FAQ Category: Home Equity
Is it available for second homes or investment properties?
No. Bridge Loans are available for primary (owner-occupied) residences only. Have more questions about a Bridge Loan? Start your Bridge Loan conversation with Home Equity Specialist at People Driven Credit Union. Connect with a Home Equity...
Continue ReadingDo I have to finance the purchase through PDCU?
If you are financing the purchase of your next home, the financing must be through People Driven Credit Union. If you’re purchasing without financing, ask us how a bridge loan may fit your plan. Have more questions about a Bridge Loan? Start your...
Continue ReadingDo Home Equity Lines of Credit (HELOCs) have a minimum loan amount?
Yes—but just like our Home Equity Loans, our HELOCs start at a minimum of $5,000. That’s lower than many lenders, giving you affordable access to your home’s equity for smaller projects, unexpected expenses, or ongoing financial...
Continue ReadingDo Fixed Term Home Equity Loans have a minimum loan amount?
Yes—and ours is refreshingly low. People Driven Credit Union Home Equity Loans start at just $5,000, making it easier for members to borrow only what they need for smaller projects or expenses. Many lenders require much higher minimums, but we believe...
Continue ReadingDo you finance land purchases?
No. We lend only against vacant land you already own; we do not finance land purchases. 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...
Continue ReadingWhat exactly is a Land Loan?
A Land Loan is a closed-end term loan secured by your vacant land. It has a fixed payoff date, predictable monthly payments, and your land serves as collateral. Have more questions about a Land Loan? Start your Land Loan conversation with Home Equity...
Continue ReadingHow can I use the funds?
Common uses include site preparation, utility runs, property taxes, debt consolidation, or other qualified needs. We will confirm your intended use during application. Have more questions about a Land Loan? Start your Land Loan conversation with Home...
Continue ReadingWhat terms are available?
Terms are available up to 240 months (20 years), subject to credit approval and program guidelines. 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...
Continue ReadingWhat fees should I expect?
Members pay all fees, including a 1% origination fee and third-party closing costs such as title, appraisal, and recording. You will receive an itemized estimate before you proceed. Have more questions about a Land Loan? Start your Land Loan conversation...
Continue ReadingWhat do you look at to qualify?
We review your credit and income, the appraised land value, acceptable lien position, clear and insurable title, legal access or road frontage, and any flood or environmental concerns. Have more questions about a Land Loan? Start your Land Loan...
Continue ReadingWhat types of land are eligible?
Generally, eligible collateral is vacant land you already own with legal road access and clear, insurable title. “Vacant” means no habitable dwelling on the parcel; sheds, fencing, driveways, or wells may be acceptable subject to underwriting....
Continue ReadingDo I need an appraisal?
Typically yes. A land appraisal or other valuation is usually required. Requirements and costs will be confirmed upfront. Have more questions about a Land Loan? Start your Land Loan conversation with Home Equity Specialist at People Driven Credit Union....
Continue ReadingHow much can I borrow?
Your approved amount depends on the appraised value of the land, your credit and income, and program loan-to-value guidelines. We will present clear numbers after valuation and underwriting review. Have more questions about a Land Loan? Start your Land...
Continue ReadingHow long does it take to close?
Closing time varies based on title work, appraisal scheduling, and document collection. We will give you a timeline and keep you updated throughout the process. Have more questions about a Land Loan? Start your Land Loan conversation with Home Equity...
Continue ReadingIs this the same as a HELOC?
No. HELOCs typically require a dwelling. For vacant land, a closed-end land-secured loan with fixed payments is the standard approach. Have more questions about a Land Loan? Start your Land Loan conversation with Home Equity Specialist at People Driven...
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