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Home Equity Line of Credit

Home Equity Line of Credit features

  • Flexible open-end loan with an approved credit limit
  • Variable rate based on the prime rate
  • Rates as low as prime minus 1.00%
  • Credit limits from $10,000 up to 100% of your available equity
  • Funds available when you need them
  • Helpful for recurring or ongoing expenses, such as college tuition or home improvements
  • Equity Line checks you can write to access your loan funds
  • Useful for VACU checking overdraft protection, which can be set up upon request


Payment options
You now have two ways to repay your Home Equity Line of Credit.

Traditional monthly payment option
Your payment will vary based on the balance you owe, rather than the interest rate. Your minimum monthly payment is 1.5% of the balance you owe.

Interest-only payment option
With interest-only payments for the first ten years, this payment option gives you the flexibility of having access to cash while substantially reducing your monthly payments. Interest accrues only on the amount you actually use. Your minimum monthly payment consists of the accrued interest on the outstanding balance, but does not reduce your outstanding principal balance. This option is ideal for short-term uses such as vacations and educational expenses.

Equity Line payment examples

Balance Minimum Monthly Payment* Interest-Only Payment Option**
$10,000 $150.00 $78.56
$20,000 $300.00 $157.12
$30,000 $525.00 $235.68

*The minimum monthly payment is 1.5% of the unpaid balance or $50, whichever is greater (please see additional information). It’s a good idea to pay more than the minimum whenever possible. If you pay only the minimum payment over the life of your loan, you could have a sizable loan balance (balloon payment) due in full at the end of the term.

**The APR used for the payment example above is 9.25%. During the draw period, your minimum monthly payment will equal the finance charges that accrued on the outstanding balance during the preceding month, plus any amounts past due or exceeding your credit limit, along with any other charges due. By paying only the interest, you will have a sizable loan balance (balloon payment) due in full at the end of the repayment period.

It’s easy to apply
Apply online or by by phone 24 hours a day.

Please contact us if you have questions or if we can help you in any way.

Related Information
Apply for a Home Equity
Line of Credit
Home Equity FAQs
Home Equity Rates
Home Equity Estimator
Home Equity Loan
Loan Payment Protection

Home Equity Comparison Chart