Home Equity
Need cash and already own a home? Use the equity in your home to make major purchases such as remodeling, buying a car, paying for college tuition or whatever you need cash for.
The types of homes you can use as collateral include your primary residence in VA, a non-rented vacation or second home in VA, including a condominium.
Benefits include:
- Borrow up to 95% of your home’s equity
- Low rates
- Possible tax savings (see tax advisor)
- Quick application process and fast loan approval
Fixed Rate Home Equity Loan Plan Benefits
- Closed end loan with flexible terms up to 15 years available
- Rate is fixed, so your payment will stay the same over the life of the loan
- Loans from $5,000 up to 95% of your home’s equity
- Use for one time major expenses
Home Equity Line of Credit Benefits
- Open end loan with a variable rate based on the prime rate
- Loans from $7,500 up to 90% of your home’s equity
- Use the money only when you need it
- Use for ongoing major expenses
