| |
|
 |
| Home
> Loans & Credit Cards > Home
Equity Options > Equity Line of Credit |
 |
 |
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. |
 |
 |
|
 |

|
| |
|
|
|
|
|