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).