Now that you are a homeowner you have been building equity in your home. P1FCU lets you use your home’s equity to finance whatever you desire such as a kitchen remodel, or perhaps to consolidate your debts.
Fixed Rate Home Equity Loan
- Home Equity loans have attractive interest rates and in most cases offer tax advantages (consult your tax advisor).
- Finance up to 80% of total loan-to-value in your primary residence.
- Fees paid by the borrower*
- Finance up to 90% of total loan-to-value(LTV) in your primary residence if P1FCU is the holder of your first mortgage - otherwise the maximum LTV is 80%.
- Interest is usually tax deductible (consult your tax advisor).
The annual percentage rate (APR) may vary and the maximum APR is 18.00%. The rate you receive depends on your individual credit history. Maximum loan amount not to exceed $250,000.
Home Equity Line of Credit
- Interest Rate/APR - Prime Rate as published in the Wall Street Journal + Margin based on Credit Score
- Payment - Minimum monthly payment will be based on interest due
- Term - Five years draw period followed by a 15-year amortized repayment period.
*Fees paid by the borrower include: appraisal fee, title search and recording fee and closing fees