Home Equity Lines of Credit (HELOC) With Partners Financial FCU in Richmond, VA

Take advantage of the value you have stored in your home with a convenient home equity line of credit. Like a credit card, a HELOC lets you use the funds as needed and only pay interest on the portion you use. At Partners Financial, we offer competitive rates, a generous draw period, and personalized local service.


Benefits of a Credit Union HELOC 

You likely have a decent amount of equity if your home has gained in value and you’ve paid down a portion of your mortgage. A HELOC lets you tap into this equity so you can easily pay for home improvement projects, debt consolidation, weddings, vacations, and much more.

Because you already own your home, the application process is fast and simple. You can even apply online and get your HELOC pre-qualified to find out your likely credit limit and rate. 

✔ Competitive Interest Rates*

HELOCs usually offer lower rates than credit cards and personal loans because the funds are secured by the equity in your home. This means you save on interest and more of your payment goes to paying down your balance. 

✔ Access up to $100,000**  

Get the funds you need to take care of all your financial goals. The minimum draw to open a HELOC is $5,000. To qualify, you need good credit and at least 5% home equity or a loan-to-value ratio no higher than 95%.

✔ Only Pay Interest on Funds Used

Unlike a lump sum installment loan, a HELOC means you only pay interest on the funds you use. After your first 36 months, you’re welcome to pay off your balance in full. Then if you don’t use any funds, you don’t need to pay any interest!

✔ Flexible Use of Funds  

Use your HELOC funds to pay for home improvements, remodeling, and upgrades to add more value to your home. Other common uses include weddings, medical expenses, and debt consolidation. 

✔ Extended Draw Period and Repayment Term

Partners Financial FCU offers a HELOC draw period of 10 years and a repayment term of 15 years. This means you will have more time to pay off that new kitchen!

✔ We’ll Pay Your Closing Costs***

Partners Financial will cover your closing costs as long as your initial draw is at least $25,000 and you maintain a balance of at least $3,000 for the first 36 months of your draw period. If your balance dips below $3,000, you will need to repay those costs.

✔ Stress-Free Application Process

Our HELOC process is simple and secure. All credit decisions are made inside one of our local Richmond branches, and we are committed to providing approvals as quickly as possible.

✔ Easy Access to Funds

You can access your HELOC funds anytime, anywhere, with Online and Mobile Banking. Alternatively, you can write special checks that draw on the account or visit a branch to make an in-person withdrawal. 

✔ Personalized Local Service

With four branches throughout the Richmond area, we’re here to provide a streamlined HELOC experience so you can use this low-cost financing tool to pursue your goals.


Leverage Your Home Equity With a HELOC

Get the financial strength you need to accomplish your next endeavor! A Partners Financial HELOC is here to help you turn your to-do list into a done list. Choose when you use the funds, how much you use, and when you pay the funds back.


Partners Financial FCU offers competitive rates on two types of home equity lines of credit: our HELOC Gold and our HELOC Classic. You’re welcome to contact us online or call us during business hours to get a customized rate quote: (804) 446-6255.

Rates for a HELOC in Richmond VA

HELOC Gold6.750%6.750%
HELOC Classic7.750%7.750%
Home Equity Loan 10YR4.250%-5.250%4.287%-5.297%
Home Equity Loan 15YR4.750%-5.750%4.779%-5.787%

APR = Annual percentage rate. APRs shown above are based on a loan amount of $100,000.
Rates are subject to change without notice. All rates are current. NMLS #460266

How to Apply for a HELOC

  1. Contact us by phone, email, or in person at a Richmind branch and we’ll get you off to the right start.
  2. Submit your application online and get pre-qualified to find out your likely credit limit and rate.
  3. Once approved, you can access your funds through an online transfer, by check, or in person at a branch.



“Friendly staff! Easy to work with and always willing to go the extra mile to help you.”
– Will D.

FAQ About Credit Union HELOCs

What credit score do you need to get a HELOC?

In general, a HELOC requires a credit score of 675 or higher. 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 HELOC funds for?

Home equity line of credit 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 HELOC tax deductible?

The interest you pay on your HELOC may be tax deductible if the funds are used to substantially improve your home. For this reason, it’s a good idea to make separate draws on your funds for different purposes and keep good records. You can then talk to your tax consultant to explore the tax advantages.

Is it better to get a HELOC 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 HELOC before submitting your final application?

Yes, it’s a good idea to get pre-qualified before you apply for a HELOC. Getting pre-qualified means you’ll know your likely credit limit and rate. Your monthly payments will go up and down depending on how much funds you use, but you still want to work out an estimated monthly cost so you can make sure you can afford your HELOC payments. 

Choose Partners Financial for Your Home Equity Line of Credit

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 HELOC.


*Variable rate Line of Credit APR starts at current Prime Rate plus 0.00% margin, with minimum credit score of 720, maximum loan/value ratio is 95%. Minimum credit score for Prime Rate plus 1.00% is 675. Variable monthly rate to change on the first day of month following Prime Rate change. 15-year term with 10-year draw period for equity lines. 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 for no closing cost is $25,000.  Application, appraisal, and other fees may apply. Member repays closing if balance drops below $3,000 in the first 36 months.  Other restrictions may apply.  Please consult with our mortgage loan officer for full details.  NMLS #460266

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A $15. Convenience fee will be automatically added to your payment amount. Your maximum total payment amount (including the $15 convenience fee) cannot exceed $800. Payments initiated and approved by 3:00pm will be applied to your loan on the same business day. Payments initiated and approved after 3:00pm, or on a day that the credit union is closed (weekends and holidays), will be applied on the next business day. If you have a PFFCU debit card, please log into home banking to make your loan payment.

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Excludes mortgages and home equity lines of credit. A $25 fee is due at set-up for each loan. Loan must have been open for at least 6 months. Past due accounts do not qualify. One skip-a-pay allowed per calendar year (Jan-Dec).