FAQ Category: Home Equity
Are there any fees associated with a HELOC?
Yes, there may be fees associated with a HELOC, such as an application fee, annual fee, closing costs, or early closure fee. It's essential to review the terms and conditions of the HELOC agreement to understand the fees...
Continue ReadingHow much can I borrow with a HELOC?
The amount you can borrow with a HELOC depends on factors such as the equity in your home, your creditworthiness, and the lender's policies. Typically, you can borrow up to a certain percentage (e.g., 80-90%) of your home's appraised value minus any...
Continue ReadingWhat can I use a HELOC for?
HELOC funds can be used for various purposes, such as home improvements, debt consolidation, education expenses, major purchases, or emergencies. It provides flexibility to access funds when...
Continue ReadingHow is the interest rate determined on a HELOC?
The interest rate on a HELOC is typically variable and may be based on an index, such as the prime rate, plus a margin determined by your creditworthiness. This means your payments can fluctuate based on market...
Continue ReadingWhat is the draw period of a HELOC?
The draw period is the initial period (typically 5-10 years) during which you can access funds from your HELOC and make interest-only payments. After the draw period ends, you enter the repayment period, in which you pay back both principal and...
Continue ReadingHow does a HELOC differ from a home equity loan?
Unlike a home equity loan, which provides a lump sum of money with fixed payments, a HELOC offers a revolving credit line with a draw period during which you can borrow and repay funds as needed. You only pay interest on the amount you...
Continue ReadingWhat is a Home Equity Line of Credit (HELOC)?
A HELOC is a revolving line of credit that uses your home as collateral. It allows you to borrow funds as needed, up to a predetermined credit limit, using the equity you've built in your...
Continue ReadingWhat is a Line of Credit?
A credit line allows you to borrow in increments, repay it and borrow again as long as the line remains open. Typically, you will be required to pay interest on borrowed balance while the line is open for borrowing, which makes it different from a...
Continue ReadingHow do I check the status of my loan application?
You may give us a call at 248-263-4100 to speak with the loan...
Continue ReadingDo you offer ‘skip a payment’?
Yes! All eligible loans can be skipped once per calendar year for a fee of $35. To learn more about how it works, visit our Skip-a-Payment page. Please note that Fresh Start Auto Loans, Lines of Credit, Mortgages, Commercial Loans, and Credit Cards are...
Continue ReadingHow do I make a loan Payment?
To make a payment via online banking with funds already in your account, login to the MyPDCU Online Portal or use the MyPDCU app, and select 'transfers'. Select where you want to transfer from and which loan you would transfer to. To make a...
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