Home Equity Comparison Chart
Choose the Home Equity option that works best for you.
 

Features & Benefits	Virginia Credit Union Home Equity Loan	Virginia Credit Union Home Equity Line of Credit
Funds distribution	Funds disbursed in one lump sum	Funds can be used as needed, up to an approved credit limit
Interest rates	Fixed rate	Variable rate may go up or down monthly based on the prime rate
Interest	Interest is charged on the full loan amount	Interest is charged only on the outstanding balance
Closing costs	$0*
Tax deductible interest	Interest may be tax deductible, so check with a tax advisor
Loan amounts	You can borrow up to 90% of the appraised or most current assessed value of your home, less the balance of your first mortgage, from $10,000 to $250,000
Monthly payment	Monthly fixed payment amounts	Monthly payment* Minimum monthly payment is the greater of 1.5% of the month-end balance or $50 or with an interest-only payment option (available to qualified buyers) the minimum monthly payment is all the outstanding interest due or $50, whichever is greater
Terms available	1 to 15 years	10-year draw period and a 10-year repayment period
Access to the funds	Funds disbursed in full when you get the loan	Access funds as needed through Home Banking, by phone, convenience check or at a branch

Still have questions? Take a look at our Home Equity FAQs >>

Please contact us if you need help or if we can help you in any way.

*If you pay off the loan or close the line within 36 months, reimbursement of closing costs is required. We also require that you have property (homeowners) insurance. Paying only the minimum monthly payment on an equity line may (or will if the interest only payment option is selected) result in a balloon payment due at maturity.