Home Equity Loans
Your home is your most valuable asset and the most economical method of borrowing. A Home Equity Loan (Second Mortgage) allows you to leverage the equity in your home.
- No Out-of-Pocket Expenses—No application fee, no closing costs1 and no points!
- Finance up to 80% of the total LTV of your primary home2, for up to 20 years, for a maximum of $600,000.
- Finance up to 100% of the total LTV of your primary home2, for up to 15 years, for a maximum of $50,000.
- Terms as short as 5 years and as long as 20 years with low fixed rates. Typically, the longest term will offer the lowest monthly payments.
- A 1/4% discount with automatic payment3.
- Estimate your payment with our fixed-rate mortgage payments Monthly Payment Calculator
- Close your Home Equity Loan (Second Mortgage) at any of our conveniently located branches.
Applying is easy and takes only about 10 minutes.
If you prefer, call 800-673-1836 to speak with a Member Service Representative, or visit any PFFCU Branch. Apply during regular business hours and you’ll receive a loan decision within one business day.
Loan Protection Insurance4
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. Certain restrictions apply.
For more information, call us at 215-931-0300 or 800-228-8801.
How To Calculate Your Loan-to-Value (LTV) Ratio
Add your loan amount and the amount of any outstanding liens on your property. Divide the total by the appraised value of your home. The result is your Loan-to-Value (LTV) ratio. Your LTV will be a factor in determining your interest rate and how much you can borrow.
1. $250 is charged for the appraisal of an investment property. $100 is charged if you choose an appraisal upgrade.
2. Single-family owner-occupied vacation properties have a maximum loan-to-value (LTV) ratio of 80%. Investment properties have a maximum loan-to-value of 70%, and must be owned for a minimum of 24 months.
3. The Annual Percentage Rate (APR) you will receive will depend upon loan amount, term of the loan, Loan-to-Value (LTV), and credit score. The stated rates for loans up to 80% reflect a 1/4% discount with automatic payment from an active PFFCU Checking Account or distribution from a payroll check automatically deposited with PFFCU and are SUBJECT TO CHANGE WITHOUT NOTICE. Automatic payment required for loans with greater than 80% LTV.
4. Loan protection insurance is optional and is not required to be approved for a loan.