Choose the Home Equity option that works best for you.
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Virginia Credit Union
Home Equity Loan
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Virginia Credit Union
Home Equity Line of Credit
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| Funds distribution |
Funds disbursed in one lump sum
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Funds can be used as needed,
up to an approved credit limit
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| Interest rates |
Fixed rate
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Variable rate may go up or down monthly based on the prime rate
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| Interest |
Interest is charged on the full loan amount
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Interest is charged only on the outstanding balance
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| Closing costs |
$0* |
| Tax deductible interest |
Interest may be tax deductible, so check with a tax advisor
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| Loan amounts |
You can borrow up to 90% of the appraised value of your home, less the balance of your first mortgage, from $10,000 to $100,000; up to 85% for loan amounts over $100,000
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| Monthly payment |
Fixed monthly payment amounts
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Variable monthly payment amounts
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| Terms available |
1 to 15 years
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10-year draw period and a 10-year repayment period
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| Access to the funds |
Funds disbursed in full when you get the loan
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Access funds as needed
through Online Banking, by phone, convenience check or at a branch
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Still have questions? Take a look at our Home Equity FAQs >>
Please contact us if you need help or if we can help you in any way.
*If you pay off the loan or close the line within 36 months of opening it, then you will pay a prepayment penalty equal to the amount of closing costs originally paid by VACU. We also require that you have property (homeowners) insurance. Paying only the minimum monthly payment on an equity line can result in a balloon payment due at maturity.