Home Equity Options
RVA-FPCU Home Equity Options
When you need extra cash for a certain time, try our fast, convenient Home Equity Loan--the Home Equity loan without all the headaches.
We lend up to 80% of the appraised value of your home, less the balance of any existing first mortgage on residential property owned and located within 50 miles of our Hermitage Road office (Property must be owner-occupied and used as the primary residence).
Terms up to 20 years available
Low fixed rates
Repayment may be made through payroll deduction / direct deposit, automatic transfer from your RVA-FPCU account, by coupon, home banking transfer, by mail or in person.
Home Equity Line of Credit (HELOC)
With a Home Equity Line of Credit (HELOC) you can draw on the equity at any time, RVA-FPCU offers:
Rates based on the Wall Street Journal Prime Rate plus a margin (minimum 4.0%; maximum 15.0%). Rates adjust in June and December.
We lend up to 80% of the appraised value of your home, less the balance of any existing first mortgage on residential property owned and located within 50 miles of our Hermitage Road office . (Property must be owner-occupied and used as the primary residence).
Minimum line is $10,000
The minimum payment is the greater of $100 or 1.5% of the outstanding balance at the time of the advance
Repayment may be made through payroll deduction / direct deposit, automatic transfer from your RVA-FPCU account, home banking transfer, by mail or in person.