Home Equity Line of Credit

Put the value of your house to work for you with a home equity line of credit.
Variable interest rate

Cash when you need it

No application or appraisal fees

Want to use your home’s equity for home improvements, debt consolidation, college education, and more? With a home equity loan at PSECU, you can. You'll enjoy competitive rates, no application fees, an easy application process, and potential tax benefits.*
 
Find out more about our flexible options to get cash out of your home.

What Is a HELOC?

With a Home Equity Line of Credit (HELOC), you can draw money from the line of credit as needed during the draw period. You can make multiple withdrawals during this time, up to your maximum credit line
 
The draw period lasts five years. The repayment period gives you up to 20 years from the date of the last advance to repay the balance. 
 
Unlike a real estate equity loan, HELOCs have adjustable interest rates. Your payment is based on the outstanding balance each month.
 
A HELOC might be right if you:
  • Intend to borrow only the money that you need
  • Need flexible access to funds
  • Want to repay only what you borrow plus interest
  • Are looking for a variable rate
 
*PSECU representatives cannot give tax advice. Please consult a qualified tax advisor to determine if interest may be tax deductible.

Why Choose a HELOC From PSECU?

Our low-rate HELOC provides flexible access to cash, when you need it. Because you borrow as little or as much as you need from your line of credit, a HELOC is a great tool for financing your next home improvement project, paying for college, or even checking something off your bucket list.
 
A HELOC from PSECU offers:
  • Minimum line of credit amount of $5,000, with a minimum advance of $500
  • No application or appraisal fees
  • Ability to borrow up to 90% of the appraised value, less any liens on the property being mortgaged
  • Five-year advance (draw) period
  • 20-year repayment term (10-year repayment on rental properties) from the date of the last advance
  • Variable interest rate that offers affordable payments

Current Rates

Valid as of 08/8/2020 1:25 AM EDT 
DESCRIPTION APR*
Loan-to-Value greater than 80% to 90.00% 3.75% 
Loan-to-Value up to 80% 3.25% 

HOME EQUITY LINE OF CREDIT: The variable 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 current calendar month. For loan-to-value (LTV) up to 80%, the variable interest rate is equal to the prime rate. For a LTV greater than 80% up to 90%, the variable interest rate is prime rate plus .5%. There is a five-year advance period with a twenty-year repayment term (ten-year repayment on rental properties) from the date of the last advance. The minimum line of credit amount is $5,000. The minimum advance amount is $500.The monthly payment may vary. The maximum APR is 18%. The minimum APR is 3%.

*APR denotes Annual Percentage Rate

FAQs


We lend to properties that are: 
  • Located in the state of Pennsylvania
  • Recorded with PSECU listed as first lien holder. The property secures your mortgage loan.
  • Titled after purchase in the name(s) of individual(s), not a trust
  • Owner-occupied homes, vacation homes, or residential investment properties with one, two, three, or four units
  • Condominiums or residences within a Planned Unit Development (PUD) that meet certain criteria. Please contact our Mortgage Consultants for more information.

We do not lend to properties that are:

  • Single-wide manufactured homes
  • Timeshares
  • Not in acceptable marketable condition
  • Residential investment condo or manufactured homes
  • Located outside Pennsylvania

The loan-to-value (LTV) ratio is the loan amount displayed as a percentage of a property’s market value. Maximums vary by property type. You don’t have to borrow the maximum LTV, but the guidelines tell you your borrowing limit.
There are no fees for our equity products, unless the Real Estate Equity Loan is being used to purchase land that will be used to build your primary residence. (PSECU requires property insurance.) For information on this type of equity, please call 800.237.7328, extension 3817.

A Real Estate Equity is a fixed rate, closed-end loan with a term of 5 or 10 years. All funds are disbursed when the loan is issued. In addition to primary residences and vacation homes, it can be used for one rental property and land. Some restrictions apply. Payments may be made using monthly coupons or automatic transfer.

A Home Equity Line of Credit has an adjustable rate based on Prime plus a margin. The 5 year open-end draw period is followed by a 20-year repayment period. The loan payment is always based on a 20-year repayment period and is made through automatic transfer on the 16th of each month.



You may refinance your Real Estate Equity Loan or your Home Equity Line of Credit by applying online. If you're refinancing a Real Estate Equity loan with a new one, you're required to borrow an additional $5,000 above your current equity loan balance.


Yes. Apply online or request a paper application at 800.LOAN.555 Monday through Friday 8 a.m. to 9 p.m., and Saturday, 9 a.m. to 5 p.m. (ET).

You have three options:

1. Log into online banking, click on "Move Money," and transfer funds from your line of credit to your desired share.
2. Call the self-service telephone at 800.435.6500.
3. Speak to a Member Service Representative by calling 800.237.7328 Monday through Friday 8 a.m. to 9 p.m., and Saturday, 9 a.m. to 5 p.m. (ET).