Lending Services
Lending Services

Home Equity Loans & Lines

Is it time to do that home improvement, go on that dream vacation, consolidate your bills, or send your kid to college? A Home Equity Loan or Line may be the perfect solution. Not only will you be putting the equity in your home to work for you, the interest you pay may be tax deductible**.

Home Equity Loans have a fixed rate, term, and payment; perfect for those who need money for a large one time expense.

  • No application fee
  • Fixed rate & terms
  • Automatic payment from your Union account decreases your rate by 1/4%
  • Life insurance available
  • Payment coupon book available

Home Equity Lines have a variable rate that is usually tied to the Prime Rate and they are a great resource in helping you deal with those unexpected expenses by allowing you to borrow money as you need it. For rate information contact your local branch.

  • No Application fee
  • Fixed line amount of credit
  • Use as much or as little of the line as needed
  • No closing costs on second lien equity lines up to $250,000. First lien position equity lines, equity lines over $250,000, and all equity lines used for purchase money will receive a $600 credit towards total closing costs.
  • Using Union's automatic draft decreases your rate by 1/4%

Would you like a brochure? If you need more information you can also stop by a nearby Union branch or call us for more details.

*The lowest APR (Annual Percentage Rate) offered is 3.49%, which is a variable rate, and is subject to change. All balances will be calculated at a standard variable APR as indexed to The Wall Street Journal Prime Rate (as of April 30, 2014, the Prime Rate was 3.25%), plus a margin of 0.24% for the life of the loan. Automatic deduction of payment is required from a Union checking account to obtain advertised rate. The maximum APR is 24% or maximum permitted by state law, whatever is less. This Union Home Equity Line of Credit has a 20-year draw period with a final balloon payment. There is no origination fee charged to open. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $1,000. Offer is subject to credit approval and is based on a minimum equity line amount of $50,000 with a maximum combined loan-to-value of 80%. Applicants must possess a Beacon Score of 720 or greater. Bank must be in a valid first or subordinate lien position on the collateral. Bank will pay all closing costs for non-purchase money subordinate equity lines up to $249,999. First lien equity lines, equity lines of $250,000 or more, and subordinate equity lines used for purchase money will receive a $600 credit toward closing costs. Home Equity Lines of Credit closed within 36 months from the opening date will be charged a prepayment penalty as follows: Lines ≤ $100,000 will be charged 1.00% of the line amount. Lines > $100,000 will be charged 0.50% of the line amount. 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. Please consult a tax advisor regarding interest deductibility. Certain conditions and restrictions may apply. Member FDIC and Equal Housing Lender.

**Consult a tax advisor

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Mailing Address:
P.O. Box 940
Ruther Glen, VA 22546

FDIC Equal Housing Lender