Whether you are tackling home improvement projects, planning to make a major purchase or need to eliminate debt from your budget, it may be worth exploring an Interest-Only Home Equity Line of Credit.
What is an Interest-Only Home Equity Line of Credit (HELOC)?
It is similar to a traditional Home Equity Line of Credit in that it provides homeowners with a revolving line of credit secured by the value of their home. However, the key difference is how the payments are structured.
Key Benefits
We want to help you save money in the short term for your long-term goals. Plus, receive…
Efficient Experience
Our team will process your application quickly and efficiently.* The average closing time is 15 business days! We will work with you to determine the right solution for you and your situation.
Save Money
We do not charge application fees to apply. And we want you to pay your loan back as quickly as possible, so we don’t charge prepayment penalties either.
Financial Wellness
We want to ensure that you walk with confidence with all financial decisions. We offer FREE Financial Wellness Coaching to empower you with the information you need to be successful for the future.
Competitive Interest Rates
Our rates are tied to the Wall Street Journal Prime Rate plus margin.
Interest-Only Home Equity Lines of Credit – At A Glance
| Access to Funds | Use as needed, up to an approved credit limit. |
| Interest Rate | 7.75% - 9.425% APR based on the Prime Rate and other criteria.* |
| Interest Charge | Only on the outstanding balance during draw period |
| Available Term | 20 years (10-year draw period and 10-year repayment period) |
| Loan Amounts | Based on the appraised value of your home |
| Monthly Payment | Variable |
| Closing Costs | Based on borrowed amount |
*APR= Annual Percentage Rate. The disclosed rates are valid as of September 1, 2024. Rates and conditions are subject to change at any time and may vary based on creditworthiness, qualifications and collateral conditions. Subject to membership in the credit union, credit approval and closing. Property insurance and closing required. Property must be member’s primary residence and located in the Commonwealth of Virginia.
