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home-equities

Home Equity Loans

Save big and borrow smart with your hard-earned equity.

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:

  • Debt Consolidation
  • Home Improvement Projects
  • Education Expenses
  • So much more!


We can refinance real estate loans you have elsewhere, oftentimes lowering your interest rate and payments in the process!

Parda Premier HELOC (Home Equity Line of Credit)

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.

For a limited time only, enjoy a special promotional introductory rate as low as 1.99% APR* ** for 12 months!

  • No Application Fee
  • No Annual Fee
  • No Closing Costs
  • No prepayment penalty
  • 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 to a shorter term for a lower rate, take additional equity out, and avoid the closing costs of a traditional refinance.

  • Competitive fixed rate
  • 5, 7, 10, 15 year repayment options
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

 Parda Premier Home Equity Line-of-CreditFixed Rate Home Equity Loan1st Lien Home Equity Loan
Loan AmountsDetermined 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
Features
  • No Annual Fee
  • No Application Fee
  • No Pre-Payment Penalty
  • Up to 15 Year Draw Period
  • Take Advances when Needed
  • Monthly Payments based on Revolving Balance
  • No Closing Costs
  • No Annual Fee
  • No Application Fee
  • No Pre-Payment Penalty
  • 5, 7, 10, 12 Year Repayment Options
  • One Lump Sum at a Fixed Interest Rate
  • Fixed Payment over the Life of the Loan
  • Low Closing Costs based on Loan Amount
  • No Annual Fee
  • No Application Fee
  • No Pre-Payment Penalty
  • 5, 7, 10, 15 Year Repayment Options
  • One Lump Sum at a Fixed Interest Rate
  • Competitive fixed rate
  • Typically lower costs than a traditional mortgage
RatesIntro Rate as low as 1.99%* ** for 12 Months 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 4.50% APR*
Payment ExamplesA 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 4.5% would be approx. $259.10/month.

How to estimate your home’s equity:

Value of your home minus amount you owe on your mortgage equals you total home equity

*APR=Annual Percentage Rate. Credit Union membership required. 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

**APR is a variable rate, based on the Prime Rate as published in The Wall Street Journal, plus or minus a margin which is based on your credit worthiness and loan to value and remains in effect for the life of the loan. Rate is subject to change quarterly. Rate may vary based on credit score and loan-to-value of property. 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 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