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).