Home Equity & HELOC Options
Whether you’re remodeling your home in Central & Southwest Virginia or consolidating your bills, a Beacon Home Equity Loan or Line of Credit is a great way to save money and keep your interest rate low.
Promo Alert!
Limited-Time Home Equity Line of Credit Offer
Big Plans Start here with a 5.25% APR† Intro Home Equity Line of Credit.
- Plus no closing costs**!
- No application fees
- No annual fees
Enjoy competitive rates designed to help your savings grow faster while keeping your money safe and accessible.
†APR = Annual Percentage Rate
** Restrictions Apply.
Home Equity Line of Credit
Turn Your Home’s Equity into Flexible Borrowing Power
- We'll pay up to Plus no closing costs**!** in closing costs.
- Adjustable interest rate
- Pay interest only on the amount you draw
- No application fees
- Interest may be tax deductible*
Home Equity Loan
Borrow Against Your Home’s Equity with Stability and Security
- Fixed interest rate
- One lump sum
- No application fees
- No annual fees
- Flexible terms
- Interest may be tax deductible*
Home Improvement Loan
Finance Home Updates, Repairs, and Renovations with Confidence
Your next home project is only the click of a button away! Install a pool for summer or upgrade your aging roof with a Home Improvement Loan from Beacon.
- No Equity for Collateral Needed
- Competitive Rates
Pay Loan
Making your loan payment with Beacon has never been easier. Learn more about our loan payment options.
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Beacon Learning Center
Expert advice and tips to help you make smart financial decisions.
Home Equity Basics
When you buy a home, you generally take out a mortgage. As the years pass and you pay down your mortgage, you own more and more of your home. The more home you own, the more equity you have.
Using Your Home Equity: What to Consider
Your home equity is essentially how much of your property’s value you’ve paid off. It can be calculated by looking at the house’s current market value and subtracting the remaining balances of your home loan(s).
Understanding Loans and Lines of Credit
Let’s look at various types of loans and lines of credits, as well as who offers them. Loans are received in a single, lump sum up front. On the other hand, lines of credit (LOCs) have variable principals.
Home Equity Lines of Credit
When you want to borrow against your equity—your home’s value minus the amount you still owe on your mortgage—you have two options: a home equity line of credit or a home equity loan.
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*Consult a Tax Adviser regarding the deductibility of interest.
**Closing fees that will be covered, up to $500, by Beacon are Appraisal fees, Title Work, Flood determination fees, Notary fees, Deed recording costs, Lenders title insurance and Attorney’s fees. Any additional fees required will be the responsibility of the member at closing. If you pay off your Beacon Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs Beacon paid on your behalf.