Home Equity Financing
Use the equity you’ve built to fund what you need.
Home improvement
Education
Major expense
Debt Consolidation
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.
Compare our home equity options
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| Details | Flexibility to borrow funds now and in the future with ongoing access to funds |
Flexibility to borrow funds now and in the future with ongoing access to funds Collateral must be located in a low-moderate income census tract and/or the applicant(s) income is less than 80% of the median income for that tract. |
| Interest rates | Variable with a fixed rate option*** | Variable with a fixed rate option*** |
| Rates discounts |
0.25% when your monthly payment is automatically deducted from an Atlantic Union Bank deposit account |
0.25% when your monthly payment is automatically deducted from an Atlantic Union Bank deposit account |
| Line/Loan amounts |
VA, DC & MD - $10,000 and greater NC - $15,000 and greater |
VA, DC & MD - $5,000 up to $100,000 NC - $15,000 up to $100,000 Line amounts reduced to $50,000 for loan to value (LTV) ratio greater than 80% up to 95% |
| Monthly payment options | Variable or fixed monthly payments | Variable or fixed monthly payments |
| Closing costs | Paid by Atlantic Union Bank** | Paid by Atlantic Union Bank** |
| Annual fee |
$50** Can be waived with a qualified Atlantic Union Bank checking account |
$50** Can be waived with a qualified Atlantic Union Bank checking account |
| Terms |
15-year draw period, 15-year repayment period (Fixed Rate Option terms of 5, 10, 15 and 20 years) |
15-year draw period, 15-year repayment period (Fixed Rate Option terms of 5, 10, 15 and 20 years) |
| Collateral | Primary or secondary residential property | Primary residential property |
| Learn more |
HELOC with Fixed Rate Option - Best of Both Worlds!
Use the equity in your home to establish a line of credit. The HELOC with fixed rate option offers the ultimate flexibility for your credit needs.
Not sure what option is right for you? Learn more and discuss your options.
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 is variable and moves with changes to the Prime Rate. Payment options are flexible by making either interest only payments or principal and interest payments as part of a fixed rate advance.
A fixed rate advance allows the borrower to select a fixed rate term and payment for a new advance or for any outstanding advances taken previously. Available terms include 5, 10, 15, and 20 years. This option provides more stability. For example, a $20,000 advance with a term of 15 years at 8.00% would have a payment of $95.57 each month.
With AUB's Home Equity Line of Credit you have the best of both worlds! The main line is a variable rate with interest only payments. At any time, you can take all or a portion of the outstanding balance and lock into a fixed rate and term. This combination gives ultimate flexibility for any funding need and interest rate environment.
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. No payments are due until funds are drawn 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 HELOC offers the ability to lock in all or a portion of the outstanding balance into a fixed term. To take advantage of a fixed-rate HELOC, please talk to a banker.
No. However, a Home Equity Line of Credit with Fixed Rate Advance, will meet the same need of a fixed payment and term.
Learn more
How much equity can you access?
A home equity line of credit is based on a percentage of the value of your home. Not sure how much of your home's equity you may qualify for? Use our Home Equity Calculator to find out.
Disclosures
*The Steps Toward Achieving Results (STAR) Home Equity Line of Credit is available to Virginia, North Carolina, DC and Maryland residents with primary single family residences located in a low to moderate income census tract and/or have an income below 80% of the median income for that tract as identified by the U.S. Census Bureau. All loans are subject to credit approval. Bank must be in a valid first or subordinate lien position on the collateral. Property insurance and flood insurance, where applicable, will be required. Please consult with a tax advisor regarding interest deductibility. Certain conditions and restrictions may apply.
**Bank will pay closing costs for credit lines up to $400,000; credit lines of more than $400,000 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 excluding any subsequent valuations not required by us. 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 multiple terms (see a banker for details). 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 example, a $20,000 advance with a term of 15 years at 8.00% would have a payment of $95.57 each month. 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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