Closed-End Loans
Get a lump sum you can spend however you like.
Borrow against your home's value and the equity you have in it. With a closed-end home equity loan, you'll receive a lump sum, and your rate and your payments will remain the same for the life of the loan.
Product Details
If you need to pay for a big project all at once or have one large expense to cover, a closed-end loan gives you the money you need up front with predictable payments.
Pick from terms of 5, 10, 15 or 20 years. You can borrow up to 90% of your home’s equity with a term of 15 years and up to 80% with a term of 20 years.
Get up to 100% of the value of your home. Please note that rates increase once your loan-to-value ratio goes over 80%.
Check your balance and make payments instantly through online banking and our mobile app.
The great rate on a home equity loan saves you money no matter what you need it for – whether that's medical bills, adoption costs, new furniture, vacations or unexpected expenses.
This loan may be a good fit for you if:
- You have one big expense or project.
- You have equity in your home.
- You know how much you need to borrow.
- You want fixed payments for the life of the loan.
- You're looking to consolidate debt.
Getting a Closed-End Home Equity Loan
STEP 1:
STEP 2:Close Your Loan
Sign final loan documents with standard closing costs of around $275.
STEP 3:Start Spending
You'll receive a lump-sum deposit in the Veridian account you choose.
Frequently Asked Questions
To estimate your equity, take the value of your home and subtract the balance on your mortgage and other liens, if any. To find your loan-to-value ratio, divide the total amount you owe on your home by its value. For example, if your home is appraised at $200,000 and you owe $50,000 on your mortgage, you have $150,000 of equity and your current loan-to-value ratio is 25%.
You'll need an appraisal if you're looking to borrow more than $100,000 or more than the current assessed value of your equity. If an appraisal is required and you've had one done in the last 3 months, we'll accept it. If it's older than that but was still done in the last year, we'll review it to see if we can accept it. New appraisals typically cost between $400-$500.
You can easily set up a recurring automatic transfer through online banking.
With closed-end loans, you receive a set amount of money that you repay in roughly equal installments over a defined term. A line of credit is like a credit card: You receive a credit limit, or a maximum amount that you can borrow. You only pay interest on what you've spent and haven't paid off, and you can borrow up to your limit again and again as you pay down your balance. Your monthly payments will vary depending on your current balance.
"I have always thought Veridian has been above and beyond helpful in knowing how to serve their customers."D.K.October 2021
"I couldn’t be happier! I was even able to sign my papers on a weekend."D.R.October 2021
"All my questions and concerns were handled with care, and I felt very confident with the advice and service I received while obtaining this line of credit."S.G.November 2021
"I have been a member for a long time and have had great service though the years."K.M.September 2021
Are you ready to use the equity you earned?
Get a Home Equity Loan