HELOC benefits
A Home Equity Line of Credit is a flexible funding source.
Published Thursday, February 4, 2021 to Articles
You can put the equity in your home to work with a HELOC from Veridian. If you have credit card balances, loans and other debt with high interest rates, you could lower your monthly payments or interest rate by moving that debt to a HELOC at Veridian. You can also use your equity for making improvements in your home, which may increase its value over time. In fact, HELOCs are flexible enough for all sorts of expenses, from big renovations to tuition payments.
What are the benefits of a HELOC?
Savings
- You only pay interest on your balance, not on your limit.
- HELOCs typically have lower rates than other kinds of debt, which lets you pay less on what you borrow.
Simple Process
- It's easy to apply online, and our friendly staff is ready to walk you through every step.
- There's no application fee and no annual fee for a HELOC.
Convenience
- Transfer funds from your HELOC anytime, anywhere with online banking and our mobile app.
- With a HELOC, you borrow as you go. Your line of credit is always there for you whenever you need it.
Borrowing Power
- You can borrow up to 100% of your home's value♦ .
- Since a HELOC is a revolving line of credit, you can keep it open for up to 25 years and borrow and pay it off as often as you’d like.
To get started, check what documents you'll need and then apply online today. To discuss how a HELOC might fit into your life, schedule an appointment with a Veridian specialist.