Home Equity Loans
Parks Heritage is committed to helping you find the home equity loan that's right for you. Our Fixed and Adjustable Rate Home Loans offer low closing costs and 5-, 10-, or 15-year terms. Borrow up to 90% of the appraised value of your home. Applying is easy, and loans can be used to consolidate bills, make major home improvements, pay for college tuition, and much more!
With a home loan from Parks Heritage, you have our commitment to help you find a loan you can afford today and live with tomorrow.
* Please contact our experienced loan department for rates and qualifications at (518) 926-4700
| Terms | First Lien | Junior Lien |
|---|---|---|
| 5-year Fixed | APR* as low as 6.25% | APR* as low as 6.50% |
| 10-year Fixed | APR* as low as 6.50% | APR* as low as 7.00% |
| 15-year Fixed | APR* as low as 6.75% | APR* as low as 7.25% |
*APR = Annual Percentage Rate.
Stated rates are for top tier credit (740+ score) and are based on credit worthiness and other criteria. Rate offer quoted, Terms & Conditions may change at any time without notice. Property must be owner occupied and located in Warren, Washington, Saratoga or Essex counties. Maximum LTV (Loan-to-Value) is 90% and maximum loan amount is $200,000 for credit qualified borrowers. No closing cost option for Home Equity loans and Home Equity lines of credit requires closing costs to be paid back in full if the loan or line is closed within the first 5 years. Home improvement loans do not qualify for the no closing cost option. Maximum term for Home Equity loans is 180 months. Maximum term for Home Equity lines of credit is 264 months (7-year draw period and up to 15-year repayment period). Parks Heritage FCU will only assume first or second lien position.
Home Equity lines of credit are variable rate. Rate is based on Wall Street Journal Prime rate plus/minus a margin with a minimum rate (floor) of 4% and maximum rate (ceiling) of 15%. Rates may be adjusted semi-annually with a maximum rate change of 1% at each adjustment. Borrowers who are offered an initial rate that is below the floor will be moved to the floor rate at subsequent adjustments.
Other loan terms and conditions may apply. Membership is open to those who work in the health care and health care related fields in Warren, Washington and Saratoga counties, as well as their immediate family members. A $5 deposit into a Shared Savings Account is required for membership.