Home Equity Loans Benefits
Home equity loans provide an easy source of cash. The interest rate on a home equity loan although higher than that of a first mortgage 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
Should You Tap Your Home’s Equity?
Conduct a careful review of your financial situation before you borrow against your home. Home equity loans can be valuable tools for responsible borrowers. A home equity loan 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 Lines-of-CreditRates Effective as of: 08-15-2020
Other Info Max Term Term Rate (APR) Payment: 1.6% of Balance $50 Minimum LTV Up to 80% As low as 3.25% Payment: 1.6% of Balance $50 Minimum LTV 81% to 100% As low as 3.75%
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).
Home Equity Closed End LoansRates Effective as of: 08-15-2020
Other Info Max Term Term Rate (APR) LTV Up to 80% 5 Year As low as 4.75% LTV Up to 80% 10 Year As low as 5.00% LTV Up to 80% 15 Year As low as 5.25% LTV 81% to 100% 5 Year As low as 5.50% LTV 81% to 100% 10 Year As low as 5.75% LTV 81% to 100% 15 Year As low as 6.00%
APR=Annual Percentage Rate
Interest Rate Fixed
Frequently Asked QuestionsPeople 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.
The best way to get the money you need
Fixed-rate, Fixed-term Home Equity Loan
A home equity loan is a great way to access needed cash quickly and without feesMake an Appointment
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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. Monthly payments remain the same throughout the lifetime of the loan.
Mortgage rates change daily, therefore inquire with PDCU for current mortgage rates.
Enjoy the added convenience of making your payments with Direct Deposit. * Use of a calculator tool is not a guarantee of credit.
*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. 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 Lender NMLS #776727