Home Equity Line of Credit1 as Low as
Home Equity Loans and HELOCs for Your Next Financial Goal
Use the equity in your home to borrow for approved needs with a P1FCU Home Equity Loan or Home Equity Line of Credit. Compare the two options, review current rates, and choose the borrowing structure that fits your plans.
Home Equity Payment Calculator5
Home Equity Loan vs. HELOC: What’s the Difference?
Fixed Rate Home Equity Loan
- Receive your funds in one lump sum.
- Budget for the long term with a rate that won't change.
- Finance up to 90% of total loan-to-value in your primary residence if P1FCU is the holder of your first mortgage. Otherwise, the maximum loan-to-value is 80%.
- Interest can be tax-deductible.3
- Fees paid by the borrower.4
Home Equity Line of Credit (HELOC)
- Access funds as you would a regular line of credit, through Digital Banking.
- Interest rate/APR is based on the Prime Rate as published in the Wall Street Journal plus margin based on your credit score.
What Can Home Equity Financing Be Used For?
Home Equity financing may be the solution you need, depending on your circumstances. Do you need the funds to cover a bill, or just to have a bit more cash during a remodel? No matter if you need a Home Equity Loan or a HELOC that fits your needs best, a loan for the following situations may help you take advantage of the equity in your home.
Home improvements or repairs
Debt consolidation
Major purchases
Education-related expenses
Unexpected expenses
How Home Equity Borrowing Works
Home equity is generally the difference between your home’s current value and the amount you still owe on loans secured by the property. The amount you may be able to borrow depends on P1FCU underwriting, the property, existing liens, and the approved product terms.
Home Equity Process
1. Submit a Home Equity application.
2. Provide the requested financial and property information.
3. Complete any required property valuation or title review
4. Review the approved amount, rate, repayment terms and disclosures.
5. Complete closing requirements before funds or line access become available.
Home Equity Rates and Repayment Options
Your approved rate and repayment structure depend on the product selected and factors reviewed during underwriting. Review current P1FCU Home Equity Rates and compare how payment obligations may differ between a Home Equity Loan and a HELOC.
View Current Home Equity Rates
What P1FCU Reviews for Home Equity Financing
Home equity financing is subject to approval. P1FCU may review the property, available equity, existing mortgage obligations, requested amount, credit profile, income, and other underwriting factors.
Why Choose P1FCU for Home Equity Financing?
Local lending guidance
Connect with P1FCU online, by phone, or at a branch for personalized guidance throughout your home equity financing journey.
Multiple home equity options
Compare P1FCU Home Equity Loan and HELOC options to find the borrowing structure that works best for your goals.
Clear next steps
See current Home Equity Loan and HELOC rates, learn what you’ll need to apply, and connect with a P1FCU Loan Officer for personalized guidance.
Member-focused service
As a member-owned credit union, P1FCU is here to provide straightforward guidance and help you make informed decisions about using your home equity.
How to Apply for a P1FCU Home Equity Loan or HELOC
1. Review current Home Equity rates and product options.
2. Decide whether a lump-sum loan or line of credit better fits your needs.
3. Gather the financial and property information P1FCU requires.
4. Submit the application through an available channel.
5. Review approved terms and complete any valuation, title, or closing requirements.
Apply for Home Equity Financing
Contact a Home Loan Specialist
Home Equity and HELOC FAQs
What is the difference between a Home Equity Loan and a HELOC?
A Home Equity Loan provides an approved amount in one lump sum with scheduled repayment. A HELOC generally provides access to approved credit over time, up to the available line, subject to account terms.
How much can I borrow against my home?
The amount available depends on your property, existing mortgage obligations, available equity, requested amount, and P1FCU underwriting.
Are home equity rates fixed or variable?
P1FCU offers Home Equity Loans at 5, 10 and 15 year fixed rate APRs. Home Equity Lines of Credit are offered at a variable interest rate. To find today's rates, click below.
Mortgage Rates
How long does the home equity process take?
We aim to have the Home Equity process completed in 30 to 45 days. The speed of the process greatly depends on appraisals and the underwriting process.
Do I need to be a P1FCU member to apply?
No, membership is not required to apply for a Home Equity Loan or HELOC. Prior to closing on your loan, you must become a primary or joint member. To become a member, click the button below.
Disclosures
Rates Section 1 Rate 1 Disclosure
Rates Section 1 Rate 2 Disclosure Rates Section 1 Rate 3 Disclosure Rates Section 1 Rate 4 Disclosure
Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval. The closing costs depend on the location of the property, property type, and the amount of the Equity Loan. Closing costs are costs paid to third parties rather than an application or origination fee retained by P1FCU. Rates Section 2 Rate 1 Disclosure Rates Section 2 Rate 2 Disclosure Rates Section 2 Rate 3 Disclosure Rates Section 2 Rate 4 Disclosure
APR = Annual Percentage Rate. These rate offers are effective 09/08/2026 and subject to change. Rates displayed are the "as low as" rates for purchase loans and refinances. Rates are based on creditworthiness, loan-to-value (LTV), occupancy, and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates are subject to change without notice.
1 The Variable Annual Percentage Rate (APR) is based on the Prime Rate as published in the Wall Street Journal plus a margin, and will range from 7.00% APR to 18.00% APR. Some restrictions may apply. Actual APR based on creditworthiness and loan amount. Rates subject to change. Property Insurance is required. Membership required—based on eligibility.
All loans subject to credit approval. The closing costs depend on the location of the property, property type, and the amount of the Equity Line. Closing costs are costs paid to third parties rather than an application or origination fee retained by P1FCU. Fees paid by the borrower, for example, include appraisal, title, credit report, flood determination, and range between $0-$2,500.
2 The information provided assumes the purpose of the loan is to finance the equity in an already owned property. The payment examples below are for a property that is an existing single family home valued at $125,000 and will be used as a primary residence. An escrow (impound) account will not be established. Payment examples below include a 20% retention of equity in the property. The assumed credit score is 730 or greater.
A fixed rate loan for $100,000 for 15 years at 7.750% interest and 7.970% APR will have an estimated monthly payment of $941.28.
A fixed rate loan for $100,000 for 10 years at 7.500% interest and 7.802% APR will have an estimated monthly payment of $1187.02.
A fixed rate loan for $100,000 for 5 years at 7.250% interest and 7.803% APR will have an estimated monthly payment of $1991.94.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval. The closing costs depend on the location of the property, property type, and the amount of the Equity Loan. Closing costs are costs paid to third parties rather than an application or origination fee retained by P1FCU.
3 Consult your tax advisor regarding any tax decisions regarding interest payments on home equity loans.
4 Fees paid by the borrower, for example, include appraisal, title, credit report, flood determination, and range between $0-$2,500.
5 Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.