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Home equity — the portion of your home that you own — is the difference between fair market value and the loan(s) you have against it. You may qualify to borrow a portion of this equity at a better rate than a personal loan.
Your home’s value could be used to finance almost anything, such as:
We can refinance real estate loans you have elsewhere, oftentimes lowering your interest rate and payments in the process!
A HELOC is unique in that it is a revolving line of credit you can borrow against. Instead of withdrawing a set amount of funds all at once, you simply borrow as you go and only pay on the outstanding balance. You can draw the full amount up to 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.
Intro rates as low as 1.99% APR* for 6 months from the date of closing, and then as low as our reasonably current rate of 4.00% .
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.
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 to a shorter term for a lower rate, take additional equity out, and avoid the closing costs of a traditional refinance.
| 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 |
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| Rates | Variable Rate based on Prime with a Floor Rate of 4.00% APR* | Fixed Rate based on Term of Loan and Credit Score, currently as Low as 5.00% APR* | Fixed Rate based on Term of Loan, currently as Low as 5.00% APR* |
| Payment Examples | A HELOC monthly payment is based on 1% of the balance, with a minimum of $10.00 per month. | A loan amount of $25,000 at 120 months with up to 85% Loan-to-Value and a rate as low as 5% would be approx. $265.16/month. | A loan amount of $25,000 at 120 months with up to 80% Loan-to-Value and a rate as low as 5% would be approx. $265.16/month. |
*APR = Annual Percentage Rate. APR is a variable rate, based on the Prime Rate as published in The Wall Street Journal, plus or minus 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.
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
