Know You Have Options When Life Needs Financing
Whether it’s funding your children’s education, a memorable wedding celebration, the kitchen of your dreams, or simply consolidating debt, a Fixed Rate Home Equity Loan may be a good fit for you. This loan option allows you to use the equity in your home for major purchases and could offer a lower interest rate option to some of the alternatives.
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Fixed Rate Home Equity Loan
|Loan to Value (LTV)||Term||Example Loan Amount||APR As Low As1||Example Monthly Payment|
|80%||MINIMUM - $5,000; MAXIMUM - $100,000|
|90%||MINIMUM - $5,000; MAXIMUM - $75,000|
|100%||MINIMUM - $5,000; MAXIMUM - $50,000|
Use our calculator to estimate your monthly payment.
Optional Debt Protection is available for our Fixed Rate Home Equity Loan program which may increase your payment. LEARN MORE about the importance of protecting your loan.
Note: Your actual payment may be higher. Payment calculators are for illustrative purposes only. Contact a Viriva loan officer for a more accurate quote.
Submit an online loan application Here or call us 888-7-Viriva. Our loan representative will contact you to go over the application process and answer any questions you may have.
You may be asked to provide proof of income. If you are self-employed, the last 2 years of your tax returns are required.
Home equity loans traditionally offer a lower interest rate. They carry a longer term than other loan types which may offer a more affordable monthly payment. The interest you pay may be tax deductible (please consult your tax advisor).
While the amount you may be eligible to borrow is based on the available equity in your home, factors such as your credit history, income, and property value are also integral parts of determining your eligibility.
We use the Loan-To-Value calculation to determine how much equity you can borrow against. As a general idea, for illustrative purposes only, here is an example of how we may calculate your eligible loan amount:
You’ll need the following information:
- Your property value (Example: $250,000)
- Your current mortgage balance and other liens against your property (Example: $115,000)
- The Loan-To-Value (LTV) percentage you want to borrow. Viriva offers 80%, 90%, and 100%. (For this example, we’ll use 80%)
$250,000 (Property Value) X .80 (LTV) = $200,000
$200,000 - $115,000 (liens/mortgages owed) = $85,000
$85,000 = Estimated available equity
Fixed Rate Home Equity Loan Program:
- Low fixed rate
- Lending area includes Pennsylvania & New Jersey
- Minimum loan amount is $5,000 with a maximum
of $100,000, depending on the available equity in the home
- Available terms include 5, 7, 10, 12, and 15 years,
depending on the Loan-To-Value of the home
- Interest may be tax-deductible; consult your tax advisor
- Funds can be disbursed within a month
- Second/vacation home or rental property
can be used as collateral