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
• You can borrow up to 90% of the appraised or
  most current assessed value of your home, less
  the balance of your first mortgage
• 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

Home Equity Line of Credit payments
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.

Equity Line of Credit payment examples

Balance Minimum Monthly Payment* $10,000 $150.00 $20,000 $300.00 $30,000 $525.00

*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.

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.