Home Equity Loans
Figure out which type of home equity loan is right for you.
While all home equity loans share certain traits – like using the equity in your home as collateral – certain types are better for certain situations. Here's a rundown of some of the major home equity loans Veridian offers and what they're best at.
Home Equity Loan
Borrow up to 100% of the equity in your home with a fixed rate at terms of 5, 10, 15 or 20 years. This loan is a great option when you need one larger lump sum to cover a cost, such as replacing the roof on your home, paying for medical expenses or debt consolidation.
Home Equity Line of Credit
Usually called a HELOC, this open-end revolving line of credit allows you to borrow up to 100% of the equity in your home. The term is 25 years, with the rate fixed for the first 5 or 10. This is a great choice when you don’t know exactly how much money you’ll need; it works similar to a credit card, so you borrow as you go and only pay interest on your balance.
10 & Done Loan
Use the equity in your home to refinance and get a low fixed rate for 10 years. It's like getting a 10-year fixed-rate mortgage with a fraction of the closing costs and less paperwork and fees than a typical refinance. You'll know exactly how much you'll pay, and when you'll pay it off.
Home equity loans can be great tools for home improvement, adoption expenses, medical expenses, debt consolidation and so much more. If you're considering a home equity loan, schedule an appointment to discuss your unique financial situation or start your application today.