POSTED IN ARTICLES ON WEDNESDAY, JULY 17, 2019
A Home Equity Line of Credit is a flexible funding source.
You can put the equity in your home to work with a HELOC from Veridian. If you have credit card balances, loans and other bills, you could lower your monthly payments by consolidating that debt into a HELOC. Or use your equity to increase your home's value by making improvements – HELOCs are flexible enough for all sorts of expenses, from big renovations to smaller purchases like lawn mowers, air conditioners and camping gear.
What are the benefits of a HELOC?
- Interest only accrues on your balance, so you're not paying to borrow money you don't yet need.
- HELOCs have lower rates than credit cards and personal loans, which means more savings overall.
- There is no application fee and no annual fee for a HELOC.
- It's easy to apply and quick to close. We'll walk you through every step to ensure you understand your loan .
- Transfer funds to your checking account anytime, anywhere in online banking or our mobile app.
- With a HELOC, you borrow as you go. Your line of credit is always there for you whenever you need it.
- You can borrow up to 100% of your home's value for 25 years.
- Since a HELOC is a revolving line of credit, you can pay it off and borrow up to your limit again and again.
♦ APR = Annual Percentage Rate. Includes Loyalty Program discount of 0.25% APR when enrolled in eDocs and while maintaining direct deposit of net income to Veridian or, if unavailable, a minimum of 10 qualifying checking account transactions per month. Borrowers will lose discount if they fail to meet Loyalty Program qualifications during loan term. Rate fixed for first 60 or 120 months of the 25-year term; after that, the rate is variable and the maximum APR is 21%. Add up to 2.5% to interest rate for home equity lines of credit with loan-to-value ratios over 80% (maximum of 100%). Rates, terms and conditions subject to change and may vary based on qualifications including creditworthiness, loan-to-value ratio and collateral conditions. Home equity loans only available in Iowa and Nebraska. All loans subject to membership and approval. Appraisal fees may apply. See Veridian for details.