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Home Equity Comparison Chart

Choose the Home Equity option that works best for you.

Features & Benefits Virginia Credit Union
Home Equity Loan
Virginia Credit Union
Home Equity Line of Credit
* Read Important Disclosure

*If you pay off the loan or close the line within 36 months of opening it, then you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. We also require that you have property (homeowners) insurance. Paying only the minimum monthly payment on an equity line can result in a balloon payment due at maturity.

Funds distribution
Funds disbursed in one lump sum
Funds can be used as needed,
up to an approved credit limit
Interest rates
Fixed rate
Variable rate may go up or down monthly based on the prime rate
Interest is charged on the full loan amount
Interest is charged only on the outstanding balance
Closing costs $0*
Tax deductible interest
 Interest may be tax deductible, so check with a tax advisor
Loan amounts
You can borrow up to 90% of the appraised value of your home, less the balance of your first mortgage, from $10,000 to $100,000; up to 85% for loan amounts over $100,000
Monthly payment
Fixed monthly payment amounts
Variable monthly payment amounts
Terms available
1 to 20 years
10-year draw period and a 10-year repayment period
Access to the funds
Funds disbursed in full when you get the loan
Access funds as needed
through Online Banking, by phone, convenience check or at a branch

Still have questions? Take a look at our Home Equity FAQs.

If you have any questions or if we can help you in any way, please contact Member Services at (804) 323-6800 or (800) 285-6609.