Real Estate Equity Loan
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 five- and ten-year terms. Please consult a qualified tax advisor to determine if the interest may be tax deductible.
- Borrow up to 90% of the appraised value, less any liens on the property being mortgaged.
- PSECU must be 1st or 2nd 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.
- Equities on land are offered subject to restrictions. Please contact us for details and a paper application.
- Purchase transactions are limited to unimproved land
Types of Properties
- Currently owned 1, 2, 3 or 4-unit properties located in Pennsylvania
- Condominiums or townhouses
- Vacation homes
- Doublewide mobile homes built after June 1976, on permanent foundation, title retired
- Residential investment properties
- Commercial properties
- Properties located outside of Pennsylvania
- Properties with cesspools, cisterns, spring water
- Properties with gravity heat
- Properties located in an industrial zoned area
- Time-share properties
- Singlewide mobile homes
- Properties owned by a trust as identified on the deed
- Properties listed for sale within the last 6 months
- Properties with gas, oil or coal mining
- Properties with certain business operations
Annual Percentage Rate. HOME EQUITY LINE OF CREDIT: The 3.75% variable APR applies for loan-to-value (LTV) up to 80%. For a LTV greater than 80% up to 90%, the variable rate is 4.25% APR. 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 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 most recent full calendar month. The maximum APR is 18%. The minimum APR is 3%.
REAL ESTATE EQUITY LOAN: The 4.115% fixed APR applies for a 60-month term and LTV up to 80%. For a LTV greater than 80% up to 90% the fixed APR is 4.615% for 60 months. The 4.865% fixed APR applies for a 120-month term and LTV up to 80%. For a LTV greater than 80% up to 90% the fixed APR is 5.365% for 120 months.