Home Equity Options

The equity in your home can be a great source of funds if you’re looking for a low-cost loan for major purchases or expenses. Choose either a home equity loan or line of credit to fit your needs and preferences.

 

Equity Loan »

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Equity Line of Credit »

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YOUR NEED

You have a large expense, like a major home improvement, or you want to consolidate debt.

You have recurring expenses, such as home renovation or education-related costs.

ACCESS TO
THE FUNDS

One lump sum
when you get the loan

Use as needed,
up to an approved credit limit

MONTHLY PAYMENT

Fixed amounts

Variable amounts

CLOSING COSTS

$0*

$0*

INTEREST RATES

Fixed rate

Variable rate
May go up or down monthly
based on the prime rate

INTEREST CHARGED

On the full loan amount

Only on the outstanding balance

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

TERMS AVAILABLE

1 to 20 years

10-year draw period & a 10-year repayment period

Still have questions? Take a look at our Home Equity FAQs.

*If you pay off the loan or close the line within 36 months of opening it, then you will pay a reimbursement fee 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.