Home Equity Loan

With our competitive rates and no-hassle process, we are here to help you reach your financial goals with a Home Equity Loan as low as 3.25%*.

If you are in the market, please contact a Home Equity Loan Coordinator before applying or call 412.621.6800.

 

Home Equity Terms

The maximum loan amount cannot exceed 80% of the appraised value of the property less any mortgage balance. The minimum loan amount is $10,000.00. Greater Pittsburgh Federal Credit Union must hold nothing less than second position as a lien holder against your deed. Loans will only be made on the applicant’s primary residence which must be within the state of Pennsylvania. Rental property, vacation homes, or owned land cannot be used as collateral.

 

Collateral/Fees

The following costs will be paid by the borrower:

  • Appraisal (All home equity loans will require a full appraisal)
  • Flood Search
  • Property Report
  • Any fees in relation to recording the appropriate documents
  • Satisfaction fee will be required at the termination of the loan.

Should a situation arise of an unusual nature during the home equity process, the cost will be paid by the borrower and not the credit union.

 

Insurance Requirements

Homeowner’s insurance is required. Replacement value coverage must be for the full amount of the mortgage. The credit union must be listed as loss payee on the insurance policy and must be listed as first or second mortgagee. If it is determined the property is located in a flood zone, the borrower must purchase flood insurance on the property. All insurance coverage must be maintained for the life of the loan.

 

Application Process Checklist

In order for GPFCU to proceed with your loan application, the following information is required:

______ Completed & Signed Home Equity Application

______ Proof of Income: Copy of current paystub(s) within last 30 days or Copy of W2(s) if self-employed. If retired, proof of pension and/or social security benefits, such as an award letter from social security.

_____  Copy of Declaration Page of Homeowners Insurance Policy: If property is a condominium, a copy of the Master Insurance policy, Declaration Page, and Certificate of Insurance is required.

See current rates.

APPLY NOW!

Please submit your application with a copy of your recent proof of income or paystub.  Proof of income may be sent to info@greaterpittsburghfcu.org or via fax at 412.681.7421.

See our financial calculators here.

*APR – Annual Percentage Rate
Subject to credit review and approval. Only current Greater Pittsburgh Federal Credit Union members eligible to apply. 

GPFCU NMLS #807480
Darlene Hochendoner NMLS #813300
Nicole Schwartz NMLS #1142852