Home Equity Loan 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. 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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Simplify your debt
And your life, with a single monthly payment on an affordable, fixed-rate loan.
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Real Estate Specialist
Home Equity Closed End LoansRates Effective as of: 08-04-2021
Other Info Max Term Term Rate (APR) LTV Up to 80% 5 Year As low as 3.99% LTV Up to 80% 10 Year As low as 4.74% LTV Up to 80% 15 Year As low as 4.99% LTV 81% to 100% 5 Year As low as 4.74% LTV 81% to 100% 10 Year As low as 5.24% LTV 81% to 100% 15 Year As low as 5.74%
APR=Annual Percentage Rate
Interest Rate Fixed
The lowest possible rate displayed above
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
The best way to get the money you need
90 Days No Payment & No Closing Costs*
Home Equity LoanMake an Appointment
Ready to get the money you need?
Start with our digital application belowDigital Application
90 day no payment promotion will run from March 1st – May 31st
• Home Equity Closed-End no payment for 90 days.
• No closing costs (appraisal fee, if required, will be refunded at closing) for all home equity loans.
• 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 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 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 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. 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 Lender NMLS #776727