Home Equity Loan Get the funds you need for a large expense – such as a major home improvement – or consolidate debt. Features & Benefits One lump sum when you get the loan Fixed monthly payment Fixed monthly rate Best rate for repayment by automatic transfer from your checking Interest charged on full loan amount Application checklist Apply now Rates as low as 6.75 % APR As low as 6.75% APR 1 1 Rate effective as of 3/21/2023. Your APR will be determined based on our internal credit criteria. Listed APRs are based on a loan to value of 70% or less, assume an excellent credit rating, and for Equity Loan include a .50% discount for repaying by an automated payment method approved by us. Property insurance required. If account is closed or paid off within 36 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. Minimum and maximum loan or credit limits apply. Please contact us for specific term options and rates. Terms up to 20 yrs Available in terms of 5, 10, 15 or 20 years Home Equity Line of Credit Gain flexibility with recurring expenses, including home renovations or education-related costs. Features & Benefits Use as needed, up to approved credit limit Variable monthly payment Variable monthly rate Interest charged only on outstanding balance Application checklist Apply now Intro rate for first 12 months 5.49 % APR2 After that the APR can range from 7.75% to 18.00% APR based on the Prime Rate and other criteria. 2 5.49% APR valid for 12 months from account opening and after that APR may vary. Listed APR range is current based on Prime Rate as of 3/21/2023 and APR will never be more than 18%. Your qualifying APR is determined based on our internal credit criteria, loan to value (LTV), credit rating and other factors. LTV may not exceed 90%. Property insurance is required. If account is closed or paid off within 36 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. Minimum loan amount is $20,000. Contact us for other options, current rates and information. Draw & repayment periods of 10 yrs Comes with a 10-year draw period and 10-year repayment period. Compare Home Equity Options Attribute to Compare Home Equity Loan Home Equity Line of Credit Best for Best for Large expenses, like a major home improvement, or you want to consolidate debt Best for Recurring expenses, such as home renovation or home improvement costs Access to funds Access to funds One lump sum when you get the loan Access to funds Use as needed, up to an approved credit limit Monthly payment Monthly payment Fixed amount Monthly payment Variable amount Closing costs Closing costs $0 Closing costs $0 Interest rate Interest rate As low as 6.75% APR1 fixed rate 1 Rate effective as of 3/21/2023. Your APR will be determined based on our internal credit criteria. Listed APRs are based on a loan to value of 70% or less, assume an excellent credit rating, and for Equity Loan include a .50% discount for repaying by an automated payment method approved by us. Property insurance required. If account is closed or paid off within 36 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. Minimum and maximum loan or credit limits apply. Please contact us for specific term options and rates. Interest rate Introductory rate of 5.49% APR1 for the first 12 months and then after that, a variable rate ranging from 7.75% – 18.00% APR based on the Prime Rate and other criteria 1 5.49% APR valid for 12 months from account opening and after that APR may vary. Listed APR range is current based on Prime Rate as of 3/21/2023 and APR will never be more than 18%. Your qualifying APR is determined based on our internal credit criteria, loan to value (LTV), credit rating and other factors. LTV may not exceed 90%. Property insurance is required. If account is closed or paid off within 36 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. Minimum loan amount is $20,000. Contact us for other options, current rates and information. Interest charged Interest charged On the full loan amount Interest charged Only on the outstanding balance Loan amounts Loan amounts Borrow up to 90% of the appraised value of your home, less the balance of your first mortgage, from $20,000 to $100,000; up to 85% for loan amounts from $100,000 to $175,000; up to 80% for loan amounts over $175,000.1 1 For a secondary residence borrow up to 70% of the appraised value of the home, less the balance of the first mortgage, from $20,000 to $50,000. Loan amounts Borrow up to 90% of the appraised value of your home, less the balance of your first mortgage, from $20,000 to $100,000; up to 85% for loan amounts from $100,000 to $175,000; up to 80% for loan amounts over $175,000.1 1 For a secondary residence borrow up to 70% of the appraised value of the home, less the balance of the first mortgage, from $20,000 to $50,000. Terms available Terms available 5, 10, 15 or 20 years Terms available 10-year draw period and 10-year repayment period Home Equity Loan Resources See More Resources Home Equity FAQs Frequently asked questions about home equity loans. Using Home Equity Having a home can be a source of funds when the value of your home increases and exceeds the outstanding mortgage. Home Improvements that Pay Off What improvements will increase your home value when selling your house? Check out our list of easy home updates that will help your home stand out when buyers tour your house.
Compare Home Equity Options Attribute to Compare Home Equity Loan Home Equity Line of Credit Best for Best for Large expenses, like a major home improvement, or you want to consolidate debt Best for Recurring expenses, such as home renovation or home improvement costs Access to funds Access to funds One lump sum when you get the loan Access to funds Use as needed, up to an approved credit limit Monthly payment Monthly payment Fixed amount Monthly payment Variable amount Closing costs Closing costs $0 Closing costs $0 Interest rate Interest rate As low as 6.75% APR1 fixed rate 1 Rate effective as of 3/21/2023. Your APR will be determined based on our internal credit criteria. Listed APRs are based on a loan to value of 70% or less, assume an excellent credit rating, and for Equity Loan include a .50% discount for repaying by an automated payment method approved by us. Property insurance required. If account is closed or paid off within 36 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. Minimum and maximum loan or credit limits apply. Please contact us for specific term options and rates. Interest rate Introductory rate of 5.49% APR1 for the first 12 months and then after that, a variable rate ranging from 7.75% – 18.00% APR based on the Prime Rate and other criteria 1 5.49% APR valid for 12 months from account opening and after that APR may vary. Listed APR range is current based on Prime Rate as of 3/21/2023 and APR will never be more than 18%. Your qualifying APR is determined based on our internal credit criteria, loan to value (LTV), credit rating and other factors. LTV may not exceed 90%. Property insurance is required. If account is closed or paid off within 36 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. Minimum loan amount is $20,000. Contact us for other options, current rates and information. Interest charged Interest charged On the full loan amount Interest charged Only on the outstanding balance Loan amounts Loan amounts Borrow up to 90% of the appraised value of your home, less the balance of your first mortgage, from $20,000 to $100,000; up to 85% for loan amounts from $100,000 to $175,000; up to 80% for loan amounts over $175,000.1 1 For a secondary residence borrow up to 70% of the appraised value of the home, less the balance of the first mortgage, from $20,000 to $50,000. Loan amounts Borrow up to 90% of the appraised value of your home, less the balance of your first mortgage, from $20,000 to $100,000; up to 85% for loan amounts from $100,000 to $175,000; up to 80% for loan amounts over $175,000.1 1 For a secondary residence borrow up to 70% of the appraised value of the home, less the balance of the first mortgage, from $20,000 to $50,000. Terms available Terms available 5, 10, 15 or 20 years Terms available 10-year draw period and 10-year repayment period
Using Home Equity Having a home can be a source of funds when the value of your home increases and exceeds the outstanding mortgage.
Home Improvements that Pay Off What improvements will increase your home value when selling your house? Check out our list of easy home updates that will help your home stand out when buyers tour your house.