Home Equity Flex
Sometimes you just need a little money to cover expenses or make a purchase. And sometimes you need a lot. With a Home Equity Line of Credit, you have the flexibility to borrow whatever you need anytime you want.
Our HELOC Flex can bend to your unique financial needs.
It's money for any moment.
What are some possible uses of a Home of Equity Line of Credit Flex? Home repairs and improvements. Major purchases like autos and boats. Vacation and wedding costs. College tuition and medical bills. Is that the complete list? Not even close.
- Variable interest rate as low as 8.00% APR1,2
- Interest-only payments for the first 10 years, followed by 20-year repayment period2
- No annual fee
- No prepayment penalty3
- Flexibility to lock in a fixed rate on all or a portion of your existing balance4
Benefits of HELOC Flex
No closing cost on credit lines from $10,000 to $100,0003
Annual Fees
Lock in your rate and term on part or all of your balance4
Funds at your fingertips.
- Use money as you wish for 10 years
- Access funds through digital banking
- Lock-in rates for all or part of balance
Additional Flex-ability with Fixed-Rate Option
You can turn a portion of your line of credit into a fixed-rate loan, if that works for you financially. In short, you can lock in a fixed rate on your existing balance when interest rates go up - and unlock it to a variable rate when overall rates go down. And you'll never pay a fee for converting!
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Avoid getting dinged by rising interest rates
- Select a monthly payment to stay within your budget
- Select a term of 5, 10, 15 or 20 years to spread out your payments
- You have the option of setting up six locks during your draw period and have up to three active locks at a time!
UVA Community Credit Union is a full-service financial institution with locations throughout Virginia's Central Piedmont and Valley area.
Resources for success.
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1 Virginia properties only. APR=Annual Percentage Rate. Rates effective 10/1/2024 for new Home Equity Lines of Credit Flex (HELOC Flex). Payment example: 120-month term payments at 8.50% APR are $12.40 per $1,000. Interest Only payments at 8.00% APR are $6.67 per $1000. The variable APR is based on Prime Rate plus a margin, and will vary with Prime Rate. Certain property types are not eligible collateral. Ask us for details and rates for investment properties or smaller or larger line of credit amounts.
2 Not all applicants will qualify for the lowest rate. APR may vary based on credit score, Loan to Value (LTV), Credit History and occupancy status. Property and flood insurance is required where necessary. The minimum periodic payment is interest-only for the first ten years (“draw period”) followed by fully-amortizing payments to repay the balance over the final twenty years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. The rate is calculated using an index plus a margin. The index used is the Prime Rate as published in The Wall Street Journal Eastern Edition on the last business day of the month prior to the change. The current prime index is 8.00%. Minimum interest rate is 3.25%. Maximum interest rate is 18%.
3 UVACCU may pay customary closing costs including Automated Valuation Model (AVM) & Property Condition Report to determine property value and condition, lender’s title insurance, courier fee, recordation, flood certification, credit report, and/or tax service on Primary Residence lines from $10,000 to $100,000. Closing costs do not include extraordinary items, including but not limited to the following: residential real estate appraisals (for selected properties), additional title searches, reviews and insurance for the same loan transaction, trust document reviews, grant deeds and any associated notary or recording fees, missed appraisal appointments or ‘trip charges’ and any fees to close another account as the result of this Account. This offer does not include escrow or additional notary and recording fees that may result from changes in title, vesting or notary appointments. Applicant is responsible for appraisal/AVM/Property Condition Report fee, title search, and flood certification if HELOC does not close. If the line is closed within two years of opening, applicant is required to repay the closing costs. Average closing costs range from $1,200-$1,500 for $30,000 borrowed. Offer not valid on existing UVACCU Home Equity Lines of Credit. NMLS#302946 (www.nmlsconsumeraccess.org).
4 You have the option to lock in a portion or all of your existing equity balance into a fixed rate and term of 5, 10, 15 or 20 years (Lock) up to the available credit limit established at initial HELOC closing. Rates may vary, are determined based on qualification pricing at the time the HELOC is established and are subject to change. You may have up to three Locks on either all or a portion of your balance at a time with a maximum of six Locks over the HELOC term. Your Lock balance will reduce the amount of available credit for future draws on your equity line. Any future draws will be at the variable rate and payment in effect on your loan at the time of the draw. You will receive a single statement for the equity line and any Locks. The maximum term available for a fixed rate option is 20 years. Subject to credit approval. Interest rates and terms are subject to change without notice. Other restrictions may apply. Membership eligibility required. Minimum ongoing balance of $5 is required in a UVA Community Credit Union Share Savings Account. See credit union for details.