Home Equity Line of Credit
No closing cost for most lines, and variable rates as low as 8.25% APR*
A Home Equity Line of Credit (HELOC) can help you with unexpected expenses.
Access the equity you’ve earned.
With a lower interest rate than most credit cards, the flexibility to borrow as much or as little as you need and a quick turnaround time, a Home Equity Line of Credit (HELOC) can help you use your home’s equity in the way that’s best for you. Plus, Atlantic Union Bank pays closing costs for most lines*.
Or, if you choose a fixed-rate*** option, you can lock in a fixed rate on all or part of your balance. To secure a fixed-rate advance, you will need to contact a banker.
Need money now?
You may be eligible for an Access NOW™ loan1 that allows you to borrow against the approved credit limit without waiting for full approval and is paid off when you receive your HELOC funds.
You can use your home equity for:
Home improvement
Education
Major expense
Debt Consolidation
Learn more
How much equity can you access?
A home equity line of credit or home equity loan is based on a percentage of the value of your home. Not sure how much of your home equity you may qualify for? Use our Home Equity Calculator to find out.
FAQs
A Home Equity Line of Credit (HELOC) is a line of credit that borrowers can open that uses the value in their house (the equity they’ve built), to secure the line of credit. This line of credit can be drawn from at any time, up to the established credit limit. The interest rates are often flexible, depending on when the money is paid back. That means that the repayment amount can fluctuate each month, similar to the interest on a credit card repayment. However, borrowers can also get a fixed-rate HELOC, if that is what they prefer.
A HELOC is generally more flexible than a Home Equity Loan, because, with a HELOC, the borrower can choose when and how much money they take out against the line of credit. A HELOAN is a specific amount of money, paid back in a specific time period with a fixed interest rate, so it’s easier for borrowers to plan around.
With a Home Equity Line of Credit, a borrower applies to open a line of credit against the equity of their house. Once the application has been approved and the line of credit is open, the borrower decides when and how much money to take out. The money does not need to be paid back and does not start accruing interest until the borrower uses the line of credit. In fact, some borrowers open a HELOC and never borrow against it, preferring to have it as an option for emergencies.
To open a Home Equity Line of Credit, borrowers can apply online or schedule an appointment to come into a branch to submit their application. Our HELOCs also offer a fixed-rate option, if preferred. To take advantage of a fixed-rate HELOC, please talk to a banker.
A fixed-rate HELOC has a fixed interest rate, as opposed to a standard HELOC, which has a variable interest rate based on the time when a borrower is paying off the money they have borrowed. A fixed-rate option on your HELOC can have a 5, 10, 15 or 20-year term. These types of HELOCs provide more stability for borrowers who prefer that.
DISCLOSURES:
*The lowest APR (Annual Percentage Rate) offered is 8.25%, is available with a minimum line amount of $50,000, a minimum initial variable rate advance at closing of $15,000, a maximum combined loan-to-value of 80%, and automatic deduction of monthly payments from an Atlantic Union Bank (“Bank”) checking account. Borrowers must possess a Beacon Score of 720 or greater to receive the lowest rate. Not all borrowers will receive the lowest rate. The Annual Percentage Rate (APR) is variable and is based on an Index and a Margin. The APR will vary with the Prime Rate (Index) as published in the Wall Street Journal. As of 11/8/2024 the Prime Rate was 7.75% and the Margins ranged from 0.50% to 5.25%. The Index may vary due to a change in the Prime Rate, and Margins vary based on the credit limit amount, the loan-to-value ratio, the borrower’s credit score and other factors. The maximum APR is 24% or the maximum permitted by state law, whichever is less. The minimum APR shall be no less than 3.00%. Minimum monthly payment is $50.00, which may include principal. All offers are subject to credit approval This Atlantic Union Bank Home Equity Line of Credit has a 15-year draw period with a 15-year repayment period. Payments are interest-only during the draw period and the repayment period requires a principal and interest payment, based on the outstanding balance. There is no origination fee charged to open. Bank must be in a valid first or subordinate lien position on the collateral. Property insurance and flood insurance, where applicable, will be required. This offer is limited to primary and secondary single-family residential real property located in Virginia, Maryland and North Carolina. Please consult with a tax advisor regarding interest deductibility. Rates are subject to change. Certain conditions and restrictions may apply.
**Bank will pay closing costs for non-purchase money credit lines up to $400,000; credit lines of more than $400,000 and purchase-money credit lines will receive a $600 credit towards closing costs, or the full amount of closing costs, whichever is less. Closing costs include the first property valuation obtained by Atlantic Union Bank, but exclude any subsequent valuations not required by us and the initial funding of an escrow account when required. However, if your account is closed within three (3) years of the opening date, we will add any closings costs we advanced on your behalf to your outstanding balance for our reimbursement. Total closing costs generally range from $150 to $2,000. There is a $50 annual fee, if and as allowed by applicable law, which is waived the first year. Your annual fee may be waived with a qualified Atlantic Union checking account; consult with your branch banker for details.
***Ability to have up to 5 fixed-rate advances at one time. Fixed interest rates available for 5, 10, 15 or 20 year terms. Fixed-rate processing fee of $75, as allowed by applicable law. The interest rate is determined at the time of the fixed rate request using the Wall Street Journal Prime Rate plus a margin. The fixed interest rate will be higher than your standard variable rate. Margins are subject to change at any time. The fixed rate advance term selected can not exceed the full maturity date of the Home Equity Line of Credit account. For more details or to request a Fixed Rate Option, contact your local branch or schedule an appointment
1Access NOW is an unsecured, short-term loan that is available for eligible customers that have been credit approved for a HELOC application. The maximum loan amount is equal to 50% of the approved HELOC line amount or $50,000, whichever is lower. Subject to standard credit criteria.
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