Home Equity Loans | Freedom Bank of Virginia
Home Equity Loans

Home Equity Loans

If you own and occupy a home, townhome or condominium, Freedom Bank can help you unlock your equity into cash. Home equity loans provide opportunities for remodeling, home improvements, debt consolidation, the purchase of a vehicle, education expenses, vacations and much more! Interest paid on your equity loan may be tax-deductible. Check with your tax advisor for full details.

Contact us to learn more about our Home Equity Loans.

Introductory 4.0% APR Home Equity Line of Credit*

Special Benifits

  • Relationship discounts available
  • Closing costs credit
  • Introductory rate

Product Features

  • Annual Percentage Rate (APR) at Wall Street Journal (WSJ) Prime minus 0.50% for FICO credit score above 750, currently 4.25% APR and WSJ Prime for FICO credit score below 750, currently 4.75% APR.
  • Relationship discount of 0.25% for having your monthly payments auto-deducted from your Freedom Bank Checking Account.
  • Introductory rate of 0.25% below published rate for 6 months. For example, with FICO credit score above 750, introductory 4.00% APR for 6 months. Variable rate thereafter, currently Prime minus 0.50% or 4.25% APR.
  • Floor rate of 4.00%; Maximum APR of 21%.
  • 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.
  • Draw period of 10 years followed by a repayment period of 10 years.
  • Rate of interest on the 10 year amortized repayment period will be the WSJ Prime Rate.
  • Up to $1,500 of your closing costs paid by Freedom Bank, provided the line of credit is not closed within the first three years. Estimated closing fees between $1,500 and $4,500.

*Effective 11/12/2019. 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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Vienna, VA 22180
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Reston, VA 20190
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Manassas, VA 20109
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