Home Equity Line of Credit (HELOC)
Hit “refresh” on your kitchen, purchase new furniture, or take a little R & R getaway
A home equity line of credit, or HELOC, is a revolving credit line. It’s secured by the equity you’ve built in your home and can be used as needed — like a credit card. You only pay interest on what you draw from your HELOC.
Line of Credit benefits:
- Borrow up to $300,000 (up to 90% of your assessed or appraised value)
- Variable rate with up to 22-year term (10-year draw period)
- Low rates with affordable repayment terms; payment based on balance
- Tap into the line of credit any time you need it
- Direct Deposit and Payroll Deduction Payments to fit your unique pay schedule
- Interest paid may be tax deductible
Learn more about HELOCs.
Download your free copy of “What You Should Know About Home Equity Lines of Credit” booklet prepared by the Consumer Financial Protection Bureau (CFPB).Download PDF Booklet
CALCULATORS: 7 to unlock your dreams
Frequently Asked Questions
Need more information?
Connect with a PFCU Member Consultant, by scheduling an appointment, video chat, email, or phone.
*APR (ANNUAL PERCENTAGE RATE) is based on the value of an index, which is the Prime Rate published in Wall Street Journal. The APR can change on the first day of each quarter following the index change. Any increase in the Index may increase the APR and may increase the amount of monthly payment. Current offered rate(s) are calculated by using the Index, Margin and Floor value(s) in effect. Your specific Margin will depend upon the borrower’s and co-borrower’s (if applicable) credit qualification. The Interest Rate will not exceed 18.00%, regardless of the Index. Margin will be disclosed at account opening. This Margin is added to the Index to determine the calculated interest rate. Floor rate is in effect anytime the calculated interest rate is below the assigned Floor rate.
Rates, terms, and conditions are subject to change without notice. Financing is subject to PFCU membership and underwriting criteria, not every application will qualify. Rates displayed are “as low as.” Actual rate may increase based upon borrower’s creditworthiness All rates are determined by the Board of Directors and may change without notice.
Learn more by visiting our Loan Rate Schedule.