FAQ Category: Home Equity
Can I refinance my Home Equity Loan?
Yes, you can refinance a Home Equity Loan, which may allow you to take advantage of lower interest rates or different loan...
Continue ReadingWhat happens if I cannot repay my HELOC?
If you cannot repay your Home Equity Line of Credit, contact People Driven Credit Union as soon as possible. Because a HELOC is secured by your home, missed payments can lead to late fees, negative credit reporting, collection activity, suspension of...
Continue ReadingIs the interest on a HELOC tax-deductible?
In some cases, interest paid on a Home Equity Line of Credit 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 ReadingAre there any fees associated with a HELOC?
Yes, there may be fees associated with a Home Equity Line of Credit at People Driven Credit Union. The line includes a $295 closing fee and a $200 processing fee. There may also be an early termination fee if you close the HELOC within 24 months. In...
Continue ReadingHow much can I borrow with a HELOC?
The amount you can borrow with a Home Equity Line of Credit depends on your available equity, creditworthiness, property value, and the balance of any existing mortgage or liens on the property. At People Driven Credit Union, HELOC financing is available...
Continue ReadingWhat can I use a HELOC for?
You can use a Home Equity Line of Credit for a variety of expenses, including home improvements, emergency family expenses, education costs, and consolidating higher-interest debt. Because a HELOC gives you access to a revolving line of credit, you can...
Continue ReadingHow is the interest rate determined on a HELOC?
The interest rate on a Home Equity Line of Credit is variable, which means it can change over time. At People Driven Credit Union, your APR is based on the Wall Street Journal Prime Rate plus a margin that is set at closing based on factors such as your...
Continue ReadingWhat is the draw period of a HELOC?
The draw period of a Home Equity Line of Credit is the time when you can borrow from your approved credit line as needed. At People Driven Credit Union, the HELOC draw period is 10 years, and during that time you make interest-only payments on the amount...
Continue ReadingHow does a HELOC differ from a fixed rate home equity loan?
A Home Equity Line of Credit and a Fixed Rate Home Equity Loan both let you borrow against the equity in your home, but they work differently. A HELOC gives you a revolving line of credit, which means you can borrow what you need, repay it, and borrow...
Continue ReadingWhat is a Home Equity Line of Credit (HELOC)?
A Home Equity Line of Credit, or HELOC, is a revolving line of credit that uses the equity in your home as collateral. Instead of receiving one lump sum, you can borrow what you need up to your approved credit limit, repay it, and borrow again while the...
Continue ReadingHow do I check the status of my loan application?
To check the status of your loan application, contact People Driven Credit Union at 248-263-4100 during business hours or reach out to your assigned loan specialist if you have their contact information. Be ready to verify your identity and share details...
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...
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