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.
Features Include:
- 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
Types of Properties:
- Acceptable Properties
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- Owner occupied 1, 2, 3 or 4-unit properties
- Condominiums or townhouses
- Vacation homes
- Doublewide mobile homes built after June 1976, on permanent foundation, title retired
- Currently owned primary residence or vacation home (used primarily by the member) must be located in Pennsylvania
- Unacceptable Properties
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- Commercial properties
- Properties with cesspools, cisterns, spring water
- Properties with gravity heat
- Properties located in an industrial or commercially zoned area
- Properties with agricultural use
- Time-share properties
- Singlewide mobile homes
- Investment properties
- Properties owned by a trust as identified on the deed
- Properties listed for sale within the last 6 months
Rates and information are subject to change at any time. Home Equity Line Of Credit: The 3.25% APR variable rate applies for loan-to-value (LTV) up to 80%. For a LTV greater than 80% up to 90%, the variable rate is 3.75% APR. 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 is variable. Monthly payment may vary. Interest rate will be equal to the prime rate or prime rate plus .5% as published in the last issue of the Wall Street Journal on the last day before the most recent full calendar month. The maximum APR is 21%. The minimum APR is 3%. Real Estate Equity Loan: The 3.99% APR is a fixed rate for a 60-month term and LTV up to 80%. All real estate equity (REE) loan rates are fixed: 4.49% APR for 60 months, LTV greater than 80% up to 90%; 4.74% APR for 120 months, LTV up to 80%; and 5.24% APR for 120 months, LTV greater than 80% up to 90%. 