The equity you have accumulated in your home can be used wisely for many things, remodeling or renovation projects, go on vacation, buy an automobile a motorcycle, or just have it available for an emergency or other future need. You have the flexibility to use it how you like and when you want.
Home Equity Line of Credit
- Loan-to-Value as high as 85%
- Competitive rates
- Variable monthly payment based on outstanding balance
- 10-year draw period (interest-only minimum payment required) followed by 15-year repayment period (monthly interest plus 1/180 of principal)
- Overdraft protection when linked to your Victory Bank checking account
- Online and Mobile access
- No prepayment penalty
Home Equity Lines of Credit with a loan-to-value (LTV) of 80% and lower have an interest rate of Wall Street Journal Prime (WSJP) +0. WSJP is currently 4.75% as of February 6, 2020. Annual Percentage Rate (APR) shown assume payments are deducted automatically from your Victory Bank deposit account. Your HELOC may also be linked to a personal checking account for overdraft protection. A document-prep fee of $250.00 will be due at closing, Rates and fees may be higher if LTV is greater than 80%. You may make advances against your Home Equity Line of Credit for the first 120 months with a minimum payment due of interest only, no advances will be available for the remaining 180 month term and payments will be 1/180 of principal plus interest. All rates, terms and conditions are subject to change without notice.