The types of homes you can use as collateral include your primary residence
in VA,
a non-rented vacation or second home in VA, including a condominium.
Benefits include:
Borrow up to 95% of your home’s equity
Low rates
Possible tax savings (see tax advisor)
Fixed Rate Home Equity Loan Plan Benefits
· Closed end loan with flexible terms up to 15 years available
· Rate is fixed, so your payment will stay the same over the life of the loan
· Loans from $5,000 up to 95% of your home’s equity
· Use for one time major expenses
Home Equity Line of Credit Benefits
· Open end loan with a variable rate based on the prime rate
· Credit limits from $7,500 up to 90% of your home’s equity
· Use the money only when you need it
· Use for ongoing major expenses
If you are interested in a land loan or are out of the state of VA, please contact our Mortgage Department at mortgageloans@dupontcu.org or 800-943-3328 or 804-748-9488.
Example payment of a fixed rate home equity loan: $15,000 financed at 4.75%APR for 60 months would equal a payment of $281.35 per month. Credit restrictions apply. Other rates and terms avialable.
