What is a home equity loan?
A home equity loan is a loan secured by the equity in your home. Veridian offers two kinds of home equity loans:
Home Equity Line of Credit (HELOC)
A HELOC is an open-end revolving line of credit, similar to a credit card. Qualified applicants may borrow up to 100% of their equity. Veridian offers HELOCs with a fixed rate for the first 5 or 10 years and a variable rate for the rest of the 25-year term. The minimum monthly payment is $50 or 1% of your balance, whichever is greater.
Closed-End Home Equity Loan
A closed-end home equity loan is a one-time loan advance. Qualified applicants may borrow up to 100% of their equity. Veridian offers fixed rates for terms of 5, 10, 15 and 20 years.
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