WALNUT CREEK, Calif. — Pacific Service Credit Union is now offering two new home equity loans secured by either rental property or vacation homes, a bold move, given the state of the mortgage industry right now. With rising delinquencies, foreclosures, falling home values and a glut of "for sale" signs in many areas, PSCU is bucking the trend in a tightening credit market.
"Our members can take advantage of the equity that has built up on vacation homes and rental properties," Tom Smigielski, president of Pacific Service Credit Union said. "Our fixed rate home equity loan allows members to borrow up to $500,000 for just about any purpose."
The new non-owner-occupied home equity loans allow a maximum loan to value of 70%; a maximum term of 12 years; and may be applied to residential properties with as many as four units.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
