Home Equity Comparison Chart
Choose the Home Equity option that works best for you.
 

Features & Benefits	Virginia Credit Union Home Equity Loan	Virginia Credit Union Home Equity Line of Credit
Funds distribution	Funds disbursed in one lump sum	Funds can be used as needed, up to an approved credit limit
Interest rates	Fixed rate	Variable rate based on the prime rate
Interest	Interest is charged on the full loan amount	Interest is charged only on the outstanding balance
Closing costs	$0*
Tax deductible interest	Interest may be tax deductible, so check with a tax advisor
Amount you can borrow	Loan amounts from $10,000, up to 100% of your available equity	Line of credit amounts from $10,000, up to 100% of your available equity
Monthly payment	Monthly fixed payment amounts	Variable minimum payment amounts of at least $50 — depends on unpaid balance and changes in APR. With an interest-only payment option, you pay accrued interest on the outstanding balance and any applicable past due amount and/or other charges or $50, whichever is greater.
Terms available	Flexible terms with a fixed payment amount	10-year draw period and a 10-year repayment period
Access to the funds	The loan amount is deposited in your account or a check is cut and mailed.	The line can be accessed in person, with a Home Equity Line check, or by transferring funds to a VACU account

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, reimbursement of closing costs is required. We also require that you have property (homeowners) insurance.