Home Equity Line of Credit

Use the Equity in your home

for major home improvement projects like solar panels, home additions, or even remodel your kitchen or bath. Home Repairs can be costly and may cost you more in the long run for this work in progress. A Home Equity Line of Credit can get you the money you need to maximize your return on investment. Home Improvement not only increases the value of your home but your life.

Rates Effective as of 1st 2024. Rates are subject to change during the month at the discretion of the Board of Directors

Home Equity Credit Line

80%8.50% APR*
90%9.00% APR*
100%10.00% APR*
* Annual Percentage Rate

Thank you for your interest in NJL&PS Credit Union’s Home Equity Program. The following is a brief description of our requirements:

We are offering this Line of Credit at the present time with absolutely NO POINTS and NO FEES to all NEW applicants. Please note that anyone with a present Home Equity that wishes to apply for a Line of Credit will be assessed at $250.00 fee to cover our costs, unless the loan is $15,000.00 greater than your current balance. This fee must be assessed to cover a current appraisal, title search, and county clerk filing fee. If the loan is cancelled there is a fee of $100.00 plus appraisal.

The Annual Percentage Rate (APR) will be established on the last business day of the calendar quarter (March 31, June 30, September 30, and December 31), based on the Prime rate as published in the Money &  Investing section of the Wall Street Journal. All Home Equity accounts shall be notified of the change prior to their required payment date, excluding any specials.

The term of repayment is fifteen (15) years, and the draw on your credit is limited to five (5) year, after which you are free to refinance your Home Equity Line of Credit. We advise you to check with your tax preparer to verify tax deductibility.

There is a $200,000.00 ceiling on the amount of individual funds disbursed. The amount of the initial draw at the time of closing must be in excess of $10,000.00. The basis for determining your allowable equity is eighty (80%) percent of the appraised market value of your home, less any outstanding mortgage on your home. One hundred percent (100%) financing is available for qualified members. We are only appraising primary principle residences in the State of New Jersey and Bucks County, Pennsylvania at the present time.

Loans are granted on Single Family Homes, primary residence and Townhouses, primary residence, Multi-Family homes if you are the primary residence of one unit, up to 4 units. No Rental Properties.

It should be further noted that any name that appears legally on the deed must be present at the time of closing at the offices of the Credit Union in Trenton, New Jersey.

Get Started Today

Remember, when applying for your Line of Credit ,be sure to include all the required documents:

  1. Completed and signed application
  2. Copy of most recent paystub
  3. Copy of most recent IRS tax filing
  4. Copy of Deed
  5. Copy of Homeowners Policy Declaration Sheet
  6. Copy of County or Municipality Tax Assessment
  7. This letter initialed and attached to the application

Please initial this document in the space provided below and return it to the Credit Union with your application.

Apply Now

Any additional questions, please contact the loan office at [email protected] or call (609) 393-0046.