Home Equity

**Rates based on approved credit.
***Home Equity Credit Line is a variable rate, subject to change quarterly.

Eligibility -- All borrowers must be members of Erie General Electric FCU and age 18 or older. A cosigner or guarantor on the loan does not have to be a member.

Loan Policy -- Our main objective is to meet the borrowing needs of our members. Past credit history, ability to repay, work history, outstanding obligations, and acceptable security are the primary factors our loan officers review when approving your loan.

Products
   • Mortgage -- We now offer a wide variety of first mortgage products for both purchase and refinance transactions; including fixed, adjustable rate, balloon and jumbo mortgages.

If you're thinking about refinancing an existing mortgage on your primary residence, you may want to consider one of our home equity products. It may save you hundreds of dollars in closing costs, reduce processing time and our interest rates are competitively priced in comparison to first mortgage rates.

Contact a Loan Officer today!!

   • Home Equity Loan (Fixed rate) -- Adding floor space to your home? Unforeseen expenses? College tuition in your future? Loan consolidation needed? If you have equity in your home, you may qualify for a Home Equity Loan through the Erie General Electric Federal Credit Union, and the interest may even be tax deductible. We have repayment terms as long as 20 years for qualified loans. Contact the credit union for more information.
* Contact your tax advisor for details.

   • Home Equity Line-Of-Credit (Variable Rate) -- Our Home Equity Line-Of-Credit can give you the peace of mind that comes from knowing that funds are available from your credit union when you need them. Whether you need money for renovations, home improvements, college expenses, loan consolidation, or major purchases, a Home Equity Line-Of-Credit allows you to borrow money using the equity in your home as collateral. And the fact that you can use the funds now, or later, makes it even more convenient! You don't pay interest on unused funds, and the interest you do pay may be tax deductible*. We have repayment terms as long as 15 years for qualified loans.

Contact the credit union now and start realizing your dreams with a Home Equity Line-Of-Credit from Erie General Electric Federal Credit Union. If you have any questions, please call us at (814) 456-6231 ext. 235.
* Contact your tax advisor for details.

   • Refinancing -- So you have a loan at another financial institution! Be sure to compare the annual percentage rate you're currently paying, with ours. If you're paying more on your existing loan, give us a call and we'll quote our interest rate and estimated payment. You may want to refinance with us and we'll handle most of the details.

Repayment Options -- You select the repayment option that best suits your needs. Choose from monthly coupon book, cash payments, monthly transfer from your Credit Union savings or checking account, payroll deduction, or direct deposit. When selecting a coupon book, you determine the first payment due date that best fits your monthly budget.

Loan Protection Insurance -- Credit Disability Insurance coverage is available for eligible borrowers. This insurance provides the protection and peace of mind granted by knowing that, if you become disabled by illness or injury and are unable to work for 30 days or more, your loan payments at the credit union will be made. We also offer Credit Life Insurance for qualified applicants. The cost of both insurances is included in your monthly payment. Contact one of our loan officers.

back to top...