Use the value you've built.
Your home is one of your most valuable assets. With a Home Equity Loan or a Home Equity Line of Credit (HELOC) from First Peoples, you can turn your equity into opportunity. Whether you’re improving your home, consolidating debt or covering life’s bigger expenses, we’re here to help you move forward with confidence.
Fixed-Rate Home Equity vs. Home Equity Line of Credit (HELOC)
Loan Type Features |
Fixed-Rate Home Equity |
Home Equity Line of Credit (HELOC) |
|---|---|---|
| Best for | One-time expenses |
Flexible access
when you need it
|
| Percent You Can Borrow |
Up to 100% of your
home's value
|
Up to 100% of your
home's value
|
| Loan Amount | $10,000 - $500,000 | $10,000 - $500,000 |
| Rate Type | Fixed | Variable |
| Term | Up to 15 years |
10-year draw period and
10-year repayment period
|
| Access to Funds | Lump sum | Access funds as needed: option to request checks |
| Eligible Properties | Owner-occupied primary residences, second homes, investment properties |
Owner-occupied
primary residences
|
| Lending Area | Charter and contiguous counties |
Charter and contiguous counties
|
How do I apply for a Home Equity Loan or Line of Credit (HELOC)?
There are several ways you can apply. You can fill out an application online, call 301.784.3000 and speak with one of our Member Connection Center representatives, or you can walk into any of our convenient locations and apply in person. After you apply, one of our lenders will reach out to you.
What are today's interest rates?
You can view today's rates here.
How much are closing costs?
This number varies and may be different for each member depending on credit score, loan amount, and loan to value (LTV). Our lenders will be able to give you more information as to what these numbers will be.
How do I calculate my home's equity?
Subtract your total mortgage balance from your home's current market value. For instance, if your home is worth $200,000 and you owe $50,000, your equity is $150,000.
What documentation do I need to apply for a home equity loan or HELOC?
In order to start the loan application process, we require the following documentation to apply for a home equity loan or a home equity line of credit.
- Deed
- Proof of Income
- Last 2 Paycheck Stubs
- Social Security Award Letter, if receiving Social Security
- Pension Award Letter, if retired
- Lease Agreement, if receiving rental income
- Driver's License or State-Issued Identification Card
- Last 2 years complete Tax Returns with W-2's and 1099's
- Last 2 years complete Business Tax Returns, for self-employed applicants
- Real Estate Tax Bill
- Proof of Homeowner's Insurance
- Proof of Flood Insurance, if applicable
- List of Assets (vehicles/property owned, most recent bank statements, most recent 401K/investment statements, life insurance policies, etc.)
- Current Mortgage Statement, if applicable
- For Home Improvements: Estimate of Labor and Materials
- For Debt Consolidations: List of debts to be paid in full
- Bankruptcy Paperwork, if applicable
- Divorce Decree, if applicable
- Other documentation may be required to complete the application process
Additional Information Needed from Borrower/Co-borrower:
- Years of Schooling
- Employment Start Date
- Current Job Title
- Marital Status (Single, Married, Divorced, Widowed)
- Dependent's Age(s)
First Peoples Community Federal Credit Union is a full-service financial institution with branches in Maryland, Pennsylvania and West Virginia.