Home
Equity Loans Offer Low Rates With No Application Fee
and No Closing Costs!
You've worked hard for your
home, now let your home work for you . . . with a PFFCU Home
Equity Loan.
It's your easiest road to affordable
fixed or adjustable rate borrowing! Apply now to take advantage
of the equity you've accumulated in your home --- consolidate high-interest
debt,
make
home improvements or simply finance the things you want.
PFFCU
offers a variety of Home Equity Loans with terms as short as 1
year, and as long as 30 years. Typically, the longest term will
offer you the lowest payment.
With a PFFCU Home Equity Loan,
with terms ranging from one to thirty years, you can:
-
Pay
no application fee, closing costs or points, which will
save you money, and you can close your loan in a
branch
or
through
the mail.
-
Finance
up to 85% of your home's value for up to 30
years less any outstanding mortgage balances! The maximum
loan amount is $600,000.
-
Finance
up to 100% of your home's value for up to 15 years less any
outstanding mortgage balances! The
maximum loan amount is $50,000.
-
Finance
up to 115% of your home's value for up to 10 years
less any outstanding mortgage balances!
The maximum
loan amount is $25,000.
-
Opt
for Automatic Payment and enjoy the convenience of having
your loan payment deducted
from
your account as well
as saving money with
our 1/4% rate discount (for loans with Loan-To-Values
[LTV] of 85% or less)!
Our
special 20-
or 30-Year Home Equity Loans serve the needs of members who
are looking for the lowest payment by taking a longer term. Our
20-Year Fixed-Rate Home Equity Loan has a great rate and a low
monthly payment that remains the same for the life of your loan.
The 30-Year 7/30 Adjustable-Rate Home Equity Loan offers you the
lowest initial monthly payment of all our home equity products.
The initial APR is fixed for the first seven years. After the initial
fixed-rate period, the rate can change annually, with a lifetime
cap of 5% higher than the original APR.
A 20- or 30-Year Home Equity Loan is a great option for consolidating
high-interest debt or for financing that long-awaited home improvement
project. Some members may also choose a 20- or 30-Year Home Equity
Loan as a fast, easy and economical way to refinance a higher-interest
mortgage. There are no closing fees, no points, and no settlement
fees. Like all of our home equity products, our 20- or 30-Year Home
Equity Loans are convenient because you can close your loan at our
Loan Center, or at any of our branch locations. In order to qualify,
your loan amount must be $20,000 or greater, your maximum Loan-To-Value
(LTV) is 85%, and a first or second lien position is required. The
20- or 30-Year Home Equity Loans may only be used for your primary
residence.
PFFCU
has a variety of refinancing options in addition to our 20- or
30-Year Home Equity Loan. Check out our EXPRESS Refi
Mortgage, No Cost Refi Mortgage and our Traditional Refinance Mortgage products.
Call 215/931-0300 or 800/228-8801 or stop into on of our conveniently
located branches. Apply by phone, in person, or
online during branch hours and you'll receive a loan decision in
less than one hour. Or, apply online anytime after branch hours and
you'll receive a response the next business day. If you
would like to estimate your payment, go to our Monthly
Payment Calculator.
Loan Protection Insurance
Credit life insurance is
designed to pay off the loan if the borrower dies, while credit disability
insurance takes over the loan payments if the borrower becomes disabled.
Both types of insurance help protect your family and your credit rating
by making sure that the loan will not end up in default if these events
occur.
The cost of loan protection insurance is determined by the size
of the loan. The insurance coverage becomes effective as soon as
the loan is finalized. Credit life and disability insurance offers
a convenient, affordable way to make sure that the borrower's family
will not be left with the burden of debt, in the event of death or
disability.
Certain restrictions may apply. For more information
on credit life and disability insurance, please give us a call at
215/ 931-0300
or 800/228-8801. Loan protection insurance is optional and is not
required to be approved for a loan.
How
Loan-To-Value (LTV) ratio is Calculated
LTV is calculated based upon your loan amount plus any outstanding
liens. This combined amount is divided by the appraised value of
your home. The resulting ratio will be a factor in determining
your interest rate and how much you can borrow.
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