Are you weighing your options to pay for home improvements, college tuition or other major expenses? A second mortgage in the form of a home equity loan or a home equity line of credit may be worth considering. At People’s, we charge no annual fee on either of our Home Equity Loans, and closing costs are low.
We have two Home Equity products.
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- A fixed-rate loan for up to 15-years with a fixed payment amount for the life of the loan
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- A variable-rate Home Equity Line of Credit (HELOC) which allows you to borrow funds as you need them up to a specific credit limit.
| Loan Type | Annual Percentage Rate | LTV |
|---|---|---|
| Home Equity Line of Credit Index Value: Prime* No Annual Fee |
7.50%* Variable Margin: 0.00% |
90% |
| Home Equity Loan Low Closing Costs 15 Year 10 Year 5 Year |
8.00%* |
80% |
To apply for your Home Equity Loan or Line of Credit visit your nearest branch location
View the Home Equity Line of Credit disclosure.
Understanding HELOC Requirements
*Annual Percentage Rate. The Annual Percentage Rate for the Home Equity Lines of Credit is based on up to a 90% loan-to-value and the value of an index. The index is the Prime Rate as published in the Wall Street Journal. The HELOC rate may change quarterly with changes in the Prime Rate. No margin is added to the Index. Other terms and rates may be available. Rates on Home Equity Loans are based on an 80% or 90% LTV. No annual fee. Membership required to borrow. Loans are subject to application and credit approval. Interest may be tax deductible. Consult your tax adviser. Homeowners insurance is required.
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Questions about your account or our services? Our Member Services team is standing by.
What is a Home Equity Line of Credit (HELOC)?
A home equity line of credit (HELOC) uses the equity in your home as collateral to open a second mortgage. This line of credit is different from a home equity loan because you can borrow funds as you need them – borrowing money later without having to reapply for another loan. To access these funds, you can make online or telephone transfers, as well as come into one of our convenient branch locations.
How Long Does a HELOC Last?
At People’s, your Home Equity Line of Credit lasts 8-years. It can be used over time for home-improvement projects, large purchases, a trip of your dreams, or even college tuition. The interest rate on a HELOC is variable and payments can be extended for up to 23 years, 8 years to draw on the line and then another 15 years to payback with no other advances permitted.
How is a Home Equity Line of Credit different from a Home Equity Loan?
A Home Equity Loan is a one-time lump-sum payment, often used for a specific project like remodeling or large home improvement projects. Like other traditional loans, you begin making fixed monthly payments on the loan right away. On HELOCs, you only make a payment if there is an outstanding balance.
At People’s Community Federal Credit Union, we offer variable-rate Home Equity Line of Credit. We charge no annual fee and have low closing costs.
The Perks of Banking with People’s
Bank Anywhere!
Manage your account on your terms! People’s offers convenient service that let you bank anywhere.
- Sign up for eStatements and receive your account statements by email.
- Online Banking – fast, easy, secure access to your account from anywhere.
- Mobile Banking – manage your money directly and make mobile check deposits from your phone using our app or text banking.
- Phone Banking – Live 24/7 Call Center
- Local: 360-695-5121
- Toll-Free: 1-800-252-6525
- Automated Phone Banking – convenient 24/7 account access
- Local: 360-695-7559
- Toll-Free: 1-877-TELLER0 (1-877-835-5370)
- Credit Card Online Access – 24/7 ability to make credit card payments and find other information on your card
- CardFree Cash℠ – No card? No problem. Get cash safely and instantly without using your debit card.
Overdraft Protection
People’s provides the tools you need to access your accounts and avoid embarrassing and costly overdraft situations.
- Overdraft Protection – avoid overdrawing your account with our safety-net overdraft protection.
- Automatic transfers from savings.
- Automatic transfers from your personal line of credit, once approved.
- Courtesy Pay – unanticipated expenses can inadvertently leave you with too little cash in your checking account. Avoid the embarrassment and merchant fees with People’s Courtesy Pay service. Learn more.
CardLock Theft Protection
Take control of your cards on the go with People’s CardLock. If you’ve misplaced your People’s debit card or credit card, or you’re noticing suspicious activity in your account, you can take action immediately before your identity or finances are compromised.
People’s CardLock is a free smartphone app designed to help protect your debit and credit cards, with custom alerts and blocking features. Learn more.
- Alerts: The CardLock app will alert you every time a transaction is declined, online activity is reported, and for specific types of purchases.
- Controls: People’s CardLock also includes controls to block specific types of transactions. This can be helpful in impulse buying, fraud prevention, and more.
- Turn Cards On/Off: CardLock gives People’s members the ability to turn their debit and credit cards on and off at any given time without needing to contact the financial institution. When the account is locked, new charges and cash advances will be denied.
In-Branch Banking Services
In addition to applying for loans, opening deposit accounts, and traditional teller transaction, you can find these convenient in-branch member services.
- Notary Services – we offer notary services to all members in all of our branches. Make sure to bring a photo ID!
- Safe Deposit Boxes – keep your valuables secure in our safe deposit boxes, available at our Hazel Dell and Battle Ground branches. We’ll automatically deduct the fee from your savings account.
- Night Deposit Boxes – located at our Hazel Dell, Battle Ground and Fisher’s Landing branches, for when you need to drop off a deposit or payment after hours.
- Cashier’s Checks – members may obtain one Cashier’s Check for free each day. Additional checks cost $5.00. Not available to non-members.
- Wire Transfers – a safe and convenient way to transfer funds electronically, People’s offers both incoming and outgoing wire transfer services for domestic and international transactions.
Home Equity Line of Credit in Vancouver WA
Serving Greater Vancouver WA