Home Equity Lines | Freedom Bank of Virginia
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Home Equity Loans

Home Equity Lines of Credit (HELOCs)

If you own and occupy a home, townhome or condominium, Freedom Bank can help you unlock your equity into cash. Home Equity Lines of Credit (HELOCs) provide opportunities for remodeling, home improvements, debt consolidation, the purchase of a vehicle, education expenses, vacations and much more! HELOCs offer a revolving source of funds, similar to a credit card, that you can access as you choose. You can borrow against your line at any time but untapped funds do not charge interest. 

Contact us to learn more about our Home Equity Lines of Credit (HELOCs).



FREEDOM BANK HELOC*

Product Features:

  • Variable Annual Percentage Rate (APR) using the Wall Street Journal (WSJ) Prime index, currently WSJ Prime is 3.25% APR, during a 10-year draw period.
  • Prime minus 0.25% for FICO credit score above 750, currently 3.00% APR and WSJ Prime for FICO credit score below 750.
  • Maximum APR of 21%; No floor.
  • Relationship discount of 0.25% for having your monthly payments auto-debited from your Freedom Bank Checking Account.
  • For Primary residence only.
  • Borrow up to $500,000, with a minimum loan amount of $25,000.
  • Maximum combined loan-to-value (CLTV) of 85% on loan amounts up to $250,000; and 75% CLTV on loan amounts of $250,000 and above.
  • No draw required at opening.
  • Draw period of 10 years followed by a repayment period of 10 years at the prevailing outstanding rate when it converts to amortization period. Rate will be fixed and will not increase during the repayment period.
  • No annual fee. Finance charges are calculated by applying the periodic rate and accrue on the date credit advances are posted to the credit line. For late payments a 5% finance charge of the unpaid amount will apply.
  • Estimated fees to open and maintain an account generally total between $1,000.00 and $1,600.00.

*Effective 02/12/21. This is not a commitment to lend; you must submit additional information for review and approval. Rate(s) and APR(s) are for illustrative purposes only and are subject to change without notice.




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