Home Equity Line of Credit
Home Equity Lines of Credit are considered one of the best ways to borrow money.
Here’s why: the interest you pay is usually tax deductible* and you decide how to use the money. For example:
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Consolidate Debt
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Home Improvements
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New Car Purchase
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Tuition
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Pay Taxes
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Even travel
HELOC Application & Packet
HELOC Application
HELOC Packet - Please read and print the packet. Complete the first page and sign pages 2 and 3. The HELOC Packet may be submitted via FAX at (703) 361-1361. For your convenience, you may complete the online application by clicking the HELOC Application link above.
NOTE: Please complete both the HELOC Application and Packet before submitting.
When deciding on what type of home equity line of credit or loan to choose, the following factors are usually considered in the decision-making process:
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Closing Costs - How much are the costs associated with applying and receiving the line of credit/loan?
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Borrowing Amount - How much can be borrowed based on the amount of equity in the home?
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Interest Rate - Is it variable or fixed? Is the rate tied to an index? What is the margin? How often does the rate change?
A home equity line of credit allows you to apply once for a specified amount of money (your credit limit) which can be used over and over again during the 5-year draw period. The line of credit offers a repayment
period up to 15 years. A home equity line of credit requires an initial draw of $5,000. The maximum line amount is $100,000.
*Please consult tax advisor regarding tax deductibility.
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