Home Equity Loans

Home Equity Line Of Credit

Our low-interest Home Equity Line of Credit is often the best choice. With a Home Equity Line of Credit, you withdraw money as you need it and pay interest only on the amount of money you use from your available line of credit. As you repay your loan, you can borrow against the principal again.

Owning your own home has plenty of rewards. One major benefit is the equity you earn by paying down your mortgage over the years. With a Credit Union Home Equity Line of Credit, you can tap into this equity to borrow the money you need today. Not a homeowner yet? Looking to refinance or step up to a larger home? We have First Mortgages, too! Our experienced personal service representatives will help you choose the product that’s right for you.

How It Works

Borrow up to 90%* of the current appraised value of your primary residence, minus your First Mortgage balance. With a Home Equity Line of Credit, you can borrow as little as $10,000 up to $200,000. You must draw a minimum of $10,000 from the Home Equity Line of Credit at closing.

Monthly Payments

Payments are based on the amount drawn from your credit line, not on your total available line of credit. Payments are calculated on a 15-year term with a minimum monthly payment of $45. There are no pre-payment penalties.

Low Rates

The interest rate for a Home Equity Line of Credit is based on the current Prime Rate as published in the Wall Street Journal. If the Prime Rate changes, your rate will be adjusted effective the month following the rate change. The interest rate you pay will never be more than 12% or fall below 3.25%.

Low or No Closing Costs**

A USPS FCU Home Equity Line of Credit Loan costs less than most other financing options because our rates are highly competitive. USPSFCU will pay closing costs up to $1,000 for members in our Relationship Rewards program.

Accessing Funds

It's easy to access your Home Equity Line of Credit when you have a USPS FCU checking account, VISA debit card, and Virtual Branch home banking To easily access your line of credit simply transfer funds from your line of credit to your checking account through our 24/7 services such as Virtual Branch or QUE Telephone Teller, then you can use your VISA debit card or write a personal check.

Draw Period

You have 15 years to draw funds from your Home Equity Line of Credit. Monthly payments are required during this period. At the end of 15 years, no additional draws are allowed. You will then have an additional 15 years to pay off the remaining balance by making at least your minimum monthly required payment as disclosed on your monthly account statement.

Home Equity Line of Credit Application

Complete and print this application and mail, fax, or bring it to the Credit Union to apply.

**Your loan must close, be set up on your Credit Union account, and remain open for 36 months, or you will be responsible for reimbursing the Credit Union for all closing costs incurred by the Credit Union, including the cost of an appraisal.

† Important Information:

  • Home Equity Lines of Credit are not available in Texas, Puerto Rico or the Virgin Islands.
  • Maximum LTV (loan-to-value) ratio is 90%. LTV and loan amount is based on the applicant’s credit history.
  • Appraisal and Title Insurance required.
  • Property Insurance required. Flood Insurance may be required, depending on the location of the property.
  • No annual fee.
  • Closing costs can vary based on the location of the property and the amount of the Loan. For loan amounts of $100,000, closing costs typically range between $800 and $2,800.
  • USPS FCU must be in a first1 or second lien position on the deed of the collateral held for any USPS FCU Home Equity Line of Credit.
  • Consult a tax advisor about the deductibility of interest.
  • Other restrictions may apply.

1Restrictions apply to first-lien positions on Home Equity Line of Credit. Contact the Home Equity Department before applying to receive additional information.

Secure and Fair Enforcement for Mortgage Licensing Act

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), requires credit union mortgage loan originators and their employing institutions to register with the Nationwide Mortgage Licensing System & Registry (NMLS). A listing of the mortgage loan originators of U. S. Postal Service Federal Credit Union can be found below:

  • Arthur Turcotte - 608040
  • Michele Waters - 1652416
  • Connie Parham - 608039
  • Cinthia Smith - 715472
  • Shannon Willard - 1111408
  • Edward Jones - 617743
  • Federico Cura - 2305562
  • DeAnna Spanos - 784807
  • Arman Aram - 664974
  • Jill Schaeffer - 2588063
  • Joe Chinchilla - 1597974
  • Kerri Dulaney - 1099612
  • U. S. Postal Service Federal Credit Union - 501858

If there are any questions, please call 800-877-7328 or visit the Mortgage Licensing System & Registry Consumer Site at www.nmlsconsumeraccess.org.

The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at 800-877-7328 regarding the locations where HMDA data may be inspected.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.