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HELOC benefits

POSTED IN ARTICLES ON THURSDAY, FEBRUARY 4, 2021

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 debt with high interest rates, you could lower your monthly payments or interest rate by moving that debt to a HELOC at Veridian. You can also use your equity for making improvements in your home, which may increase its value over time. In fact, HELOCs are flexible enough for all sorts of expenses, from big renovations to tuition payments.

What are the benefits of a HELOC?

 Savings

  • You only pay interest on your balance, not on your limit.
  • HELOCs typically have lower rates than other kinds of debt, which lets you pay less on what you borrow.

 Simple Process

  • It's easy to apply online, and our friendly staff is ready to walk you through every step.
  • There's no application fee and no annual fee for a HELOC.

 Convenience

  • Transfer funds from your HELOC anytime, anywhere with online banking and our mobile app.
  • With a HELOC, you borrow as you go. Your line of credit is always there for you whenever you need it.

  Borrowing Power

  • You can borrow up to 100% of your home's value.
  • Since a HELOC is a revolving line of credit, you can keep it open for up to 25 years and borrow and pay it off as often as you’d like.

To get started, check what documents you'll need and then apply online today. To discuss how a HELOC might fit into your life, schedule an appointment with a Veridian specialist.

GET A HELOC

APR = Annual Percentage Rate. Introductory rate offer of 1.49% APR for first six months is not eligible for Loyalty Program discount during this period. After introductory period, loan returns to regular rates and terms. Offer valid on applications through 2/28/21. Existing home equity loans with Veridian may be refinanced if loan balance increases at least 25% with new money to the credit union. Promotion excludes home improvement loans and loans tied to first mortgages. Standard 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. 3.10% APR available for a five-year fixed HELOC; minimum rates vary by product. Add up to 2.5% to rate for home equity loans with loan-to-value ratios over 80% (maximum of 100%). Maximum APR for home equity lines of credit is 21%. 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.

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.

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