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Vacation Homes to Secure HELOCs at Pacific Service

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...

By Staff Writer | Updated on August 14, 2007

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.”

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