Fixed Rate Home Equity Loan

When Life Needs Financing Know You Have Options

Whether it’s funding your children’s education, a memorable wedding celebration, the kitchen of your dreams, or simply to consolidate 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. 

Fixed Rate Home Equity Loan1

Loan to Value (LTV)TermExample Loan AmountAPR As Low AsExample Monthly Payment2
80%MINIMUM - $5,000; MAXIMUM - $100,000
60 Month$25,0004.99%$527.36
84 Month$25,0005.49%$417.52
120 Month$25,0005.74%$336.56
144 Month$25,0005.99%$308.90
180 Month$25,0006.24%$283.32
90%MINIMUM - $5,000; MAXIMUM - $75,000
60 Month$25,0005.49%$533.53
84 Month$25,0005.99%$424.06
120 Month$25,0006.24%$343.62
100%MINIMUM - $5,000; MAXIMUM - $50,000
60 Month$25,0006.99%$552.29

Frequently Asked Questions

What factors will determine if I can get approved?

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.

How do I know how much equity I can borrow against?

We use the Loan-To-Value calculation to determine how much equity you can borrow against. As a general idea, here is an example for illustrative purposes only, 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% and 90%. (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 

How much will my payment be?

Use our calculator to estimate your monthly payment.

Calculator

Optional Debt Protection is available for our Fixed Rate Home Equity Loan program which may increase your payment. LEARN MORE (Link: https://viriva.com/debt-protection/) 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.  

What do I need to get started?

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.

Why should I borrow against the equity in my home?

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).



Viriva’s Fixed Rate Home Equity Loan Program:

  • Our lending area includes Pennsylvania & New Jersey
  • The 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
  • The interest you pay on the loan may be tax deductible. Please consult your tax advisor
  • Funds can be disbursed in as little as three weeks
  • Second/vacation home or rental property can be used as collateral