Home Equity Line of Credit1 as Low as
Home Equity
Let your home pay you back.
You've put a lot of yourself into your house. When you need money to pay for life events or home renovations, your home can hold the key. Borrow against the equity you have in your home at a competitive rate with a home equity loan or line of credit.
Check out our rates
Fixed 15 Year2
as Low as
Rate: 7.500%
0.000% POINTS
Fixed 10 Year2
as Low as
Rate: 7.250%
0.000% POINTS
Fixed 5 Year2
as Low as
Rate: 7.000%
0.000% POINTS
Home Equity Payment Calculator5
Fixed Rate Home Equity Loan
- Receive your funds in one lump sum.
- Budget for the long term with a rate that won't change.
- Finance up to 90% of total loan-to-value in your primary residence if P1FCU is the holder of your first mortgage. Otherwise, the maximum loan-to-value is 80%.
- Interest can be tax-deductible3
- Fees paid by the borrower.4
Home Equity Line of Credit (HELOC)
- Access funds as you would a regular line of credit, through Online Banking.
- Interest rate/APR is based on the Prime Rate as published in the Wall Street Journal plus margin based on your credit score.
Which is right for me?
Home equity loans provide you with the funds as a lump sum. Home Equity Lines of Credit (HELOCs) are a line of credit that you can continue to draw on and pay back over time. Home equity loans are a great option if you know how much financing you need ahead of time. HELOCs provide you with ready access to cash over time.
What's the difference between a Home Equity Loan and a Refinance?
A home equity loan is a loan in addition to your current mortgage, while a refinance replaces your current mortgage. The option you should choose depends on your unique circumstances.
Discuss your options with one of our mortgage loan officers to get better insight into which option might work best for you.
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Disclosures
Rates Section 1 Rate 1 Disclosure
Rates Section 1 Rate 2 Disclosure Rates Section 1 Rate 3 Disclosure Rates Section 1 Rate 4 Disclosure Rates Section 2 Rate 1 Disclosure Rates Section 2 Rate 2 Disclosure Rates Section 2 Rate 3 Disclosure Rates Section 2 Rate 4 Disclosure
APR = Annual Percentage Rate. These rate offers are effective 04/22/2024 and subject to change. Rates displayed are the "as low as" rates for purchase loans and refinances. Rates are based on creditworthiness, loan-to-value (LTV), occupancy, and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates are subject to change without notice.
1 The Variable Annual Percentage Rate (APR) is based on the Prime Rate as published in the Wall Street Journal plus a margin, and will range from 7.75% APR to 7.75% APR. Some restrictions may apply. Actual APR based on creditworthiness and loan amount. Rates subject to change. Property Insurance is required. Membership required—based on eligibility.
All loans subject to credit approval. The closing costs depend on the location of the property, property type, and the amount of the Equity Line. Closing costs are costs paid to third parties rather than an application or origination fee retained by P1FCU. Fees paid by the borrower, for example, include appraisal, title, credit report, flood determination, and range between $0-$2,500.
2 The information provided assumes the purpose of the loan is to finance the equity in an already owned property. The payment examples below are for a property that is an existing single family home valued at $125,000 and will be used as a primary residence. An escrow (impound) account will not be established. Payment examples below include a 20% retention of equity in the property. The assumed credit score is 730 or greater.
A fixed rate loan for $100,000 for 15 years at 7.500% interest and 7.712% APR will have an estimated monthly payment of $927.01.
A fixed rate loan for $100,000 for 10 years at 7.250% interest and 7.542% APR will have an estimated monthly payment of $1174.01.
A fixed rate loan for $100,000 for 5 years at 7.000% interest and 7.537% APR will have an estimated monthly payment of $1980.12.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval. The closing costs depend on the location of the property, property type, and the amount of the Equity Loan. Closing costs are costs paid to third parties rather than an application or origination fee retained by P1FCU.
3 Consult your tax advisor regarding any tax decisions regarding interest payments on home equity loans.
4 Fees paid by the borrower, for example, include appraisal, title, credit report, flood determination, and range between $0-$2,500.
5 Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.