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Your HELOC benefits

Posted in Articles on Tuesday, September 12, 2017

Your HELOC is a smart way to manage your debt.

We know the importance of taking control of your debt. If you have enough equity in your home, a HELOC is a great solution. You can consolidate your outstanding credit cards, loans, and bills into a single, low monthly payment. 

Apply for a HELOC and you can get a rate as low as 3.65%.  Apply online or schedule an appointment to speak with a specialist.


What are the benefits of using your 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.

Tags

  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 3.65% 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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