Your HELOC benefits - Veridian

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HELOC benefits

POSTED IN ARTICLES ON MONDAY, FEBRUARY 4, 2019

A Home Equity Line of Credit is a flexible funding source.

Take control of your debt with a HELOC.

Apply Online

If you have equity in your home, you can put it to work with a HELOC from Veridian. You can consolidate your outstanding credit cards, loans and other bills into one easy monthly payment – or use your equity to increase your home's value by making improvements.

Because you only pay interest on the money you spend, a HELOC is also a great choice for unexpected expenses. Your monthly payment is just 1% of your balance with a $50 minimum, and with a rate as low as  4.00% APR you could pay far less interest than using a credit card or personal loan.

If you're interested in a HELOC, 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.


What are the benefits of a HELOC?

Savings

  • HELOCs have lower rates than credit cards and personal loans, which means more savings overall. 
  • Your monthly payment is only 1% of your balance, so you're only paying for what you use.

Simple Process

  • There is no application fee and no annual fee for your HELOC.
  • It is easy to apply and quick to close. We'll walk you through every step to ensure you understand your loan and how it will help you.

Convenience

  • Veridian members always have easy access to funds. Transfer funds within online or mobile banking to your checking account.
  • 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, and choose terms up to 25 years. 
  • Using your HELOC can have tax benefits, unlike credit cards or personal loans. Consult a tax advisor to see what benefits you have.

APR = Annual Percentage Rate. Includes Loyalty Discount of 0.25% APR when enrolled in direct deposit of net income and automatic loan payments using your Veridian account. Borrowers will lose Loyalty Discount if they fail to meet 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 2.0-2.5% to interest rate for home equity lines of credit with loan-to-value ratios over 80% (maximum of 100%). Rate may not be used in conjunction with first-mortgage loans. Closing costs as low as $200. Appraisal fees may apply. Rates, terms and conditions subject to change and may vary based on qualifications including creditworthiness, loan-to-value ratio and collateral conditions. All loans subject to approval. See Veridian for details.

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