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 » |
Equity Line of Credit » |
|
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
|
One lump sum |
Use as needed, |
MONTHLY PAYMENT |
Fixed amounts |
Variable amounts |
CLOSING COSTS |
$0* |
$0* |
INTEREST RATES |
Variable 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 |
5, 10, 15 or 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.