Home Equity Loan Benefits
Home equity loans provide an easy source of cash. Although higher than a first mortgage, the interest rate on a home equity loan is typically much lower than credit card rates. As such, the number one reason consumers borrow against the value of their homes via a fixed-rate home equity loan is to pay off credit card balances.
5 reasons a Home Equity Loan could be a good choice
- Home improvements that will add value
- Emergency family expenses
- Consolidating high-interest debt
- Funding investments (use caution)
- Financing Education
Helpful links to important resources:
- Your home loan toolkit
- What you should know about home equity lines of credit
- Tools and resources
- Notice to inquirers and loan applicants
Should You Tap Your Home’s Equity?
Conduct a careful review of your financial situation before you borrow against your home. A home equity loan can be a valuable tool for responsible borrowers. Your home’s equity can help cover the cost of a single, large purchase, such as a new roof on your home or an unexpected medical bill.
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Real Estate Specialist
Home Equity Closed End LoansRates Effective as of: 03-25-2023
Other Info Max Term Term Rate (APR) LTV Up to 80% 5 Year As low as 5.84% LTV Up to 80% 10 Year As low as 7.34% LTV Up to 80% 15 Year As low as 7.84% LTV 81% to 90% 5 Year As low as 6.09% LTV 81% to 90% 10 Year As low as 8.34% LTV 81% to 90% 15 Year As low as 8.84%
APR=Annual Percentage Rate
Interest Rate Fixed
The approximate monthly payment would be approximately $19 per $1,000 borrowed at 5.84% for 60 months. Rates are subject to change at any time. Other conditions may apply.
The lowest possible rate displayed above
Home Equity Lines-of-CreditRates Effective as of: 03-25-2023
Other Info Max Term Term Rate (APR) Payment: 1.6% of Balance $50 Minimum LTV Up to 80% As low as 7.75% APR Payment: 1.6% of Balance $50 Minimum LTV 81% to 90% As low as 8.25% APR
APR=Annual Percentage Rate
Home equity lines of credit are variable rate loans, indexed to the prime rate and adjustable quarterly. The maximum rate is 18.0% Annual Percentage Rate (APR).
Frequently Asked Questions
- Conventional Products
- Freddie Mac Fixed Rate
- Fannie Mae Fixed Rate
- Adjustable-Rate Mortgages
- Home Possible (Freddie Mac)
- Home Ready (Fannie Mae)
- Super Conforming
People Driven Credit Union wants to be your mortgage lender! We partner with Member First Mortgage to provide you with a wide range of mortgage services. Whether you are buying your first home, building your dream home, moving up, or scaling down, Member First Mortgage has many programs to fit your needs. Apply for your mortgage today by clicking the link or calling (866) 898-1818.
- Copy of your driver’s license
- Last 2 years W2’s
- Most recent 30 days span of paystubs
- Last 2 years Federal Tax Returns
- Most recent two months bank statements, all pages
- Contact information for homeowner’s insurance agent
Ready to get the money you need?
Start with our digital application belowDigital Application
• Maximum LTV is 80%
• Minimum Loan Amount is $25,000
A Fixed Home Equity loan is a traditional closed-end loan often referred to as a second mortgage. The borrower receives a one-time lump sum to be repaid over a fixed term and interest rate. In addition, monthly payments remain the same throughout the loan’s lifetime.
Mortgage rates change daily; therefore, inquire with PDCU for current mortgage rates.
Enjoy the added convenience of making your payments with a Direct Deposit. * Use of a calculator tool is not a guarantee of credit.
*APR = Annual Percentage Rate. However, your actual APR will be determined at the time of disbursement, and based on your application and credit information, the rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. In addition, The rate you receive on your loan will be the rate in effect at the time of loan disbursal.
People Driven Credit Union is an Equal Housing Opportunity NMLS #776727