Police and Fire Federal Credit Union: 2023 Home Equity Review
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At a glance
- Customer Experience
About Police and Fire Federal Credit Union
Up to $600,000
Min. credit score
5-year draw period and 15-year repayment term for HELOC; 5 years to 20 years for home equity loan
Funds available in
As soon as one business day
Police and Fire Federal Credit Union features
Here's a breakdown of some of the benefits and drawbacks of Police and Fire Federal Credit Union home equity loans.
Police and Fire Federal Credit Union overview
Since 1938, Police and Fire Federal Credit Union (PFFCU) has been providing financial services for active and retired Philadelphia police officers and firefighters and their families. PFFCU also works with members of select organizations in Greater Philadelphia and South Jersey. Among its products and services, the credit union offers both home equity loans and lines of credit (HELOCs).
Police and Fire Federal Credit Union snapshot
|Home equity loan types||Home equity line of credit (HELOC)
Home equity loan
|Loan amounts||Up to $600,000|
|Credit score minimum||Undisclosed|
|Repayment terms||5-year draw period and 15-year repayment term for HELOC; 5 years to 20 years for home equity loan|
|Average time to approval||As soon as 1 business day|
How Bankrate rates Police and Fire Federal Credit Union
To 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.
- PFFCU’s home equity loans and HELOCs have no application fees and no closing costs, although you can opt to pay $150 for an appraisal upgrade.
- Borrowers typically get a HELOC decision one business day after applying, and the credit union strives to close on your home equity loan or HELOC within 35 days of application.
- PFFCU membership requires you to be an active or retired Philadelphia police officer, firefighter — or family member — or a member of one of the credit union’s affiliated organizations.
- The credit union’s HELOC has a five-year draw period and a 15-year repayment period. Many other home equity lenders offer a 10-year draw period, which is helpful if you’ll need money for a longer stretch of time.
Types of fees charged
There are no application fees or closing costs on PFFCU’s home equity loans or HELOCs. However, for either a home equity loan or a HELOC, you can choose to pay for an appraisal upgrade for $150. The credit union 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. If you sign up for autopay on a home equity loan, you’ll receive a rate discount of 0.25 percent.
Home equity loan products offered
PFFCU offers two home equity products: a home equity loan and a HELOC.
The fixed-rate home equity loan comes with two options: the first for up to 80 percent of the loan-to-value (LTV) ratio of your primary home; the second for up to 100 percent LTV ratio. With the first option, the loan terms range from five years to 20 years and the maximum you can borrow is $600,000. With the second option, the loan terms are only five years to 15 years, and you can only borrow up to $100,000.
PFFCU’s HELOC, on the other hand, has a five-year draw period and 15-year repayment term. You can borrow up to $600,000 to finance up to 80 percent of the LTV ratio of your primary home.
How to qualify for a home equity loan with Police and Fire Federal Credit Union
To qualify for either of PFFCU’s home equity products, you must first join the credit union. To be eligible for membership, you’ll need to be a current or retired Philadelphia police officer or firefighter (or a family member of one), or an employee with one of several partner organizations in and around Philadelphia and South Jersey.
How to get started
To 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. If you prefer to speak to a loan officer, you can call the credit union or visit a branch.