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.

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Home Equity Line of Credit

  • Variable monthly payment based on outstanding balance
  • Reduced rate with automatic payment deducted from your Victory Bank account
  • Overdraft protection when linked to your Victory Bank checking account 
  • Funds available for multiple purposes
  • Online and Mobile access
  • Competitive rates
  • Loan-to-Value as high as 85%
  • 10-year draw period (interest-only minimum payment required) followed by 15-year repayment period (monthly interest plus 1/180 of principle)
  • No prepayment penalty

Home Equity Lines of Credit with a loan-to-value (LTV) of 80% and lower have a interest rate of Wall Street Journal Prime (WSJP) +0, however with a floor rate as low as 3.99% APR. WSJP is currently 3.50% as of December 17, 2015.  Annual Percentage Rate (APR) shown assume payments are deducted automatically from your Victory Bank deposit account; rates will be .50% higher if payments are not deducted from your Victory Bank 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. 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 principle plus interest. Examples of typical payment: 60 monthly interest-only auto-payment deductions of $33.25 per $10,000 borrowed. All rates, terms and conditions are subject to change without notice.

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