Home Loans to Fit your Needs
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 Loan, 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 home equity loan representatives will help you choose the loan that’s right for you.
Home Equity Line Of Credit†
Our low-interest Home Equity Loan is often your smartest loan choice. With a Home Equity Line of Credit, you borrow money as you need it. You pay interest only on the amount you actually borrow. As you repay your loan, you can borrow against the principal again.
How It Works
Borrow up to 90%* of the current appraised value of your primary residence, minus your First Mortgage balance. With a Line of Credit, you can borrow from $10,000 up to $200,000 for a convenient low-cost loan source. You must borrow a minimum of $10,000 at closing.
Payments are based on the amount borrowed from your credit line, not on your total credit limit. Payments are calculated on a 15-year term with a minimum monthly payment of $45. There are no pre-payment penalties.
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 or Closed-End Home Equity Loan costs less than most other financing options because our rates are highly competitive. We will pay closing costs up to $1,000 for members in our Relationship Rewards program.
We make it easy for you to access your Home Equity Line of Credit. Your Home Equity Line of Credit comes with any USPS FCU checking account (if you don’t already have one), a VISA check card and Virtual Branch home banking so you can easily access your line. Simply transfer funds from your Line of Credit to your Checking Account through our 24/7 services such as QUE Telephone Teller or Virtual Branch, then you can use your VISA check card or write a personal check when using your line.
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.
Closed-End Home Equity Loans†
USPS FCU also offers fixed-rate Closed-End Home Equity Loans with terms from 5 years up to 15 years. With a Closed-End Home Equity Loan you can borrow from $10,000 up to $200,000 at a low, fixed-rate that makes monthly budgeting easy. Qualified borrowers can tap up to 90% of their home’s equity, less Mortgage balance.
*Maximum LTV (loan-to-value) ratio is 90%. LTV and loan amount is based on the applicant’s credit history.
**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 and Home Equity Loans are not available in Texas, Puerto Rico or the Virgin Islands.
- 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 any USPS FCU Home Equity Line or Loan on the borrower's primary residential real estate property.
- Consult a tax advisor about the deductibility of interest.
- Other restrictions may apply.
1Restrictions apply to first-lien positions on Home Equity Loans. 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
- Michelle Waters - 1652416
- Connie Parham - 608039
- Cinthia Smith - 715472
- Shannon Willard - 1111408
- Geraldine Adams - 1411111
- Ricky Jones - 1045629
- Tiera Wright - 1669167
- Barbara Shelley - 1411441
- 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.