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.
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.
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.
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%.
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!
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.
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!
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.
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.
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.
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.
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.
| Type | Rate | APR |
|---|---|---|
| HELOC Gold | 6.750% | 6.750% |
| HELOC Classic | 7.750% | 7.750% |
| Home Equity Loan 10YR | 4.250%-5.250% | 4.287%-5.297% |
| Home Equity Loan 15YR | 4.750%-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
“Friendly staff! Easy to work with and always willing to go the extra mile to help you.”
– Will D.
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.
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.
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.
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.
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.
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
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
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