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Use the equity in your home and enjoy predictable monthly payments.
With a Fixed-Rate Home Equity Loan from Palisades Credit Union, you can tap into the home equity you've worked so hard to accrue. You'll also appreciate the ease of making fixed monthly payments. When you already have a large expense in mind, a Home Equity Loan may be a better option than a Home Equity Line of Credit. Borrow only what you need and repay the loan on a budget-friendly schedule of predictable monthly payments. Our Fixed-Rate Home Equity Loans allow homeowners to use their available equity to help finance home improvements, pay college tuition, consolidate higher interest debt, or to refinance existing higher-rate mortgages. Have something else in mind? That's fine, too.
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Fixed Rate Home Equity Features:
- Fixed Rate over the life of the loan
- Refinance existing Mortgages / Home Equity Loans
- Set up account activity notifications through Online Banking
- Available on properties in New York, New Jersey, Connecticut, Massachusetts, and Pennsylvania
- Possible tax advantages. Consult with your tax advisor to determine eligibility
- No closing costs on loans up to $250,0003
How do Home Equity Loans Work?
You can think of your home equity loan as a second mortgage. The application process will be similar to your experience applying for an original mortgage. There will also be closing costs, a predetermined loan term, fixed interest rate, and predictable monthly payments. These are the primary similarities between a mortgage loan and a home equity loan.
How much can I borrow with a Home Equity Loan?
Your total home equity can be calculated by subtracting your primary mortgage balance from the current value of your house (as determined through an appraisal). Generally, you will be able to borrow a certain percentage of your total available equity. It's good to leave some of it untouched so that you don't end up "underwater" (when you owe more for the house than it is currently worth). A Palisades Credit Union Loan Officer can help you assess the maximum amount you may be able to borrow.
Home Equity Line of Credit Features:
- Only pay for what you use on your line of credit
- HELOCs have a variable rate; the Prime Rate - 0.10%2
- No closing costs on loans up to $250,0003
- Refinance existing Mortgages / Home Equity Loans
- Set up account activity notifications through Online Banking
- Available on properties in New York, New Jersey, Connecticut, Massachusetts, and Pennsylvania
- Possible tax advantages. Consult with your tax advisor to determine eligibility
How do HELOCs work?
A HELOC is a revolving form of credit that uses your home as collateral. During the 10-year active period, you can withdraw money to use however you see fit. Once your HELOC reaches the end of its revolving term, any remaining balance will be repaid with a 15-year term loan.
What do Homeowners Use a HELOC for?
The simple answer is anything. With easy online access to your Home Equity Line of Credit and check writing privileges, you can use your HELOC like cash to make online payments or purchases, transfer funds into a linked deposit account, write checks to contractors for home renovations, pay a child's school tuition, and more. Some people open a HELOC in case of an emergency and don't use it right away. There is no obligation to withdraw funds from your HELOC and, with a lower interest rate than a credit card, it's an attractive credit option.
Apply for a Home Equity Loan online!
Palisades Credit Union is a not-for-profit, member-owned financial institution that exists solely to meet the banking needs of our members. From online account opening to ATM-fee refunds, no monthly service fee, and cash-back rewards, we are proud to bring you one of the best credit union Home Equity Loans for Bergen County, Rockland County, and select groups in New York City.
At Palisades Credit Union, our mission is to build valued relationships through a lifetime of financial solutions. With over $200 million in assets and more than 14,000 members, we continuously strive to offer our members first-class financial services. Our focus is on our members and the local community, allowing us to tailor the financial products and services we offer to the needs of Rockland County, New York; Bergen County, New Jersey; and select groups in New York City.
Ready to move ahead with your plans for home improvement or debt consolidation? Apply for a Home Equity Loan or one of our other home loans online or visit your nearest PCU location in Nanuet, New City, or Orangeburg, NY.
Let the equity in your home work for you as hard as you worked to earn it!
With a Home Equity Line of Credit (HELOC) from Palisades Credit Union, homeowners can tap into the available equity in their homes to finance a range of expenses such as home improvements and college tuition, refinance an existing higher-rate mortgage, or consolidate higher-interest debt.
Compare Home Equity Line of Credit Options
Principal & Interest
Pay down your HELOC balance with principal and interest payments from the start. This will mean larger minimum payments but a faster repayment period. This could be a good option for homeowners who don't plan to use all of their available credit or to only use the HELOC in case of an emergency.
Interest-Only
Make interest-only payments for the first 5 years of your HELOC term. You still have the option to pay towards the principal balance any time you wish. This could be a good option when you use your HELOC to finance a big expense, like a home renovation, that will reach its full value upon completion (at which time you might refinance your mortgage and pay off the HELOC).
Apply for a Home Equity Line of Credit online!
Palisades Credit Union is a not-for-profit, member-owned financial institution that exists solely to meet the banking needs of our members. From online account opening to ATM-fee refunds, no monthly service fee, and cash-back rewards, we are proud to bring you the best HELOC options for Bergen County, Rockland County, and select groups in New York City.
At Palisades Credit Union, our mission is to build valued relationships through a lifetime of financial solutions. With over $200 million in assets and more than 14,000 members, we continuously strive to offer our members first-class financial services. Our focus is on our members and the local community, allowing us to tailor the financial products and services we offer to the needs of Rockland County, New York; Bergen County, New Jersey; and select groups in New York City.
Apply for a Home Equity Line of Credit online or visit your nearest PCU location in Nanuet, New City, or Orangeburg, NY.
1 APR=Annual Percentage Rate
2 Prime Rate as of 11/8/2024 is 7.75%. 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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