Get the Money You Need at an Affordable Rate!
Put your house to work for you! Use the equity in your home to provide cash for home improvements, debt consolidation, college education and more. PSECU offers two equity products, both with attractive rates and terms. Choose the product that fits your lifestyle and budget.
It’s easy to make advances on your line of credit. You can make a quick call to us or for more convenience, make a transfer online using psecu@home®.
With both PSECU equity products, you’ll enjoy:
- No application fee
- No closing costs
- No appraisal fee
- No credit report fee
- No prepayment penalties
In addition to competitive rates, PSECU has staff on hand to help you decide what product will work best for you. Call our Real Estate department at 234.8484 in Harrisburg or 800.237.7328 nationwide. At the menu prompt, select 6, then extension 3817.
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) gives you ongoing access to your loan money. As you repay the borrowed amount, you can use it as often as you like during the initial five-year draw period. The interest may be tax deductible; check with a qualified tax advisor.
- Borrow up to 90% of the appraised value, less any liens on the property being mortgaged.
- PSECU must be 1st or 2nd lienholder.
- Five-year advance period with a twenty-year repayment term from the date of the last advance.
- Minimum credit line amount $5,000. Minimum advance $500.
- Interest rate may vary monthly.
- Interest rate will be equal to the Prime Rate minus .5% or Prime Rate as published in the last issue of the Wall Street Journal on the last day before the most recent full calendar month. For example, November's rate will be determined on the last business day of September. The maximum rate is 21%.
- Currently owned primary residence or vacation home (used primarily by the member) must be located in Pennsylvania.
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Please Note: In order to apply for a loan or mortgage, you must be a PSECU member and have a $5 minimum balance in your Regular Savings Share (S1) account. |
Real Estate Equity (REE)
A Real Estate Equity loan is a closed-end loan with a fixed rate over the life of the loan. You'll receive a lump sum with a predictable payment. We offer 5 and 10-year terms. The interest may be tax deductible; check with a qualified tax advisor.
- Borrow up to 100% of the appraised value, less any liens on the property being mortgaged.
- PSECU must be no less than second lienholder.
- Minimum loan amount $5,000. Existing PSECU equities may be refinanced for additional funds of $5,000 or more.
- Fixed interest rate based on Loan-to-Value.
- Closed-end loan.
- Currently owned primary residence or vacation home (used
primarily by the member) may be used as collateral if in
one of the following states:
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Maryland
- New Jersey
- New York
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Virginia
- West Virginia
- One currently owned rental property may be used as collateral if within 100 miles of Pennsylvania.
- Equities on land are offered. Call the Real Estate department at 234.8484 in Harrisburg or 800.237.7328 nationwide. At menu prompt, enter 6, then extension 3817.
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