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, or Home Equity Line of Credit, is an open-end revolving line of credit secured by the equity you have built up in your home. Qualified applicants may borrow up to 100% of the assessed value of their home, less any liens. These lines of credit are available up to 25 years at a competitive variable rate. Your minimum monthly payment is 1% of your balance.
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 the assessed value of their home, less any liens. Available fixed-rate terms are 5 years, 10 years, 15 years, and 20 years.
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