Since 1938, Police and Fire Federal Credit Union (PFFCU) has been providing financial services for active and retired Philadelphia police officers and firefighters, as well as their families. PFFCU also works with members of select organizations in the greater Philadelphia and South Jersey areas. Show Police and Fire Federal Credit Union has 17 locations in and around Philadelphia, and many of its services can be accessed fully online. PFFCU prides itself on its four main principles: service, value, convenience and trust. This lender strives to deliver excellent customer service at low costs for members. PFFCU offers both home equity loans and lines of credit. If you are eligible for membership and are interested in a home equity product, PFFCU could be a good fit for you. Police and Fire Federal Credit Union snapshot
BenefitsPolice and Fire Federal Credit Union’s home equity products come with a number of benefits:
DrawbacksIt’s also important to be aware of some of Police and Fire Federal Credit Union’s drawbacks:
Types of fees chargedThere are no application fees or closing costs on PFFCU’s home equity loan or HELOCs. However, for either a home equity loan or a HELOC, you can choose to pay for an appraisal upgrade for $150. PFFCU charges a $15 returned loan payment fee and a $10 fee for making payments by credit card. The late fee for home equity loans is 5 percent of the monthly principal and interest, and the late fee for HELOCs is the lesser of $20 or 4 percent of the unpaid amount. Loan products offeredPFFCU offers several real estate options, including mortgage products, a grant program for first-time homebuyers and mortgage refinancing. It offers two home equity products: a home equity loan and a HELOC. Both products have no application fees and no closing costs. Home equity loanPFFCU’s home equity loan has two options for borrowers looking for a loan for their primary residence or their owner-occupied vacation property. The first is a loan to finance up to 80 percent of the loan-to-value (LTV) ratio of your primary home. Loan terms range from five to 20 years and have a fixed rate. The maximum you can borrow is $600,000. The other option allows you to finance up to 100 percent of the LTV ratio of your primary home. Loan terms are only five to 15 years (still with a fixed rate), and the maximum amount you can borrow is $100,000. Single-family owner-occupied vacation properties have a maximum LTV ratio of 80 percent. If you sign up for autopay, all home equity loans receive a discount of 0.25 percent. PFFCU tries to close on home equity loans within 35 days of application. HELOCPFFCU’s home equity line of credit has a five-year draw period and 15-year repayment period. You can borrow up to $600,000 to finance up to 80 percent of the LTV ratio of your primary home. And as with the company’s home equity loans, there are no application fees or closing costs. PFFCU’s lowest APR for HELOCs is 2.99 percent. However, the HELOC has a variable rate, meaning it will rise and fall based on the Federal Reserve’s bank prime loan rate minus 0.75 percent. How to qualify for a home equity loan with Police and Fire Federal Credit UnionTo qualify for any of PFFCU’s home equity products, you must be a member. Membership is limited to current and retired Philadelphia police officers and firefighters (and their family members), as well as employees from several organizations in and around Philadelphia and South Jersey. Your APR will depend on your credit score and LTV ratio, as well as the loan term and amount. For home equity loan LTV ratios over 80 percent, PFFCU requires automatic payments and will not discount APRs. How to get startedTo apply for one of PFFCU’s home equity products, simply fill out the online application on the credit union’s website; it only takes about 10 minutes to complete. You’ll need to select whether you are applying for a HELOC, Home Equity Loan 80 percent LTV or Home Equity Loan 100 percent LTV. Make sure you have calculated the amount you are requesting to borrow, as well as your estimated property value and current mortgage balance. If members prefer to speak to a person, they can call PFFCU or visit a branch. If an application is completed during regular business hours, potential borrowers should hear about the loan decision the following business day. According to its website, PFFCU has a goal to close on your home equity loan within 35 days of application. How Bankrate rates Police and Fire Federal Credit Union
MethodologyTo create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings. |