With Partners Financial FCU, you can easily tap into your home equity using a home equity fixed-rate loan. Enjoy competitive rates, exceptional local service, and a choice of terms to suit your budget and goals.
You’ve likely built up equity in your home if your property has gained value while you’ve been steadily paying down your mortgage. A home equity fixed rate loan allows you to leverage that equity by receiving a lump-sum payment you can use to fund home improvement projects, debt consolidation, weddings, vacations, and much more!
Partners Financial home equity loans offer competitive, fixed rates to homeowners in our Richmond community. The application process is simple. You can even apply online and get your home equity loan pre-qualified to find out your expected loan amount and rate.
Home equity fixed-rate loans usually offer lower rates than HELOCs, personal loans, and credit cards, so you can save on interest. Fixed rates make budgeting easy because your payments stay the same for the life of your loan.
Our fixed-rate home equity loan options come with a loan term of 10 or 15 years so you can get the best monthly payment for your budget and goals. The 10-year term offers a lower rate, and the 15-year term brings lower payments.
Get the funds you need to take care of all your financial goals in a convenient lump sum payment. The minimum for a home equity loan is $25,000. You need good credit and at least 10% home equity or a loan-to-value ratio no higher than 90%.
Partners Financial will cover your closing costs, except the cost of your full home appraisal and any unusual costs.
Home equity loans are the simplest way to accomplish major goals like a new kitchen or a dream family dream vacation. With low, fixed rates and generous terms, home equity financing can quickly take your quality of life to the next level.
Partners Financial FCU offers competitive, fixed rates on home equity loans with terms of 10 or 15 years. For a customized quote, you can call our Mortgage Loan Department at (804) 446-6255.
| Type | Rate | APR |
|---|---|---|
| Home Equity Loan 10YR | 4.250%-5.250% | 4.287%-5.297% |
| Home Equity Loan 15YR | 4.750%-5.750% | 4.779%-5.787% |
*Rates are subject to change without notice. All rates are current.
“I love banking with Partners Financial Federal Credit Union. I’ve been a member since 1990. They offer excellent rates on credit cards and loans. The Tellers are friendly and always smiling.”
– Katerina M., Richmond, Virginia
What credit score do you need to get a home equity loan? ⮟Most home equity loans require a credit score of at least 675, but your credit score is not the only factor in our decision. We also look at your income, other debts, and the amount you want to borrow. In general, the higher your score, the greater your chance of approval. We work with members with all credit scores to help them get financed. |
What can I use my home equity loan funds for? ⮟Home equity fixed-rate loan funds can be used for just about anything! The most common uses include home improvements, remodeling, and repairs because these projects can add value to your home, so you have more home equity and may get a higher price when you sell. Other uses include paying off the balance of high-interest credit cards, paying off medical bills, or covering ongoing medical expenses, vacations, weddings, and more. |
Is the interest on my home equity loan tax deductible? ⮟The interest you pay on your home equity loan may be tax deductible if the funds are used to substantially improve your home. For this reason, it’s a good idea to keep good records of when and how you use the money. You can then talk to your tax consultant to explore the tax advantages. |
Is it better to get a home equity loan from a credit union? ⮟Credit unions are member-owned not-for-profit financial institutions, so they pass on their profits to their members through lower rates and fewer fees. That alone means you’ll save money by financing through a credit union. But there are other benefits too. Credit unions are known for their outstanding local service and commitment to their community. Loan decisions are made locally and not by an impersonal algorithm, so you’ll have a much more personable experience. And credit union members enjoy special benefits that aren’t usually offered by the bigger banks. |
Should you get pre-qualified for a home equity loan before submitting your final application? ⮟Yes, it’s a good idea to get pre-qualified before you apply for a home equity loan. Getting pre-qualified means you’ll know your likely loan amount and rate for your chosen term. That way, you can work out your estimated monthly payment and make sure you can comfortably afford to take out the loan. |
At Partners Financial FCU, we’re proud to offer you trusted member service and outstanding products to serve you at every stage of your financial journey, whether you’re buying a car or a home – or unlocking your home equity with a fixed-rate loan.
**Maximum loan/value ratio for fixed-rate loan is 90%. Maximum Loan or Line is $100,000. Appraisals required for all transactions. Terms and loan amount are based on member’s overall financial profile, collateral loan value ratio and credit history.
***Minimum disbursement to qualify is $25,000. Application, appraisal, and other fees may apply.
****Member repays closing if balance drops below $3,000 in first 36 months. Other restrictions may apply. Please consult with our mortgage loan officer for full details. NMLS #460266
Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. NCUA, National Credit Union Administration, a U.S.Government Agency. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
1200 New York Avenue
Glen Allen, VA 23060
Phone (804) 649-2957
Fax (804) 261-4181
400 North 8th St., Suite 117
Richmond, VA 23219
Phone (804) 649-2957
Fax (804) 649-2962
14901 Dogwood Villas Drive
Chesterfield, VA 23832
Phone: (804) 649-2957
Fax: (804) 608-8222
8721 Staples Mill Road
Richmond, VA 23228
Phone: (804) 649-2957
Fax: (804) 515-5840
Member Resources
Join Our Email List
News & Information
Privacy Policy
About Us
Careers
Fees
Branch Holiday Schedule