insured by NCUA.
2Average closing costs for loans of $250,000 are $2,500. The draw period for the credit line is 10 years.
3The fixed introductory rate will be in effect the 6 or 12 months after your account is opened, depending on the promotion selected, and whether or not funds have been advanced from your HELOC during that time. Thereafter, the rate, including the rate on any existing balance, will convert to the applicable Variable APR.
Rates start as low as the Wall Street Journal Prime Rate minus .10% (7.40% APR) for loans in first position with loan-to-value (LTV) up to 80%; actual rate based on borrower's credit profile, lien position, and collateral home's loan-to-value.
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 is secured by a first or second mortgage, which must be 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. Maximum loan to value ratio is 100%. Borrower may have to pay a closing cost recapture fee if during the first 36 months of the loan the account is closed. Property insurance required. Flood insurance may be required.
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