Home Equity

Make Your Home Work for You

Did you know the equity in your home could help you pay for other large expenses, such as education, home improvements, travel, or a wedding? Homebase Credit Union is proud to offer two excellent home equity options: the Home Equity Line of Credit (HELOC) and the Home Equity Fixed Rate Loan.

What exactly is equity?
In the most basic sense, equity is the current value of your home minus the amount you owe on your home. Keep in mind that your home’s current value can fluctuate and may be less or more than you originally paid for it.

Why use a home equity loan?
One benefit of both types of equity loans is typically a lower interest rate than that of unsecured loans, such as credit cards or personal loans. This is because your home serves as collateral for the loan. In addition, the interest you pay on these loans may be tax deductible.⁶

Home Equity Line of Credit ^1,2

Prime Rate + 0% APR⁵

• NO Origination Fee
• Borrow up to 80% of your home’s value
• Minimum loan amount of $25,000
• Minimum first draw is $10,000
• 15-year payback with 8-year draw period

Home Equity Fixed Rate Loan ^1,3

7.50% APR⁵

• Closing Costs limited to our 2% Origination Fee⁴
• Borrow up to 80% of your home’s value
• Minimum loan amount of $25,000
• Terms up to 15 years

Contact a Loan Officer:

Tina Maitland, NMLS# 564992
(804) 452-0736 x138
[email protected]

Renee Jordan, NMLS# 790376
(804) 452-0736 x140
[email protected]

NOTE: Electronic mail is not secure, and confidential information (such as social security number, account number, etc.) should not be communicated in this manner.

1) Credit qualifications apply. Not all who apply will receive a loan. Membership eligibility required. Membership is open to those who live, work, or worship in the following localities: Amelia, Charles City, Chesterfield, Colonial Heights, Dinwiddie, Goochland, Hanover, Henrico, Hopewell, King and Queen, King William, New Kent, Nottoway, Petersburg, Powhatan, Prince George, Richmond, and Sussex. Homebase Credit Union does not lend on mobile homes, co-ops or time-shares, properties that are currently listed on the market for sale, commercial property or property used for commercial purposes, even if a residence is part of the property, undeveloped property (land only), properties with more than multiple units.

2) Interest rates are based on the prime rate + .25% as published in the Money Rates column of the Wall Street Journal on the date of loan application. There is a minimum rate of 4.00% APR, and a maximum rate of 18% APR. Prime Rate was 8.25% as of July 21, 2023. A home equity line of credit (HELOC) is a variable rate loan and the interest rate is subject to change after consummation of the loan. Rate is adjusted quarterly if necessary, on the first day of January, April, July, or October. Closing costs range between $1,800 and $3,900 for credit lines up to $350,000. LOAN EXAMPLE: $50,000 financed for 180 months at 8.50% APR would make the monthly payment $494. Property insurance (homeowners) is required. Rates, terms, conditions and services are subject to change. Contact a representative for additional details.

3) Interest rate valid as of August 6, 2024. Offer valid on second mortgages only. Payments do not include taxes and insurance premiums, if applicable.  Homebase Credit Union will cover most closing costs (appraisal fees covered up to $500). Closing costs range between $1,800 and $3,900 for loans up to $350,000.  LOAN EXAMPLE: $50,000 financed for 180 months at 8.25% APR would make the monthly payment $487. Rates, terms, conditions and services are subject to change. Contact a representative for additional details.

4) If the loan is closed or paid off within 36 months of opening, the member will incur a reimbursement fee equal to the amount of closing costs originally paid by Homebase Credit Union.

5) APR = Annual Percentage Rate.

6) Consult a tax advisor regarding deductibility of interest.