Home Equity Line of Credit (HELOC)
Let your home’s current value work for you. The equity you have built through home ownership can enable you to get a line of credit to meet current and future financial needs.
Common uses for a home equity line of credit include:
- Medical expenses
- Education expenses
- Home improvement
- New automobile purchase
- Consolidating bills
- Being prepared for the unexpected
Here are the benefits and details you need to know:
- A revolving line of credit that uses your home as collateral
- Borrow what you need and payback that amount
- Similar to a credit card in that if you don’t use it, there are no payments needed
- No annual fee
- An adjustable interest rate that is based on the prime rate as published in the Wall Street Journal on the day of your closing
- Interest rate can change monthly
- Lifetime interest rate cap of 18%
- Maximum loan limit is $100,000
- All closing costs are paid by PFCU
- Expenses outside the HELOC, such as appraisals or additional legal fees, are the borrower’s responsibility
- Maximum loan-to-value (LTV) is based on 80% (minus all existing mortgages) of tax assessment or appraised value (whichever is higher)
- Terms shall not exceed fifteen (15) years
- Draw period is five (5) years from the opening date of the account (15-year mortgage)
- Owner-occupied properties only
- PFCU must be in the first- or second-lien position
Visit our loan rates page for rates and terms.
Download and complete a loan application.
Call us with any questions.
Stop in to submit the application; remember to bring proof of income, too (pay stub, W2, tax return).