IBEW Local 56 Federal Credit Union was chartered in 1961 - Once A Member ... Always A Member

Home Equity

Home Equity & Home Improvement

The loan is secured with a 2nd mortgage (short form mortgage).  The trade area for home equity loans includes the following counties of Pennsylvania: Erie, Crawford, and Warren.

The loan application must be accompanied by an appraisal, property search, flood zone search and deed.  The member is responsible for the fees pertaining to the above and for filing fees.  Proof of homeowner's insurance with a maximum $1,000 deducible and loss payable clause to the Credit Union is required.

  • Maximum amount - $5,000 -$65,000 with 20% minimum equity, 25% for rental property.
  • Maximum term - 120 months.
  • Interest Rates:
Term Rates as Low as
  60 months 5.00% APR*
  90 months 5.25% APR*
120 months 5.50% APR*

*APR = Annual Percentage Rate.  Other rates may apply based on lending criteria.  Rental Property:  Add .75%. 
NMLS #211589


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