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HELOC for the New Year

Posted in Articles on Thursday, January 11, 2018

Get a fresh financial start with a HELOC in 2018.

Many people have financial resolutions for the new year, and Veridian can help you achieve yours. Get a fresh start to 2018 by consolidating old high-interest debt with a Home Equity Line of Credit (HELOC).

What is a HELOC?

Like a home equity loan, a HELOC taps into the value you’ve accrued in your house. Instead of giving you a lump sum up front, however, a HELOC is revolving line of credit you can draw from at any time. You only pay interest on the money you actually spend, with a rate as low as 3.40% APR* for the first five years.

What can I use a HELOC for?

You can use a HELOC for just about anything, including home improvements, adoption, medical expenses, travel and tuition. It’s an excellent tool for refinancing high-interest debt held elsewhere, whether that’s credit cards, auto loans or student debt. You could save hundreds in interest payments — and reduce the time you spend paying bills — by consolidating debt with double-digit interest rates into a HELOC with a rate as low as 3.40% APR*.

What is the repayment plan?

Your monthly payment is just 1% of your balance with a $50 minimum.

How much can I borrow at once?

If you qualify, up to 100% of the equity in your home.

How can I access my HELOC?

Simply transfer money from your HELOC to your Veridian checking account through online or mobile banking.

Ready to apply?

Rates can fluctuate with the market, and they’ve been trending higher. Apply today to get a fresh financial start to your year and lock in a rate as low as 3.40% APR* for the first five years.

Don't have a HELOC yet?

Apply online or schedule an appointment.

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  1. home equity

APR = Annual Percentage Rate. Rate is fixed for first five years of the plan, and after the five-year (60-month) term expires, the rate is variable and the maximum APR is 21%. For a $30,000 five-year fixed HELOC at 3.40% APR, the monthly payment will be $300 (taxes and insurance premiums not included). Includes Loyalty Discount of 0.25% APR when enrolled in direct deposit of net income and automatic loan payments from your Veridian account. Borrowers will lose Loyalty Discount if they fail to meet qualifications during loan term. Add 2.50% to interest rate for loans with loan-to-value ratio over 80%. Appraisal fees may apply. 

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