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Home Equity Plus

Home Equity Plus starts as a line of credit and allows you to conveniently convert up to 3 fixed loan segments for a 5 or 10-year term. The available limit on the line of credit returns to the original line of credit limit as monthly principal payments are applied. Home Equity Plus offers the flexibility you need because it’s a line of credit PLUS a fixed-rate loan – all in one!

Home Equity Plus offers:

No closing costs¹
Great low rates
No annual fee
A streamlined application process
Easy access to funds with Online Banking and Mobile App
Conveniently convert from a line of credit up to 3 fixed loans at any time
- For each fixed loan segment a $25 fee is assessed at the time of conversion
- Fixed rate is determined at the time of the advance, based on the following:
  - Today’s Prime Rate +/- Margin + Fixed rate Margin (5 Yr. Fixed= .50%, 10 Yr. Fixed= 1.00%)
- 5 Year- $1,000 minimum advance
- 10 Year- $5,000 minimum advance

An example of how Home Equity Plus works:

You apply and are approved for $35,000 Home Equity Line of Credit.
You decide to remodel your kitchen at an estimated cost of $15,000.
Pay for the renovations from the line of credit until the renovation is complete and the actual cost is known.
Once the project is complete, with Home Equity Plus you can use Online Banking or the Mobile App to convert the $15,000 to a 5 or 10 year fixed loan with scheduled monthly principal and interest payments.
You now have a $15,000 locked into a fixed rate, and the remaining $20,000 balance in your line of credit is available for future needs.
Make one monthly payment for both the fixed loan segment and any minimum payment due for the line of credit.
As monthly principal payments are made, the available limit on the line of credit returns to the original limit.

Interested in Home Equity Plus? Contact us today! We'll be happy to answer any questions you may have and walk you through the application process.

Call 540-946-3200
Visit one of our convenient locations

Apply Now

Learn more about how Home Equity Plus works.

¹“No closing cost” does not include the cost of an appraisal if one is needed. Minimum loan amount of $10,000 required for no closing cost offer. Offer subject to creditworthiness and collateral limits. Collateral may be evaluated using tax assessment valuations or an appraisal may be requested to support your application for credit. Original closing cost will be assessed if the loan is paid off and closed within two years of funding. ²A $25 fee applies to all variable to fixed conversions. Line of credit balances under the plan have a variable rate of interest and the minimum monthly payment can change as a result. Fixed rate/fixed term balances under the plan have a fixed rate of interest for the fixed term selected at the time of conversion. Max APR is 17.00% for variable rate balances and 18.00% for fixed term/fixed rate balances. Property insurance is required. Terms, restrictions, and fees may apply. For complete credit costs and terms, call 1.800.245.8085.

Using the Equity in Your Home

Home Equity Plus

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