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 | Borrow funds at one time for a specific purpose with the stability of fixed rates/terms |
Borrow funds for various purposes with fixed rates/terms Only available to eligible clients that reside in a low/moderate income census tract |
| Interest rates | Variable with a fixed rate option*** | Fixed | Fixed |
| 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 |
0.25% when your monthly payment is automatically deducted from an Atlantic Union Bank deposit account |
| Line/Loan amounts |
VA & MD - $10,000 and greater NC - $15,000 and greater |
VA & MD - $10,000 and greater NC - $15,000 and greater |
$2,500 - $49,999 |
| Monthly payment options | Variable or fixed monthly payments | Fixed monthly payments | Fixed monthly payments |
| Closing costs | Paid by Atlantic Union Bank** | Paid by Atlantic Union Bank | Paid by Atlantic Union Bank |
| Annual fee |
$50** Can be waived with a qualified Atlantic Union Bank checking account |
$0 | $0 |
| Terms | 15-year draw period, 15-year repayment period | Up to 240 months | Up to 240 months |
| Collateral | Primary or secondary residential property | Primary or secondary residential property | Primary or secondary residential property |
| Learn more |
HELOC vs. HELOAN...so what’s the difference?
Both use the equity in your home to give a borrower credit. A HELOC offers more flexibility, while a HELOAN offers more stability.
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...so what’s the difference?
Home Equity Line of Credit (HELOC)
A HELOC means a borrow has a line of credit that they can pull from when they need – and their payment will be based on how much they pull and what their interest rate is when they use it.
...so what’s the difference?
Home Equity Loan (HELOAN)
A HELOAN is more of a traditional loan – a borrower receives a lump sum of money with a set rate and begins paying it back immediately with a set monthly payment.
Not sure what option is right for you? Learn more and discuss your options.
FAQs
A home equity loan (HELOAN) is a loan that is taken out by a borrower that uses the equity someone has in their house as collateral. When a borrower takes out a HELOAN, they get a loan for a specified amount and take it out immediately. They can then use that money for whatever they want, and, since the loan is secured against the equity they have in their house, they will pay it back at a fixed interest rate. That interest rate is often lower than would be offered on a personal loan, because the loan is backed up by the equity in the house. Plus, a Home Equity Loan has a fixed repayment schedule, so it’s easy to budget and make plans for.
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.
A Home Equity Loan works similarly to other types of personal loans. With a Home Equity Loan, a borrower uses the equity they’ve built up in their house as collateral for a loan. Once the loan is approved, the borrower receives it in a lump sum and then has a fixed amount of time to pay it back, with a fixed monthly payment and interest rate.
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.
Borrowers must come into a branch to apply for a Home Equity Loan. The process for a Home Equity Loan is similar to other personal loans, but includes a portion that verifies the value and equity in your house.
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.
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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's equity you may qualify for? Use our Home Equity Calculator to find out.
DISCLOSURES:
*The STAR Home Equity Loan is available to North Carolina, Virginia, and Maryland residents with property located in certain counties/cities designated as a low or moderate income census tract and/or have income below 80% of the area median income as identified by the U.S. Census Bureau. Additional 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 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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