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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: 95% 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 19th 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 up to $100,000, $500 from $100,001 to $200,000, $750 from $200,001 to $300,000 and $1,000 from $300,001 to $400,000.  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.

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.











 

 

 

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