Closed-End Loans
Get a lump sum you can spend however you like.
Home Equity Loan
Live your best life in your home!
Right now you can get any home equity loan with just 3.99% APR^ for the first six months^, with rates as low as 6.74%APR⋄ Loyalty Program⋄ after that. This offer is available for a limited time.
Borrow against your home's value and the equity you have in it. With a closed-end home equity loan, you'll receive a lump sum, and your rate and your payments will remain the same for the life of the loan.
Product Details
If you need to pay for a big project all at once or have one large expense to cover, a closed-end loan gives you the money you need up front with predictable payments.
Pick from terms of 5, 10, 15 or 20 years. You can borrow up to 90% of your home’s equity with a term of 15 years and up to 80% with a term of 20 years.
Get up to 100% of the value of your home. Please note that rates increase once your loan-to-value ratio goes over 80%.
Check your balance and make payments instantly through online banking and our mobile app.
The great rate on a home equity loan saves you money no matter what you need it for – whether that's medical bills, adoption costs, new furniture, vacations or unexpected expenses.
This loan may be a good fit for you if:
- You have one big expense or project.
- You have equity in your home. What is equity and how do I estimate mine?
- You know how much you need to borrow.
- You want fixed payments for the life of the loan.
- You're looking to consolidate debt.
Rates, Terms & Payment Examples
Closed-End HomeCalculate Your Estimated Monthly Payment
Use the slider below to select how much you'd like to borrow and compare estimated payments for the different terms we offer for fixed home equity loans.
| $ Your Equity Loan Principal | 5 Years(60 Months) | 10 Years(120 Months) | 15 Years(180 Months) | 20 Years(240 Months) |
|---|---|---|---|---|
| APR as low as⋄ | 6.99% | 7.50% | 8.00% | 9.25% |
| Loyalty APR as low as⋄ | 6.74% | 7.25% | 7.75% | 9.00% |
| Payment exampleBased on the loan amount selected above | $### | $### | $### | $### |
| Fixed rate for life of loan |
Getting a Closed-End Home Equity Loan
STEP 1:
STEP 2:Close Your Loan
Sign final loan documents with standard closing costs of around $275.
STEP 3:Start Spending
You'll receive a lump-sum deposit in the Veridian account you choose.
Frequently Asked Questions
To estimate your equity, take the value of your home and subtract the balance on your mortgage and other liens, if any. To find your loan-to-value ratio, divide the total amount you owe on your home by its value. For example, if your home is appraised at $200,000 and you owe $50,000 on your mortgage, you have $150,000 of equity and your current loan-to-value ratio is 25%.
You'll need an appraisal if you're looking to borrow more than $100,000 or more than the current assessed value of your equity. If an appraisal is required and you've had one done in the last 3 months, we'll accept it. If it's older than that but was still done in the last year, we'll review it to see if we can accept it. New appraisals typically cost between $400-$500.
You can easily set up a recurring automatic transfer through online banking.
With closed-end loans, you receive a set amount of money that you repay in roughly equal installments over a defined term. A line of credit is like a credit card: You receive a credit limit, or a maximum amount that you can borrow. You only pay interest on what you've spent and haven't paid off, and you can borrow up to your limit again and again as you pay down your balance. Your monthly payments will vary depending on your current balance.
"I have always thought Veridian has been above and beyond helpful in knowing how to serve their customers."D.K.October 2021
"I couldn’t be happier! I was even able to sign my papers on a weekend."D.R.October 2021
"All my questions and concerns were handled with care, and I felt very confident with the advice and service I received while obtaining this line of credit."S.G.November 2021
"I have been a member for a long time and have had great service though the years."K.M.September 2021
Are you ready to use the equity you earned?
Get a Home Equity Loan⋄ 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. Add up to 2.5% to interest rate for home equity loans with loan-to-value ratios over 80% (maximum 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, Nebraska & Minnesota and do not include escrow. All loans subject to membership and approval. Appraisal fees may apply. See Veridian for details.
^ APR = Annual Percentage Rate. Introductory rate offer of 3.99% APR for first six months is valid on applications through 6/30/2024 and is not eligible for Loyalty Program discount during this period. Introductory rate cannot be combined with other offers. After introductory period, loan returns to regular rates and terms. Existing home equity loans with Veridian may be refinanced if loan balance increases at least 25% with new money. Home improvement loans and loans tied to first mortgages are not eligible.