FAQ Category: Home Equity Land Loan
How do I start?
Connect with a Home Equity Specialist. We’ll review your goals, the property, and outline clear numbers, timelines, and next steps. Have more questions about a Land Loan? Start your Land Loan conversation with Home Equity Specialist at People Driven...
Continue ReadingWhat does Loan-to-Value Ratio (LTV) mean?
Loan-to-Value Ratio (LTV) is a measure of the amount of the loan compared to the appraised value of the property. It is calculated by dividing the loan amount by the appraised value or purchase price of the property, whichever is lower, and is...
Continue ReadingWhat can I use a Home Equity Loan for?
You can use a Home Equity Loan for various purposes, including home improvements, debt consolidation, education expenses, medical bills, or major...
Continue ReadingWhat are the eligibility requirements?
Eligibility requirements for home equity loans include having sufficient home equity, a good credit score, a stable income, and a favorable debt-to-income ratio. Have more questions about home equity loans? Connect with a Home Equity Specialist at...
Continue ReadingHow is the interest on a Fixed Rate Home Equity Loan calculated?
With a Fixed Rate Home Equity Loan, the interest rate stays the same for the life of the loan. Your payment is based on the amount you borrow, your fixed interest rate, and your repayment term, which helps make your monthly principal and interest...
Continue ReadingCan I deduct the interest on my Fixed Rate Home Equity Loan?
In some cases, interest paid on a Fixed Rate Home Equity Loan may be tax-deductible. Generally, the loan must be secured by your main home or second home, and the funds must be used to buy, build, or substantially improve the home that secures the...
Continue ReadingDo you offer ‘skip a payment’?
Yes. People Driven Credit Union offers a Skip A Payment option for eligible loans during qualifying periods. If you qualify, you may be able to skip one loan payment per calendar year for a $35 processing fee. Who may qualify To be eligible, you must...
Continue ReadingHow do I make a loan Payment?
PDCU offers options for making your loan payment: Online Banking (MyPDCU Portal & Mobile App) Step 1: Log into the MyPDCU Online Portal or the MyPDCU mobile app. Step 2: Select ‘Transfers.’ Step 3: Choose the account from which you want...
Continue Reading- « Previous
- 1
- 2
