Home equity — the portion of your home that you (not a lender) own — is the difference between the fair market value and any loan(s) you have against it. You may qualify to borrow a portion of this equity at a better rate than most unsecured personal loans. Plus, the interest you pay may be tax-deductible.1
Your home equity could be used to finance almost anything, such as:
- Debt consolidation
- Home improvement projects
- Education expenses
- So much more!
Parda Premier HELOC (Home Equity Line of Credit)
Intro rates as low as 4.99% APR2 for 6 months from the date of closing, and then as low as the prime rate (6.75% as of 12.10.2025), plus a margin.2
A HELOC is unique in that it is a revolving line of credit you can borrow against when you want to. So instead of withdrawing a set amount of funds all at once, you simply borrow as you go — and you only pay on the outstanding balance. Draw the full amount of your approved maximum or use just what you need. You can withdraw funds via Online Banking, line of credit checks, phone transfer, or by visiting a branch.
- No application fee
- No annual fee
- No closing costs
- 95% loan-to-value (LTV)
- Minimum borrowing amount of $5,000
Fixed Rate Home Equity Loan
Planning a large home improvement project or major purchase? Our Fixed Rate Home Equity Loan is a smart choice for borrowing a lump sum at a low interest rate. This loan is for someone who already has a first mortgage on their home.
- Fixed interest rate does not change
- Monthly payments do not vary
- Your loan payoff date is predetermined
- No prepayment penalty
1st Lien Home Equity Loan
This is the perfect loan for those who do not have a current mortgage, and want to use the equity in their home for improvements or major purchases, OR for those who want to refinance their current mortgage at a shorter term for a lower rate, take additional equity out, and avoid the closing costs of a traditional refinance.
- Competitive fixed rate
- Fixed lump sum
- 5-, 7-, 10-, 15-year repayment options (see chart below)
Need help deciding which loan is best for you?
Just ask a Parda Credit Union Representative for more information and to apply!
Review Your Options
| Description | Parda Premier Home Equity Line-of-Credit | Fixed Rate Home Equity Loan | 1st Lien Home Equity Loan |
|---|---|---|---|
| Loan Amounts |
Determined based on the equity available in your home, up to 95%.
$5,000 Minimum |
Determined based on the equity available in your home, up to 95%.
$5,000 Minimum |
Determined based on the equity available in your home, up to 90%.
$5,000 Minimum |
| Annual Fee |
No
|
No | No |
| Application Fee | No | No | No |
| Prepayment Penalty | No | No | No |
| Repayment Options | Up to 15 Year Draw Period | 5, 7, 10, 12, and 15 Year Repayment Options | 5, 7, 10, and 15 Year Repayment Options |
| Advances | Take Advances when Needed | One Lump Sum at a Fixed Interest Rate | One Lump Sum at a Fixed Interest Rate |
| Monthly Payments | Monthly Payments based on Revolving Balance | Fixed Payment over the Life of the Loan | Competitive fixed rate |
| Closing Costs | No Closing Costs | Low Closing Costs based on Loan Amount | Typically lower costs than a traditional mortgage |
| Rates | Variable Rate based on Prime with a Floor Rate of 4.00% APR2 and maximum of 18% APR | Fixed Rate based on Term of Loan, Credit Score, and Loan-To-Value currently as Low as 6.75% APR3 | Fixed Rate based on Term of Loan, Credit Score, and Loan-To-Value currently as Low as 6.00% APR3 |
| Payment Examples | A HELOC monthly payment is based on 1% of the balance or $10.00 – whichever is greater. | A loan amount of $25,000 at 60 months with up to 85% Loan-to-Value and a rate as low as 6.75% would be approx. $492.02/month. | A loan amount of $25,000 at 120 months with up to 80% Loan-to-Value and a rate as low as 6.00% would be approx. $277.54/month. |
Membership required. For qualified borrowers. Approval, rate, and term based on individual credit, value of collateral, and ability to repay.1 Please refer to a tax-advisor for more information.
2 APR = Annual Percentage Rate. APR is a variable rate, based on the Prime Rate as published in The Wall Street Journal (6.75% effective 12.10.2025), plus a margin. Approval is based on your credit worthiness, the combined loan-to-value and your ability to repay. The margin remains in effect for the life of the loan. Rate is subject to change quarterly, following the promotional period. The maximum APR that can apply is 18%. The floor APR rate is 4%. Draw period is 15 years which may result in a balloon payment. Introductory rate, margin, or offer may change or be discontinued at any time. Payment is based on 1% of the outstanding balance. Minimum payment is $10 per month. If you close your line of credit plan within the first 25 months, you will be required to reimburse the credit union for the bona fide fees paid on your behalf.
3 APR = Annual Percentage Rate.
Rates and terms on all home equity/real estate products will vary based on individual credit history and the combined loan-to-value. Home equity loans are subject to approval and this is not a promise to lend. Standard credit qualifications and some restrictions apply. Closing costs may vary on Fixed Rate Home Equity Loans.
Parda Federal Credit Union NMLS ID# 658193
The name, and unique identifier number for all NMLS registered loan originators employed by Parda Credit Union are available upon request.
Convenient and flexible purchasing power.
Whether you want to pay down balances faster, maximize cash back, earn rewards or begin building your credit history, we have the ideal card for you!