Put the equity in your home to work.
The equity in your home can be an excellent source of funds when you’re looking for an easy, affordable option for home repairs, upgrades or purchasing furniture. VACU offers three different loan products to help you use the equity in your home to get the money you need.
We're here to help!
Let's discuss your options and help you find the best way to use your home's equity. Call (804) 591-4920 to speak with a member of our lending team.
Equity Loan |
Equity Line of Credit |
Cash-out Mortgage Refinance |
|
|---|---|---|---|
| Your need |
You have a large expense or you want to consolidate debt. |
You have recurring expenses. |
You have a large expense or want to consolidate debt without an extra monthly payment. |
| Terms available |
1 to 20 years |
10-year draw period & a 10-year repayment period |
10, 15, 20, and 30-year fixed rate options and 5, 7, and 10-year adjustable rate options |
| Access to the funds |
One lump sum when |
Use as needed, |
One lump sum when |
| Monthly payment |
Fixed amounts |
Variable amounts |
Fixed amount in the form of your mortgage payment |
| Interest rates |
Variable rate |
Fixed or adjustable, you choose |
|
| Interest charged |
On the full loan amount |
Only on the outstanding balance |
On the full loan amount |
| 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 |
You can refinance your mortgage up to 80% of the appraised value of your home |
|
Ready to apply?
You have three great options:
- Home equity line of credit, with special introductory rate*
- Home equity loan
- Cash-out mortgage refinance. Options with no closing costs**
*12-month intro rate as low as 3.99% APR. After that, the APR can range from 5.50% to 11.00% APR. Range is based on the current Prime Rate as of 1/1/2019 and other criteria and is subject to change.
**Mortgage application required. Certain restrictions, limits and other conditions apply.