You can take advantage of the equity you’ve accumulated in your home to finance just about anything you choose — and, you’ll still be eligible to deduct the mortgage interest on what you borrow (consult your tax advisor). FVCbank’s home equity products allow you to borrow up to 80% of the value of your home, with no hassle or hidden charges. You may be eligible to have up to $1,000.00 of your closing costs paid by the bank.*
FVCbank Home Equity Line of Credit
A FVCbank Home Equity Line of Credit allows you to establish a personal line of credit that may be drawn on at any time by simply writing a check or contacting the bank for funding. The credit line balance is re-paid in minimum monthly installments of “interest-only,” and the available funds on the credit line are replenished as payment of the principal is made. You control your borrowings and your payment schedule. Your interest rate is at a low Wall Street Journal Prime rate plus 1.50% with a floor of 4.75%, which is among the lowest in the market. Your rate may vary monthly.
*Annual Percentage Rates (APR) as of 8/26/20 on FVCbank Home Equity Lines are the WSJ Prime plus 1.50%. Rates may vary and are indexed to the Prime Rate as printed on the last business day of each month in The Wall Street Journal. Minimum APR is 4.75% and the maximum APR will not exceed 18%.
* Closing costs for the Home Equity Line of Credit products may range from $300.00 to $7,000.00. Minimum Home Equity Credit Lines are $10,000.00. Property insurance is required. Rates are subject to change. Some restrictions may apply. We do not give tax advice, please consult your tax advisor regarding possible tax advantages.
Please contact us at (703) 436-3800 for more information regarding these products and services.