FAQs
Q: What is your routing/transit number?
A: The routing/transit number is 272478910.
Q: What is PARDA’s mailing address?
A: Standard Mail
P.O. Box 5010
Rochester, MI 48308
A: Overnight Mail
2601 Cambridge Court Suite 210
Auburn Hills, Mi 48326
Q: Where can I find a surcharge free ATM in my area that allows me to make deposits/withdrawals?
A: You can go to the website www.co-opnetwork.org and find a large listing of ATMs that can take your deposits/withdrawals.
Q: I do not live in an area that has a local branch. Where else can I go to receive service?
A: As a member of PARDA you can enjoy the convenience of one of our family service center or shared branch locations. To find out if there is a family service center or shared branch location near you visit www.cuservicecenter.com.
Q: What is the maximum amount PARDA will finance on a Home Equity Loan?
A: 80% of the value of your home, less any current debt that liens the property. The PARDA Home Equity Loan must be in first or second lien position.
Q: How does a Home Equity Line of Credit work?
A: The Credit Line gives you checkbook access to a 15 year revolving line of credit. It begins at an initial ARM rate
(based on CLTV and credit score) with subsequent adjustments based on Prime plus 0.00%, 0.75% or 1.5% based on CLTV (Combined Loan-to-Value). Rate adjustments are quarterly. Payments are 1% of the outstanding balance and are due the 25 th of each month. The minimum rate is your Start Rate, the maximum or ceiling rate is 18%. There are NO COSTS associated with a Home Equity Line of Credit.
Q: What is the maximum term of a fixed Home Equity Loan, what is the cost to secure this loan, and how is the interest rate determined?
A: The maximum term of a fixed Home Equity Loan is 10 years. The cost is $250 for loans from $5,000 - $25,000;
$500 for loans from $25,001 - $60,000; $750 for loans from $60,001 - $100,000; $1,000 for loans from $100,001 - $200,000; $1,500 for loans from $200,001 - $300,000; $2,000 for loans from $300,000 and up. The Interest Rate varies based on CLTV and credit score.
Q: What is the best way to initiate a Home Equity Application?
A: Visit your nearest Branch Office, or call the MRC (Member Response Center) at 800-860-5640. An application can be mailed or faxed to expedite the process of your request. Click here to apply.
Q: Do you have an Internet bill pay option?
A: Yes, we do have an Internet bill pay option and it is free of charge to all members. All you have to do is login to Home Banking and sign up.
