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10 Year Home Equity Loan Rates

Compare 10 Year Home Equity Loan rates from lenders in Virginia with a loan amount of $50,000. To change the mortgage product or the loan amount, use the search box above. Click lender name to view more information.

Virginia 10 Year Home Equity Loan

Lender Rate (%) Monthly Payment Learn More
4.990
Call now
$530.08 Learn More
4.990
Call now
$530.08 Learn More
PNC
Updated 12/09/2016
4.040
$507.18
Regions Bank
Updated 12/08/2016
4.125
$509.2

Data from above provided by Informa Research Services, Inc.

Cardinal Bank
Updated 11/23/2016
3.59 $496.54 Learn MoreShow Less
DIGITAL
Updated 11/29/2016
3.74 $500.07 Learn MoreShow Less
Capital One, National Association
Updated 11/25/2016
4.28 $512.91 Learn MoreShow Less
TD Bank, National Association
Updated 11/11/2016
4.29 $513.15 Learn MoreShow Less
NAVY FEDERAL CREDIT UNION
Updated 11/29/2016
4.54 $519.16 Learn MoreShow Less
NORTHWEST
Updated 11/29/2016
4.75 $524.24 Learn MoreShow Less
ALLIANT
Updated 11/29/2016
6.00 $555.10 Learn MoreShow Less

Data provided by BestCashCow

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

Rates provided by BestcCashCow are based on loan amount of $50,000 and a variety of factors including credit score and loan to value ratios. For specific requirements please check with the lender. Rates may change at any time.

Home Equity Loans - Rates are based on a fixed rate home equity loan in Virginia for an owner occupied residence, second lien, 10 year or 15 year repayment terms with an 80% loan-to-value ratio for loan amounts of $50,000. Rate Discount indicates the amount of reduction in the Rate for having monthly payments automatically deducted from an account and/or for having other relationship accounts with the institution, expressed as a percentage. Conditions ‘No closing costs’ indicates that customer is not required to pay closing costs on the loan. ‘With closing costs’ indicates that customer is required to pay closing costs on the loan. Rates may include discounts. Rates are subject to change without notice.

PRODUCT INFORMATION

It’s a fairly common idea that home ownership is a great investment, but sometimes homeowners find themselves stuck in need of cash with all of their investments tied into their home. In times like these, visit your local bank or mortgage lender and ask about a home equity loan. While there are some restrictions depending on the type of loan and how much you need to take out, a home equity loan is an incredibly helpful financial product that allows you to withdraw and make use of your homes equity, or the portion of your home that you own outright and is not still tied to a mortgage. A home equity loan is sometimes considered a second mortgage since you are technically borrowing against your home’s mortgage but allows you to take advantage of the investment that you have made in purchasing a home.

As a homeowner, you will measure your ownership of the property by calculating how much equity you control versus how much equity is controlled by the mortgage holder. Equity can be calculated by taking the overall property value of your home and reducing it by the amount that you still owe on your mortgage. The remaining amount is your available equity to draw from. Notice that your equity is not tied to how much you paid for your house, but what the current value is at that time. Meaning that if the market value of your home has dropped or risen since you purchased it, you may have more or less equity than the cash value you have actually applied to your mortgage. While most home equity loans limit you to only borrow a certain portion of the equity paid into your home, some products allow you to place other collateral on the line to bring your equity loan up to 125% of your homes value.

There are two types of loan products available for your home equity: a home equity loan and a home equity line of credit.

A home equity loan is a one-time, lump sum payment given to the consumer. The loan is typically for a particular reason, such as a major home repair, debt consolidation, college tuition, and more, and is taken all at once. All of the interest paid on a home equity loan is tax-deductible, making it advantageous for consumers to take out a home equity loan to pay off credit cards or other debts.

A home equity line of credit, or HELOC, is an open line of credit where the consumer can withdraw money as need be and pay back the loan on a monthly payment plan, very similar to how a credit card works. Of course, there are limits to the maximum amount you can withdraw and you must keep up with a monthly re-payment plan, but overall this is the better loan product if you are looking to cover unknown expenses, such as covering your monthly bills while in a job transition or minor home remodeling projects. You access your line of credit like you would with a checking account using a debit/credit card, check, or by visiting a branch for cash or a cashier’s check.

Your loan terms for a home equity loan can vary based on the lender that you work with, but your repayment period typically lasts about 15 years, though some have gone up to 30 years like a traditional mortgage. For a HELOC, the first part of your term will be an open draw period, where you are able to withdraw money as need be. The draw period is followed however by a repayment period where you are no longer eligible to withdraw money and must go through the process of repayment.

Typically your overall term is split with a draw period of only five to ten years and repayment period of ten years or more.

While the interest rate will probably be higher than if you were able to refinance, the overall cost for a home equity loan or HELOC will be lower since you won’t need to pay closing costs. Rates are fairly similar for a home equity loan and HELOC in today’s low-rate market, but you should be aware that a HELOC is based on a variable rate and can change based on market conditions. This is especially important if you need the HELOC open for a longer period of time giving greater opportunity for rates to go up. A home equity loan is typically a fixed rate and fixed term making it much easier to budget your monthly payments. Compare rates and terms by visiting the Best Cash Cow home equity rates tables. There you can find multiple lenders and loan products to help you make the most of your home’s equity.

  • Lesley Bennett

    April 12, 2016

    Thank you for providing this information. It is very confusing to apply for an equity loan. Especially in Mississippi. Thank you for the information.

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