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 credit profile and loan-to-value ratio.
Because the rate is variable, your APR and minimum monthly payment can increase or decrease as the Prime Rate changes. At People Driven Credit Union, HELOC rate adjustments are tied to the first business day of each monthly billing cycle. The HELOC also has a lifetime rate floor and ceiling, so your rate will not go below the minimum floor or above the maximum cap provided in your loan terms.
If you want help understanding current HELOC rates or how your rate may be determined, call 248-263-4100 or connect with a Home Equity Specialist.
