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
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.
You Might Also Be Interested In...
Why not bundle all your debt into a low interest rate and improve monthly cash flow.
Simplify your debt
And your life, with a single monthly payment on an affordable, fixed-rate loan.
Member Reward Offers
We believe our members deserve to be rewarded that is why PDCU rewards you for all types of activity.
Call (248) 263-4269
Home Equity Closed End LoansRates Effective as of: 10-05-2023
Other Info Max Term Term Rate (APR) LTV Up to 80% Up to 60 Months As low as 7.29% LTV Up to 80% 61-120 Months As low as 7.70% LTV Up to 80% 121-180 Months As low as 8.00% LTV 81% to 90% Up to 60 Months As low as 7.79% LTV 81% to 90% 61-120 Months As low as 8.29% LTV 81% to 90% 121-180 Months As low as 8.79%
Home Equity Lines-of-CreditRates 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
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
*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
All other trademarks are the property of their respective owners.