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Home Equity Loan

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  • Overview

    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.

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    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.

    People here are never in too much of a hurry to answer all my questions. Above all, they always have a smile on their face.

    Mea e.

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  • Contact us

    • Camilla

      CamillaL@peopledrivencu.org

      Call (248) 263-4269

      NMLS# 2377238

       

  • Rates

    Rates

    Home Equity Closed End Loans

    Rates Effective as of: 10-05-2023
    Other Info Max TermTerm Rate (APR)
    LTV Up to 80% Up to 60 MonthsAs low as 7.29%
    LTV Up to 80% 61-120 MonthsAs low as 7.70%
    LTV Up to 80% 121-180 MonthsAs low as 8.00%
    LTV 81% to 90% Up to 60 MonthsAs low as 7.79%
    LTV 81% to 90% 61-120 MonthsAs low as 8.29%
    LTV 81% to 90% 121-180 MonthsAs low as 8.79%

    Home Equity Lines-of-Credit

    Rates Effective as of: 10-05-2023
    Other Info Max Term Term Rate (APR)
    Payment: 1.6% of Balance $50 Minimum LTV Up to 80% As low as 8.25% APR
    Payment: 1.6% of Balance $50 Minimum LTV 81% to 90% As low as 9.00% APR
  • FAQs

    Frequently Asked Questions

    • Conventional Products
    • Freddie Mac Fixed Rate
    • Fannie Mae Fixed Rate
    • Adjustable-Rate Mortgages
    • Home Possible (Freddie Mac)
    • Home Ready (Fannie Mae)
    • Construction
    • Super Conforming
    Government Products:
    • FHA
    • VA
    • RD/USDA
    • 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
    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.

    Need help?

Ready to get the money you need?

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Disclosures

*APR = Annual Percentage Rate: The actual APR and loan term is subject to approval and may be determined upon the borrower’s creditworthiness, the amount borrowed, and the type, value, age, and condition of the collateral offered to secure the loan (when applicable). Rates are effective as of today and are subject to change.

Special Loan Rate Discount: Benefit from a 0.25% reduction when enrolling in our AutoPay service and is included in the “as low as” rate advertised. The discount is available to those with Direct Deposit of payroll, social security, or retirement and AutoPay setup from a People Driven Credit Union checking or savings account.

Payment example: Monthly payments of $20.00 for each $1,000 borrowed at 6.55% APR for 60 months.

You might consider getting one if you’re interested in buying a home at a lower price point and taking on the costs of fixing it up. Buyers choose to do this for several reasons, including personal pleasure or as a way to gain equity faster than they normally would when buying a move-in-ready house since you’re more in control of establishing the value of your home.

  • Fixed-rate, simple interest fully amortizing installment loans, no fees or prepayment penalties.
  • Loan proceeds may not be used to refinance an existing People Driven Credit Union loan.

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.

• Maximum LTV is 80%
• Minimum Loan Amount is $25,000
• No prepayment penalty.

People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727
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