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Routing Number: 273976369

Our unique, nine-digit number that functions as an address for your bank.

Your home is your safe space. It’s where you rest, host family and friends, and maybe even work.


And when you own a home, you start building equity as soon as you start making your mortgage payments. You could use that equity to pay for education, combine high-interest debt, cover large expenses, or even improve your home to make it even more special.


These things, and many others, are all possible with a home equity loan.


What is a home equity loan?


Your equity is calculated by subtracting how much you owe on your mortgage and any debt against your property from the value of your home. A home equity loan lets you borrow some of that equity, usually with a lower interest rate than other loan types.


Calculating home equity. Your home's value $200,000. Your current mortgage balance -$125,000. Your equity $75,000.


There are two main types of home equity loans:


Closed-end home equity loan


This type of home equity loan gives you a fixed rate and term. So, you know how much you’re borrowing, what your monthly payment will be and when your loan will be paid in full.


Home equity line of credit (HELOC)


This type of loan is more flexible. A HELOC is a line of credit that stays open and allows you to borrow from it when you need it. Since you can choose how much to borrow, up to your approved credit limit, at any time, your monthly payment amount may vary.


Learn more: home equity loans from Veridian


How to use a home equity loan


There are many ways to use a home equity loan. Here are some of the most common ways we see them being used:


Combine high-interest debt


You can use a home equity loan to get a lower monthly payment on student loans, personal loans or other types of loans. You can also use it to combine credit card debt to pay off your balances faster.


Cover large expenses


A home equity loan can help you pay for large or unexpected expenses. These could include medical costs, vehicle repairs, or big family events like weddings and more.


Improve your home


You can also use the equity in your home to make improvements. Use it to build a home office, remodel your kitchen or create an outdoor living space.


Your equity, your way


The equity in your home gives you so many possibilities. You can learn more about our home equity loans online. Or fill out the form below to schedule a 1-on-1 meeting with our community inclusion team to help determine if a home equity loan is right for you.


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