Home Equity

Let your home pay you back.

You've put a lot of yourself into your house. When you need money to pay for life events or home renovations, your home can hold the key. Borrow against the equity you have in your home at a competitive rate with a home equity loan or line of credit.

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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-deductible1
  • Fees paid by the borrower.2

Home Equity Line of Credit (HELOC)

  • Access funds as you would a regular line of credit, through Online Banking.
  • Interest rate/APR is based on the Prime Rate as published in the Wall Street Journal plus margin based on your credit score.

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Which is right for me?

Home equity loans provide you with the funds as a lump sum. Home Equity Lines of Credit (HELOCs) are a line of credit that you can continue to draw on and pay back over time. Home equity loans are a great option if you know how much financing you need ahead of time. HELOCs provide you with ready access to cash over time.

What's the difference between a Home Equity Loan and a Refinance?

A home equity loan is a loan in addition to your current mortgage, while a refinance replaces your current mortgage. The option you should choose depends on your unique circumstances.

Discuss your options with one of our mortgage loan officers to get better insight into which option might work best for you.

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Replace your current mortgage with a new one for a lower rate or payment.

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First Time Home Buyer's Guide 

All the information to take in as a first time home buyer can be overwhelming to say the least. Our guide outlines the process for you.  

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Personal Loans

A more flexible financing option not secured by collateral.

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The annual percentage rate (APR) may vary and the maximum APR is 18.00%. The rate you receive depends on your individual credit history. All loans subject to credit approval. Maximum loan amount not to exceed $250,000.
1 Consult your tax advisor regarding any tax decisions regarding interest payments on home equity loans.
2 Fees paid by the borrower, for example, include appraisal, title, credit report, flood determination, and range between $0-$2,500.