Closed End Fixed Rate Home Equity Loan

Closed End Fixed-Rate Mortgage Program

Borrow against the equity you’ve built up in your home. Your interest may even be tax deductible! Low Fixed Interest Rates.

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

Home Equity Fixed-Rate Loans

Fixed Rate Terms80%80%90%90%100%100%
With or Without Payroll DeductionMarket valuew/Payroll deductMarket valuew/Payroll deductMarket valuew/Payroll deduct
3 years5.54% APR*5.29% APR*6.54% APR*6.29% APR*7.54% APR*7.29% APR*
4 years5.84% APR*5.59% APR*6.84% APR*6.59% APR*7.84% APR*7.59% APR*
5 years5.95% APR*5.70% APR*7.20% APR*6.95% APR*8.20% APR*7.95% APR*
7 years6.25% APR*6.00% APR*7.50% APR*7.25% APR*8.50% APR*8.25% APR*
10 years6.55% APR*6.30% APR*7.80% APR*7.55% APR*8.80% APR*8.55% APR*
15 years6.75% APR*6.50% APR*8.00% APR*7.75% APR*9.00% APR*8.75% APR*
** Please call our Loan Department at 609-393-1100 for complete details.
Additional Savings of .25% if Payroll Deducted
* APR = Annual Percentage Rate

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

The terms of repayment range from three (3) to fifteen (15) years. The maximum allowable amount under our Fixed Rate Program is $200,000.00 with a minimum allowable amount of $10,000.00

We are offering this Fixed Rate Home Equity Program at this present time, with absolutely NO POINTS or NO FEES to all NEW applicants. Please note that anyone with a present Home Equity with us, who wishes to apply for a new Fixed Rate Loan, will be assessed at $250.00 fee to cover our costs, unless the loan is $20,000.00 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.

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

The basis for determining your allowable equity is eighty percent (80%) of the appraised market value of your home, less any outstanding mortgage on your home. One hundred percent (100%) financing is available to qualified members with a Credit Bureau Risk Score of 700 or more. We are only appraising primary principle residences in the State of New Jersey and Bucks County, Pennsylvania at the present time.

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

Get Started Today

Remember, when applying for your Closed End Fixed-Rate Mortgage Program, 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.