What is a HybridHELOCk?
Before now, borrowers who want to use their home equity had to choose between the flexibility of a HELOC or the steady payments of a fixed rate equity loan. Why not have both?
You don't have to choose with our new HybridHELOCk rate lock option.
This new HELOC option lets you use your Home Equity Line of Credit as you need it.
Then you can lock in your rate, at any time, to keep your payments steady and protect them from rising rates.
Our HybridHELOCk gives you the best of both worlds.Jump to next section.
Why get your equity line from us?
Our low rates and flexibility make equity easy.
You get a 1.89% Introductory APR for 12 months.
After the intro period, your rate will be as low as Prime to Prime+4%. (based on your credit history)
You’ll have no payments for 90 days.
We’ll cover closing costs up to $750.
We’ll pay you a $500 Member Loyalty Reward after you keep your loan for 36 months.Jump to next section.
A Home Equity Line of Credit is subject to credit approval and restrictions may apply. Our Financial Service Representatives can give you more details and answer any questions you may have.
The Annual Percentage Rate (APR) will be fixed at 1.89% for 12 months after your Line of Credit is opened. After the introductory period, your approved APR will be between Prime+0% and Prime+4%, depending on your home's Loan-to-Value, your credit history, and other underwriting factors. The APR may vary quarterly according to the Prime Rate as published by the Wall Street Journal and will not exceed 18.00% and will not go below 3.99%. The Prime Rate as of 03/22/18 is 4.75%.
No payments will be required for 90 days. After 90 days, your payment will be at least $100 per month for as long as the loan carries a balance. A typical payment at 1.89% APR will be $174.67 per $10,000 balance for a 60 month term. A typical payment at 4.75% APR will be $186.92 per $10,000 balance for a 60 month term.
RVCCU will cover up to $750 of the closing costs associated with the loan, including a $500 Origination Fee. The Origination Fee will be refunded to you after keeping your loan active and in good standing for 36 months. Other closings costs include an Appraisal, Attorney Document Preparation, Flood Certification, and Recording Costs. Total closing costs will vary but will typically be at least $1,250. You will be responsible for all closing costs above $750. Property Insurance is required. Flood Insurance may be required.
We are an Equal Housing Lender. View information about the Secure and Fair Enforcement for Mortgage Licensing Act and our HMDA Disclosure.Toggle News Item panel
Want to know more about how Home Equity Loans, Loan-to-Value, and the Rate Lock?
Here's how it all works:
If you're ready to start, we're ready to help.
If you like to know more about our Easy Home Equity Loans, our main site is a great place to start.
Our Loan Reps all have years of Home Equity Loan experience and will be glad to answer any questions you have.
We're here to make this easy for you.