Home Equity Line of Credit

A PFFCU Home Equity Line of Credit (HELOC) is a variable-rate, secured loan that uses your primary residence as collateral. You can borrow up to $600,000 of the available equity in your home to pay for home improvements, education, a major purchase, or even a down payment for a second home. You could lower your rate and also use it to consolidate your debt into one easy payment.

HELOCs at all banks have variable rates, typically based upon the Prime Rate plus a margin. PFFCU’s HELOC rate is based on the Prime Rate minus 0.75%,¹ so it always stays lower than the Prime Rate! Your payment depends on how much of your line amount you use and is based upon a 15-year amortization schedule.

During the first five years, the minimum monthly payment is interest only. After five years, the outstanding balance must be repaid over 15 years. You can always pay more each month if you like. Enjoy fast and easy access to the funds you need, when you need them, by speaking to a Telephone Member Service Representative, at any PFFCU branch, with HELOC convenience checks, through 24-hour EXPRESS Banker, PC EXPRESS, or Mobile PC EXPRESS.

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How To Calculate Your total LTV – Loan-to-Value Ratio
Add your loan amount and the amount of any outstanding liens on your property. Divide the total by the fair market value of your home. The result is your total Loan-to-Value (LTV) ratio. Your LTV will be a factor in determining your interest rate and how much you can borrow.

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