Home Equity Loans
HOME EQUITY LINES OF CREDIT (HELOC)
Borrow up to 90% of appraised home value (less 1st mortgage balance)
Loan amounts from $20,000.00 up to $200,000.00*
Variable-Rate Loan (based off The Wall Street Journal Prime Rate)
No Closing Costs
Term options up to 15 years*
5-year draw period on HELOC
No pre-penalty payments
Property must be located in Virginia and your primary residence
*Subject credit approval - terms and conditions apply
Ask one of our lending representatives for more details.
FIXED-RATE HOME EQUITY (2ND LIEN POSITION)
Borrow up to 90% of appraised home value (less 1st mortgage)
Loan amounts from $20,000.00 up to $200,000.00*
Fixed-Rate Loan
No Closing Costs
Term options up to 15 years*
No pre-penalty payments
Property must be located in Virginia and your primary residence
*Subject credit approval - terms and conditions apply
Ask one of our lending representatives for more details. Equal Housing Lender. NMLS# 439914
FIXED-RATE HOME EQUITY (1ST LIEN POSITION)
Borrow up to 75% of appraised home value
Loan amounts from $50,000.00 up to $200,000.00*
Fixed-Rate Loan
Term options up to 20 years*
No pre-payment penalty
Property must be located in Virginia and your primary residence
Six (6) months of ownership required
No Escrows for Taxes and Insurance
*Subject credit approval - terms and conditions apply
Ask one of our lending representatives for more details. Equal Housing Lender. NMLS# 439914
THE MORTGAGE PROCESS: WHAT TO EXPECT
It’s go time! Here’s what you’ll need to get started on your mortgage application:
Employment history for the past 2 years
Residential history for the past 2 years
Outstanding balance of any current debt (such as student loans or car loans)
Social Security number
Pay stubs from the past 30 days
W-2s for the last 2 years
Bank statements for all financial accounts
As a part of this process, the Credit Union will run your credit report. This report considers your credit card balances, bill payment history, and number of credit accounts to generate your overall credit score. This will impact your Credit Union’s decision to lend to you, and at what interest rate.
Processing
Processing is when the Credit Union verifies that all the information you have provided is accurate. They also verify all information related to the house you want to purchase.
Closing
This is when your new purchase is made official, and the property title passes from the seller to you, the buyer. This involves signing multiple closing documents. For more information on the legal purpose of these forms, ask your Loan Officer to walk through these documents with you in advance.
Servicing
The servicing of your mortgage is the process by which your loan payments are collected, your escrow account is managed, and your taxes and property insurance are paid. Even though your loan was granted by the Credit Union you selected, this may not be the same institution collecting the payments and providing you with statements.
Go Team!
Remember that we, your Credit Union, are on your team. We want to help you through this process and make it as easy as possible for you. If you have questions or concerns at any point, reach out to us.
We’re here to help!