Home Equity Loans & Lines of Credit

Parker Community Credit Union offers Home Equity Loans that can help you meet your financial needs.  Whether it is for a onetime expense such as a new vehicle, or recurring expenses such as college tuition, we have a product that’s right for you.

Our Adjustable Rate Home Equity Line of Credit Loan is an open end loan that allows you to access the equity in your home during the 5 year draw period.  After the draw period, you can take up to 15 years to repay.  Once the credit line has been established, the money is easily available through online banking, phone transfer, in person, or by writing a check.

Fixed rate and term Home Equity Loans are another option available when a line of credit isn’t needed.  We have terms available up to 20 years.

The equity you have available is based on the current market value of your home, less the amount owed on your present mortgage.  If qualified, you may borrow up to 90% of your equity.

Apply today!

Open-End Home Equity Lines of Credit

 

At PCCU we offer two types of home equity line of credit programs. The difference is in your monthly payments during the draw period. One will bill you for interest-only each month while the second option will bill you interest plus a small portion of your balance each month.  The choice is yours!

 

Program

Loan-to-Value

6-Month Introductory APR*

Current VPR**

Index

Margin

Interest Only

80%

1.99%

3.99%

Prime Rate

0.00%

 

80% to 90%

1.99%

6.25%

Prime Rate

2.00%

 

 

 

 

 

 

Monthly Principal plus interest

 To 80%

2.99%

3.25%

Prime Rate

0.00%

 

80% to 90%

2.99%

5.25%

Prime Rate

2.00%

 Closed-End Fixed Rate Second Mortgage

For those that prefer a one-time loan with a fixed rate and term Home Equity Loans are another option available when a line of credit isn’t needed.  We have terms available up to 20 years.

Term

Loan-to-Value up to 80%

APR*

Loan-to-Value 80%-90%

APR*

120

3.99%

4.99%

180

4.49%

5.49%

240

4.99%

5.99%

 

 

Closing costs range from $171 to $371 and are paid by PCCU on loans under 80% LTV.  If an appraisal is required, an additional charge of $350 to $470 will be paid by the borrower.  Property insurance is required.

*APR is Annual Percentage Rate.  Your rate may vary based on your creditworthiness, loan to value  and repayment option.**VPR is Variable Periodic Rate. 

**VPR is subject to change monthly after the initial 6 month introductory rate.  Your rate may vary based on your creditworthiness, loan to value and repayment option.  The Prime Rate as of February 13, 2014 was 3.25%.

Interest may be tax deductible - Consult your tax advisor.