Purdue Federal Credit Union

Phone #: 800.627.3328
Routing #: 274976067

Financial Image

Personal Banking
Home Equity Loans

Home improvements just got more affordable. 

Summer is here and now is the perfect time to start that special home-improvement project you’ve been planning.

Don’t have any home-improvement projects planned? That's okay! You can draw from your home equity line of credit for many other reasons: a summer vacation, debt consolidation, or even your child’s education. 

Here's what you'll need to apply for a home equity loan or line of credit:

  • Verifiable Income
  • Unexpired Government-Issued ID
  • Social Security Number
  • Loan Amount
  • Estimated Value of Your Home
  • Primary Savings Account  

Not just for home improvements.

Did you know that you can borrow money from your home’s available equity to be used for practically anything—home improvements, tuition, medical bills, vacation, and more.

Here are a few of our member's favorite uses:

  1. Add value to your home by remodeling your kitchen or adding a bathroom.
  2. Help your child with tuition and college expenses.
  3. Pay for your child's wedding expenses.
  4. Purchase a new vehicle.
  5. Go green and enhance your landscaping.
  6. Take that all-inclusive vacation you've been waiting for.
  7. Consolidate other high-interest debts.

Click here for a list of our employees registered through the Nationwide Mortgage Licensing System (NMLS) as of October 2017.

Home Equity Line of Creditwebsite_icons_homeequity.png

Reviews 

Borrow what you need, when you need it from a variable-rate line of credit tied to the equity in your home. Draw against the line for up to 12 years with another 12-year repayment period.  

Plus, when you use money from your home equity line of credit on a qualifying project, your interest payments may be tax deductible

  • Competitive Closing Costs
  • No Prepayment Penalties
  • No Annual Fee
  • 12 Years to Borrow; 12-Year Repayment
  • No Minimum Draw at Closing
  • Interest-Only Payment Option
  • Make payments directly to Purdue Federal

website_icons_homeeqfha.pngFixed-Rate Home Equity
Loan

Reviews

A fixed rate home equity loan has an interest rate that stays the same throughout the life of the loan. Since the interest rate doesn't change, the amount of each monthly payment is stationary as well. At Purdue Federal, you'll find competitive rates with no annual fee and no prepayment penalty.

  • Competitive Closing Costs
  • Make payments directly to Purdue Federal
  • No Prepayment Penalties
  • No Annual Fee
  • Competitive, Fixed Rate
  • Use the money for practically anything!

website_icons_homeeqfha.pngFHA Home Improvement Loan

No equity? You can still make improvements! **
Designed to give homeowners the ability to finance home-improvement projects when no equity is available in the home. Common repairs and/or renovations are eligible, ranging from new garage doors or outdoor deck to repairing the roof and fixing heating/cooling, to repairing structural damages to the property.

  • Competitive Rates
  • No Annual Fees
  • No Prepayment Penalties

NOTICE: Current credit freezes you MAY have placed on one of the following bureaus – ExperianEquifax orTransUnion – will delay processing of your loan application. To avoid this delay, consider temporarily lifting all credit freezes

**Subject to credit approval. Financing up to 100% loan/value financing available at different rates. The Home Equity Line of Credit rate cannot be increased more than 6% over the original rate during the life of the loan. Membership eligibility required. See Guide to Member Services and Fee Schedule for full disclosures.

 

 


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