Home Equity Lines of Credit | Pittsford Federal Credit Union

Real Estate Loans

Home Equity Lines of Credit

A Home Equity Line of Credit may make the most sense if you want to put on an addition, add a pool, or landscape your yard. It may be the best choice if you anticipate needing a big chunk of cash more than once in the coming years. Many people open a line of credit just for the security of having access to cash if they need it.

  • Pittsford FCU pays the closing costs for Lines up to $50,000. Over $50,000, we ask you to pay partial mortgage tax on the difference above $50,000
  • If the Line is paid off and closed within the first 24 months, there will be a early closeout penalty equal to the closing costs Pittsford FCU paid on your behalf.
  • Borrow Up to 85% of appraised value minus 1st mortgage balance
  • Line amount from $5,000 - $200,000 (Loan requests for greater than $200,000 will be considered on exception basis)  
  • 30 year repayment term
  • Rate adjusts quarterly to Prime rate minus 0.25%, lifetime cap 13.50%
  • Access your funds using a check or a simple transfer
  • Transfer payments or make advances anytime via Internet or Mobile Banking
  • Tax Deductibility - Consult a tax advisor regarding the deductibility of interest. The interest paid may be tax deductible.
  • Available on primary residence located in Monroe, Orleans, Genesee, Livingston, Ontario, Steuben and Wayne County

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