No Closing Costs. Fixed Rates. Your Home’s Equity, Working for You.
Your home is probably the most valuable thing you own. If you’ve been making mortgage payments for a few years, or if property values in Bucks County have climbed since you bought, you’ve built up equity that can work for you right now. A home equity loan from Spirit Financial Credit Union converts that equity into a lump sum of cash at a fixed rate, with no closing costs and a monthly payment that never changes.
That “no closing costs” part isn’t a promotional gimmick with fine-print exceptions. Spirit Financial doesn’t charge application fees, origination fees, or appraisal costs on home equity loans. The amount you’re approved for is the amount deposited into your account. Period.
Home Equity Loan Benefits
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No Closing Costs
No application fee, no origination fee, no appraisal cost. The amount you borrow is the amount you receive.
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Fixed Rate, Fixed Payment
Your rate and monthly payment never change for the life of the loan. No surprises, ever.
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Flexible Terms Up to 20 Years
Choose a repayment schedule that fits your budget, from short-term to up to 240 months.
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Borrow Up to 90%** of Your Home's Value
Access more of your equity than most banks allow. First lien and second lien options available.
Home Equity Loan Rates
Effective Date (11/16/2020) and Rates Subject to Change.
| Balance Tier | 1st Lien APR** | 2nd Lien APR*** |
|---|---|---|
| Up to 36 Months | as low as | as low as |
| Up to 60 Months | as low as | as low as |
| Up to 84 Months | as low as | as low as |
| Up to 120 Months | as low as | as low as |
| Up to 180 Months | as low as | as low as |
| Up to 240 Months | as low as | as low as |
Learn More About Home Equity Loans
How a Home Equity Loan Works
A home equity loan is a fixed-rate, lump-sum loan secured by the equity in your home. Equity is the difference between your home's current market value and the amount you still owe on your mortgage.
You receive the full loan amount at closing and repay it in equal monthly installments over a set term, up to 20 years. Because the loan is secured by real property, interest rates are significantly lower than credit cards or unsecured personal loans.
How We Compare
See how Spirit Financial stacks up against a typical bank home equity loan:
What Can You Use a Home Equity Loan For?
A home equity loan puts a lump sum of cash in your hands for virtually any purpose:
- Home improvements and renovations: kitchen remodels, new roofs, energy-efficient windows, and upgrades that increase resale value.
- Debt consolidation: roll high-interest credit cards, medical bills, or personal loans into a single, fixed-rate payment.
- Education expenses: college tuition, trade school, or continuing education at rates lower than most private student loans.
- Major life expenses: a wedding, an adoption, a down payment on an investment property.
- Emergency needs: unexpected medical bills, urgent home repairs, or family situations that can't wait.
Home Equity Loan vs. HELOC
Spirit Financial offers both. They tap the same asset, your home's equity, but work very differently.
A home equity loan gives you a lump sum at a fixed rate with a fixed monthly payment. Best for one-time, defined expenses where you know the amount upfront.
A HELOC gives you a revolving credit line with a variable rate. Best for ongoing or unpredictable needs where you want to draw funds over time.
Both come with no closing costs at Spirit Financial.
Why Bucks County Homeowners Choose Spirit Financial
Member-owned since 1953. Not-for-profit. Every lending decision made locally.
Zero Closing Costs
No application fee, no origination fee, no appraisal cost passed on to you. The amount you borrow is the amount you receive.
Member-Owned, Not Shareholder-Owned
Profits go back to members through lower rates and fewer fees. Not to shareholders in another state.
Local Decisions
Every lending decision is made by our team in Levittown. Not a regional processing center.
$500K Deposit Insurance
Deposits insured up to $500,000 through NCUA and ESI. Double the FDIC standard.
Frequently Asked Questions
Have more questions? Call us at (267) 580-0230 or email Loans@spiritfinancialcu.org
- That depends on your home's appraised value and your existing mortgage balance. Spirit Financial lends up to 90%** of your home's combined loan-to-value (LTV) ratio.
- They're the same thing. A home equity loan taken out when you already have a first mortgage is technically a second mortgage, a second lien secured by the same property. The terms are used interchangeably.
- No. Spirit Financial covers all closing costs on home equity loans. No application fee, no origination fee, no appraisal cost passed on to you.
- Spirit Financial typically processes home equity loan applications within 30-45 days from application, depending on the appraisal and title work. Straightforward cases often close faster.
- Absolutely. Many Spirit Financial members have their first mortgage elsewhere and take a second lien home equity loan with us.
- Interest may be deductible if the loan proceeds are used to buy, build, or substantially improve the home securing the loan. Other uses generally don't qualify. Consult a tax professional for your specific situation.You borrow a fixed amount, receive it all at closing, and repay it with equal monthly installments at a fixed interest rate. Read our full guide: How do home equity loans work? →
Three Ways to Get Started
**APR= Annual Percentage Rate. Rates are for qualified borrowers and are based on the credit worthiness of the individual and loan being in first lien position. Actual rates may be different than the rates shown. For LTVs over 80%, 1.25% will be added to the rate.
***APR= Annual Percentage Rate. Rates are for qualified borrowers and are based on the credit worthiness of the individual and loan being in second lien position. Actual rates may be different than the rates shown. For LTVs over 80%, 1.25% will be added to the rate.