A GOLD Home Equity Loan is a secured, fix-rate loan. You receive the loan amount as a lump sum at a fixed interest rate and repay the loan via monthly payments over the life of the loan. It uses your home equity as collateral.

A GOLD HELOC works somewhat like a credit card. You’re approved for a certain amount and may draw money from the account as needed. You pay interest only on what you borrow, and the interest rate may vary throughout the life of the loan. It uses your home equity as collateral.

A GOLD Home Equity Loan is paid out in one lump sum, so our Members typically use those for large, one-time purchases, such as a wedding. A GOLD HELOC is a revolving line of credit, so our Members typically use those for ongoing expenses, such as college tuition or medical bills.

Interest rates for GOLD Home Equity Loans and Home Equity Lines of Credit (HELOCs) tend to be lower than that of other forms of credit, particularly GOLD Personal Loans and Personal Lines of Credit (PELOCs). With a GOLD Home Equity Loan or HELOC, your home is considered collateral to secure the loan. Unsecured loans involve more risk for the lender, hence their typically higher interest rates.

A fixed-rate loan has an interest rate that will not change over the life of the loan. GOLD Home Equity Loans typically have a fixed rate. With a variable rate, your interest rate is tied to an index, namely the Prime Rate as published in The Wall Street Journal, meaning it can change over time. GOLD Home Equity Lines of Credit (HELOCs) typically have a variable rate.

View our current loan rates. Your specific rate will be based upon an evaluation of your credit.

We assess a number of factors during the loan approval process, including your credit, employment history, assets, and property value.

Loan terms vary by lender, but you can often borrow up to 80 percent of your home’s current equity, minus your mortgage balance.

The equity in your home is the difference between the current appraised value of your home and the balance of your mortgage.

LTV stands for “Loan-to-Value.” It represents the amount you’re borrowing as a percentage of your home’s value.

No. At GOLD Credit Union, we only offer Home Equity Loans and HELOCs on primary residences. It must be an owner-occupied, one-to-four family dwelling. It must also be located in Pennsylvania and deeded in the borrower’s name.

No. There are many ways to put your loan or line of credit to use. Many of our Members use theirs to make home improvements, consolidate debt, and pay college tuition.

You’ll have several options to access your HELOC. Most of our Members use their Online Banking portal to transfer funds, as necessary. You’ll also receive free checks that link directly to your HELOC.

Your draw period is the fixed length of time during which you can access funds from your HELOC. Our HELOCs have a 120-month draw period.

Your repayment period begins when your draw period ends. Our HELOCs have a 180-month repayment period.

We recommend automating your payments, either linked to your direct deposit or another automatic transfer. You've got lots of flexibility, though, and can make your payments monthly, bi-weekly, or bi-monthly and choose to automate your payments or make manual payments. We'll help you make the best choices for you when you first sign your loan documents at your loan closing.

No, there are no prepayment penalties on our home equity products. For most people, the sooner the better!

Generally, the interest you pay on your Home Equity Loan or Home Equity Line of Credit (HELOC) is no longer tax-deductible. We recommend you consult with your tax advisor to assess your specific situation.

Possibly. We do our best to limit your hassle and expenses related to our required appraisals. You may be in for a far easier and less expensive process than you may have seen elsewhere!

You should expect to submit copies of your W-2s or tax returns for the previous two years; recent statements for your bank account(s), IRA/401(k), and other assets; proof of employment, such as paycheck stubs; and your mortgage note.

The turnaround time from application to closing tends to be between four and six weeks. Verifying your submitted documentation, gathering additional documentation, and conducting a home appraisal, if necessary, all influence the timeline.

You can apply online right now! If you’d prefer, you can call 484-223-4200 during normal business hours to work with one of our Loan Officers.

Reimagine what your home has to offer by applying for a GOLD Home Equity Loan or GOLD Home Equity Line of Credit (HELOC) today. 

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