Our Home Equity Options
Fixed-Rate 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
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
Please note: your home equity application will be processed through the Virginia Credit Union online portal (Member One is a division of Virginia Credit Union).
Frequently Asked Questions
More questions? We want to make sure you have the answers you need!
Call 800-666-8811 and press option 4, or visit one of our retail center locations today.
Home equity is the difference between the appraised value of your home and the amount you still owe on your mortgage.
Borrowing against home equity gives you cash on hand to pay for things that matter most, whether it’s a planned home remodel or an emergency need. There are two primary options: a fixed-rate home equity loan, or a home equity line of credit.
Your home equity builds over time, but there are a few ways you might be able to build it a little faster:
- Make extra mortgage payments: If you can afford to make higher mortgage payments than your minimum or even make an extra payment each year, you will knock off money from your loan's principal!
- Home improvements: Making home renovations can increase your value as well. This can be anything from renovating your kitchen to updating your windows to adding new flooring. The list goes on! Some home improvements make a bigger impact than others, so be sure to do your research first!
Getting a home equity line of credit can be a great solution for home renovations, college, debt consolidation, and other significant purchases. If you have questions, please contact our team.
A second mortgage can be a great option for a fixer-upper or to increase the value of your home. If you have questions, please contact our team.
*Member One, A Division of Virginia Credit Union standard closing costs are waived, including attorney fees. Property insurance required. If account is closed or paid off within three years of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by the lender. Minimum and maximum loan or credit limits apply. Please contact us for specific term options and rates.
Now is the time to tap into your home equity! Check out our current rates and apply easily online today.