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 Credit Union. Connect with a Home Equity Specialist
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 expressed as a percentage. How is LTV Calculated? The formula to calculate LTV is: LTV = (Loan ...
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 purchases.
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 People Driven Credit Union to get your questions answered.
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 payments more predictable. Although the rate does not change, interest is generally calculated on the unpaid ...
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 loan. If the loan is used for personal expenses, such as paying off credit cards, ...
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 be a member in good standing, have no prior extensions in the current calendar year, ...
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 to transfer funds and the loan you wish to pay. Debit/Credit Card Payments Call (248) 263-4100 to make a ...
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