We award bonus points if a lender doesn’t require closing costs on its home equity products, offers a specialty rate discount, a fixed-rate HELOC option, customizable terms for its home equity products and/or maintains a fully online application process. We graded Police & Fire Federal Credit Union based on features that have a meaningful impact on the cost of a home equity loan and a borrower’s experience, including interest rates, loan options, accessibility, closing time and customer service. Compare options from multiple lenders and carefully consider if it will be financially beneficial before making a final decision. If, on the other hand, your application was denied due to insufficient equity or other financial realities, continue paying down your mortgage and other debts to increase your approval odds if you apply again in the future.Īdditionally, if there are no other issues with your financial history, consider approaching another lender or considering alternative forms of financing. If you made a mistake while completing the application or if it was incomplete, correct those mistakes and apply again. If you get turned down for a home equity loan or line of credit through PFFCU, contact the lender to determine why it denied your application. To apply online, navigate to the Real Estate Loans page on the PFFCU website and click “Apply Now.” Then, provide the necessary information, including the loan purpose, requested borrowing amount, preferred borrowing amount, repayment term and current mortgage balance(s).Ĭonsumers who submit an application during regular business hours get a loan decision within one business day. You can apply for a home equity loan or line of credit online, via telephone or at a PFFCU Branch. This means that your mortgage balance should not exceed 85% of your home’s value. However, you generally should have at least 15% equity in your home to qualify for a home equity loan or line of credit. PFFCU doesn’t publish minimum equity requirements on its website. Keep in mind that borrowers with higher credit scores typically qualify for the most competitive terms. In general, though, you should have a credit score of at least 620 to qualify for a home equity product. PFFCU doesn’t publish minimum credit score requirements online. In addition, members of several partner employee groups, associations and organizations based in the Philadelphia metropolitan area and South Jersey are eligible to join PFFCU. Relatives of these individuals are also eligible, including parents, grandparents, siblings and children. Those who may qualify for membership include current and retired members of Philadelphia’s police force and firefighting crews. To take advantage of PFFCU’s home equity offerings, you must first become a credit union member. These are the minimum qualification requirements you must meet to be eligible for a PFFCU home equity product: Credit Union Membership You can withdraw funds on an as-needed basis by telephone, at a PFFCU branch, through 24-Hour EXPRESSBanker, online banking or mobile banking. This results in a minimum APR of 2.99%, including the 0.25% discount for automatic payments.Įven better, PFFCU doesn’t have any HELOC application fees or closing costs-allowing you to access your home equity without paying out-of-pocket expenses. Rates are based on the prime rate minus 0.75%. PFFCU HELOCs come with a five-year draw period in which minimum monthly payments are interest-only, followed by a 15-year repayment period. PFFCU doesn’t publish annual percentage rates (APRs) on its website, but you can get a 0.25% rate discount when you sign up for automatic payments from an active PFFCU checking account or PFFCU direct deposit. In addition, you don’t have to carry loan protection insurance to receive approval for a home equity loan. There are no application fees, closing costs or points associated with PFFCU home equity loans. Or, you borrow up to $100,000 with 100% LTV for a maximum 15-year term. PFFCU offers home equity loans up to $600,000 with an 80% loan-to-value (LTV) ratio for up to 20 years. Applications only take about 10 minutes, and a decision may be available in one business day. Police and Fire Federal Credit Union offers home equity loans and home equity lines of credit (HELOCs) in addition to its other mortgage products. What Police & Fire Federal Credit Union Offers
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