Picatinny Federal Credit Union is here to help our members thrive.
Picatinny Federal Credit Union is here to help our members thrive. Whether you’re looking to consolidate debt, pay for college tuition, or remodel your kitchen, we can help you leverage the equity in your home to finance the cost. Our competitive rates on Fixed Home Equity Loans and Home Equity Lines of Credit (HELOCS) — coupled with personal service — provide the best options for members.
Features:
- Take advantage of an exclusive introductory rate of 1.99% for the first six months.
- Borrow up to 100%* of your equity for second lien fixed home equity loans.
- Draw down on your loan up to 15 years (180 months). At the end of the draw down period the remaining balance is
- Payments are based on a 15-year repayment of the outstanding balance as calculated on the 15th of the month.
- Borrowing Minimum: $20,000.
- Borrowing Maximum: $350,000.
Let’s get the most value out of your home!
Reach out to a member of our team today.
Unlock the value of your home.
Picatinny Federal Credit Union offers our members great rates and fast approval on a loan that fits your budget.
- Before you apply, be sure to unfreeze your credit history to ensure a faster and smoother application process.
Ways to use a Fixed Home Equity Loan of HELOC:
Home Improvement
Remodel, add an addition, and create the home of your dreams.
Debt Consolidation
Reduce your debt faster and build a safety net for financial security.
Major Purchase
Pay for big investments — like a new appliance or seed money to invest in your business.
Fixed Home Equity Loans or Home Equity Lines of Credit (HELOCS)
Which is right for you?
Features:
Fixed Home Equity Loan
HELOC
- Access to funds
- Lump sum upfront
- Line of credit
- Interest rate
- Fixed
- Variable
-
Repayment
- Receive all funds at once, then pay interest in the amount borrowed
- Draw out money as you need it for up to 15 years
- Term
- Fixed term
- Draw period, then repayment period
- Flexibility
- Less flexible
- More flexible
- Planning
- Better for one-time expenses
- Better for ongoing expenses
Resources
Check out these topics to find out more about your borrowing options.
Financial Education
Real Estate
Real Estate
Real Estate
Real Estate
Financial Education
Home equity disclosures
Home equity lines of credit are available in New Jersey and Pennsylvania. Eligible properties include owner occupied, 1 – 4 family residences, condominiums, and townhomes. Secondary home is limited to one unit properties not used for rental or investment purposes and located at least fifty miles from the borrower’s principal residence. Lender’s title insurance may be required based on loan amount. State specific fees may apply at closing. Homeowners insurance is required and flood insurance may be required if applicable. Terms and conditions are subject to change.
APR = Annual Percentage Rate. All Home Equity Lines of Credit (HELOCs) are subject to credit review and approval. A 1.99% introductory rate applies to HELOC balances for the first 6 months from the date of account opening. After the introductory period, the fully indexed rate applies to any new or existing balances. The fully indexed rate is a variable APR as low as 6.75%, plus a margin that ranges from 0%, which varies depending on individual credit qualifications, credit limit amount, loan-to-value ratio, and other criteria that may apply.
The advertised rate of 6.75% is based on a Combined Loan-to-Value ratio (CLTV) of 80% and a maximum loan amount of $350,000. The variable APR is based on the Prime Rate (as published in the Wall Street Journal), which as of 09/24/2024, is at 8.00%. Therefore, depending on the date you apply, the advertised rate(s) may not be available. If the Prime Rate increases or decreases, the variable APR and minimum requirements payment will change accordingly. The standard minimum APR (floor rate) is 3.25% and the maximum APR (ceiling rate) assessed by PFCU cannot exceed 18% or the maximum as permitted by law. Offered rates are subject to change without notice. The maximum term of a HELOC is 30 years which consists of a 15-year draw period followed by a 15-year repayment period. Introductory rate is only available for new loans.
