Home Equity Line of Credit
Planning a home improvement or other major expense? Use the equity in your home responsibly with a Home Equity Line of Credit from PFCU to get the funds you need, when you need them.
What is a Home Equity Line of Credit?
A Home Equity Line of Credit (HELOC) is a loan that allows borrowers to borrow up to a maximum amount using their home’s equity as collateral. Unlike a Home Equity Loan, a home equity line of credit allows borrowers to borrow in multiple sums (up to the allowed credit limit) rather than receive one up-front sum.
A Home Equity Line of Credit functions like a credit card, only with a spending limit that’s determined by the equity in your home. You may utilize this revolving credit over a period of five years and pay a variable rate that is determined by the prime rate.
Why Choose a Home Equity Line of Credit
- Home improvements. Borrow the funds you need, when you need them for your home improvement projects that can increase the market value of your home.
- College tuition. Use your home’s equity to invest in your child’s future – and only borrow when payments are due.
- Periodic expenses. Borrow funds in installments to pay off periodic expenses using your home’s equity as your line of credit.
Benefits of Choosing a Home Equity Line of Credit
A Home Equity Line of Credit offers you the flexibility and the funds you need, when you need them.
- Flexible borrowing. With a home equity line of credit, only borrow the funds you need when you need them.
- Limit interest. Only pay interest on the funds you’ve withdrawn against your line of credit.
- Lower initial payments. Make smaller initial payments while you borrow.
Home Equity Lines of Credit
A HELOC from PFCU offers you the opportunity to use your home’s equity to get a line of credit with competitive rates.
Loan Amount
- Minimum: $5,000
- Maximum: Determined by your home's equity Primary residences and vacation homes can be used as collateral
Interest Rate
Variable according to prime rate
Terms
Draw period is five years.
Residency Restrictions
PA, NJ, DE, MD and FL Not available for investment property
Accessibility
Home Equity Loan
Is a Home Equity Line of Credit not the right fit for your needs? PFCU also offers Home Equity Loans to qualified borrowers.
Want to talk to someone?
Call our Member Services Representatives at 215-934-3500 to talk with a PFCU Mortgage Professional.