Money to pay for anything life brings your way
You've put so much into your home over the years and now you can put all that equity to use. Maybe you have a home renovation project in mind or you want to consolidate debt at a lower interest rate. Or you might need money for milestone events like a wedding or pursuing a college degree. Whatever you are planning, a Home Equity Line of Credit (HELOC) can be a great way to pay for it. And as you repay your credit line, you can use the money again for anything else that comes along.
- Home Equity Lines of Credit have lower interest rates than most credit cards
- Credit limit is determined by your home's equity - the current market value of your house minus your outstanding mortgage balance
- Pay interest only on the amount of the credit line actually in use
- Easily access funds through checks, Online and Mobile Banking and at Central Virginia Federal Credit Union branches
- Good choice for consolidating high-interest debt or large credit card balances
Here's an example:
- You have a $25,000 line of credit.
- You borrow $10,000 to put in patio and do some landscaping.
- For six months, you decide to pay only the interest on the $10,000 loan.
- At that point, you pay $5,000 back to the credit line.
- You now have $20,000 available out of the original $25,000.