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Turn home equity into possibilities
Have a big expense on the horizon? A fixed-rate home equity loan or line of credit from Palisades Credit Union lets you easily tap into your home's value and get the money you need.
Contact us to apply
A Home Equity Loan is like a second mortgage, using your home's value to obtain the necessary funds. Like your primary mortgage, it has a fixed interest rate, predictable monthly payments, and a set loan term.
The details
- Lock in a low, fixed interest rate, with rates as low as 5.99% APR.
- No closing costs on loans up to $250,000
- Use for renovations, repairs, education, debt consolidation
- Set up account activity notifications through online banking
- Available on NY, NJ, CT, MA, and PA properties.
- Potential tax advantages
Ready to learn more? A Palisades Credit Union Loan Officer can help you determine how much you can borrow and find the right loan for your needs.
Tap into your home's value and access funds when you need them. It's like a credit card but with the security of your home as collateral.
The details
- Variable interest rate
- Use for anything, like a credit card
- Withdraw money during the 10-year draw period
- Pay interest only on what you use
- After the draw period, repay any remaining balance over a 15-year term
Not sure which option is the best fit? Palisades Credit Union is here to help you navigate the choices.
Local love. Local lending.
We understand that your home is more than just an asset—it's a source of financial possibilities. Whether you dream of a renovation, need funds for a major expense, or want to consolidate debt, our Home Equity Loans and HELOCs can help you achieve your goals.
1 APR=Annual Percentage Rate
2 Prime Rate as of 12/19/2024 is 7.50%. HELOCs have a floor rate of 3.50% and a ceiling of 15.00%. Rates start as low as the Wall Street Journal Prime Rate minus .10% for loans in first position with LTV up to 80% and LTV up to 70% for second position. For loans with LTV up to 100% rates start as low as the Prime Rate plus 1.4%
3 Average closing costs for loans of $250,000 are $2,500. The draw period for the credit line is 10 years.
* For interest only Home Equity Lines, loans will consist of principal and interest after the 60th payment with a minimum payment of $100. Upon completion of the draw period, loan payments will be calculated to amortize at 180 months. Minimum loan amount is $25,000, maximum loan amount is $500,000. A Home Equity Line of Credit is secured by a first or second mortgage, which must be the borrower's primary residence and consist of residential 1-4 unit dwelling, condo or Planned Urban Development (PUD). Offer applies only to properties located in NY, NJ, CT, PA and MA. Maximum loan to value ratio is 100%. Borrower may have to pay a closing cost recapture fee if during the first 36 months of the loan the account is closed. Property insurance required. Flood insurance may be required.
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