DCCU Routing # 251483311
Faster, more secure access to your account
- Same account information
- Deposit checks or open certificates
- Apply for loans
- Use the same login information or use fingerprint or Face ID.
Faster, more secure access to your account
- Same account information
- Deposit checks or open certificates
- Apply for loans
- Use the same login information or use fingerprint or Face ID.
Be prepared for whatever you're planning with Home Equity Plus. It's a line of credit PLUS a fixed-rate loan all in one - and the easy way to pay for renovations, unexpected expenses, and more. Discover how your home's equity can work for you! Pay no closing costs1 for lines of credit up to $350,000 and receive rates as low as 7.250% APR.2
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!
Membership required. Subject to creditworthiness and collateral limits. ¹Minimum loan amount of $10,000 required for no closing costs. Original closing costs are assessed to the member if the loan is closed out within two years of funding. Collateral is evaluated against tax assessment valuations. Appraisal may be required and paid by member prior to closing. Line of credit balances under the plan have a variable rate of interest and the minimum monthly payment can change as a result. Variable balances may be converted to fixed rate/fixed term balances, a $25 fee will apply. Fixed balances have a fixed rate of interest for the fixed term selected at the time of conversion. Max APR is 17%. Property insurance is required. Title insurance required for loans greater than $350,000 and must be paid by the member. ²Rates accurate as of 11/08/2024 and subject to change. Terms, restrictions, and fees may apply.
Features & Benefits of Home Equity Plus
Home Equity Plus is the smart way to unlock your home’s value to pay for things you need like home improvements, education costs, debt consolidation, preparing for unexpected expenses, and more.
Help Me Decide
- Advantages
- Best Choice For
- Disadvantages
Advantages
- 20 year draw period with an additional 15 year repayment period
- Interest begins to accrue with 1st advance
- Principal can be reused as payments are paid
- Interest rate and payments that may adjust down with market movements
- No fees, excluding appraisals, with a minimum $10,000 line of credit
- Streamlined application for fast approval
- Convert from Variable Rate to a 5 or 10 Year Fixed-Rate at any time
- One time closing for the life of the product
Best Choice For
- Having a line of credit with extended advance options and a longer payment term.
- Having the convenience of having funds available and ability to convert to a fixed rate at any time.
- Accessing cash for an ongoing project
- Building a safety net for unexpected expenses
Disadvantages
- Your home is being used as collateral in this secured loan
- The interest rate you pay is variable, meaning it can change over time
- Risk of taking on more debt
- Reduces the amount of equity already invested in your home
- Depending on how much you withdraw, you might be stuck with large principal and interest payments during the repayment period
How Home Equity Plus Works
It’s the smart way to unlock your home’s value to pay for things you need like home improvements, education costs, debt consolidation, preparing for unexpected expenses, and more.
For example:
- 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 $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 amount.
Home Equity Loan Options
- Preferred Home Equity Plus – 80%
- Mortgage is with another lender
- Rate
- 7.750%
- APR
- 7.750%
- Preferred Home Equity Plus – 90%
- Mortgage is with another lender
- Rate
- 8.000%
- APR
- 8.000%
- Premier Home Equity Plus – 80%
- Mortgage is with DCCU
- Rate
- 7.250%
- APR
- 7.250%
- Premier Home Equity Plus – 90%
- Mortgage is with DCCU
- Rate
- 7.500%
- APR
- 7.500%
INSIGHTS & ADVICE
Why Choose Home Equity Plus Over a Credit Card
Home Equity Plus gives you the flexibility of payment options and a low interest rate.
Kyle Scaife
Comparing HELOC to a Credit Card:
Both Allow For:
- Easy access via online banking and mobile app
- Both can be used to pay for home improvements, education, and unexpected expenses
Home Equity Loan is a better choice than a credit card for:
- Lower interest rates
- Flexibility to use funds for wider variety of reasons
- Paying off debt to save money
- Pay down the principal faster
Additional Resources
Ways to Use Your Home's Equity
When it comes to utilizing the equity in your home, the most common use is home improvement projects, but there are also many other ways to use a Home Equity Loan or Line of Credit (HELOC).
Read Blog
Home Equity Can Provide Financial Flexibility
When it comes to borrowing money for the things you need, using the equity in your home is an often overlooked option that can help provide financial flexibility.
Read Blog
Top Projects That Can Help Preserve, or Even Boost, Your Home's Value
Using the Equity in your home is a cost-effective way to pay for some of the larger projects you have in mind.
Read Blog
Contact Us
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365,
Waynesboro, VA 22980
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365, Waynesboro, VA 22980
© 2024 DuPont Community Credit Union