Line of Credit

Home Equity Line of Credit (HELOC)

With a Home Equity Line of Credit, you can finish those home improvement projects or use the funds for something else at a low rate using the equity in your home. Get the convenience of a revolving line of credit that you can use whenever, wherever. Our Home Equity Line of Credit rates are linked to Prime and Belvoir Federal pays ALL closing costs! Click here to view a demo of the Home Equity Line of Credit Process.

  • Revolving Line of Credit
  • No closing costs4
  • Access funds through checks
  • Variable rate will be the current prime rate3 minus 0.05%
  • Interest charges on your Home Equity Line of Credit may be tax deductible (contact a tax advisor for more information)

How much will I qualify for on my home equity line of credit?

Applicants may qualify for up to 90%1 of the equity in their primary residence (up to $400,000), or up to 80%1 of their secondary residence (up to $50,000).2 To learn out how much you may qualify for on your principal residence, take 90%1 of the value of your primary residence and subtract the amount you owe on your mortgage. The result is the maximum amount you may be able to finance.

Once you qualify for a Home Equity Line of Credit, use what you need now and leave the balance for future expenses. You may also access your Home Equity Line of Credit by just writing a check. Just request a book of Line of Credit checks to take advantage of this option.

1 Percentage may change or be adjusted to accommodate market conditions

2 If the secondary residence is a rental or investment property, the maximum credit limit is $50,000

3 Rates are variable and subject to change monthly based on the highest PRIME Rate as published in the Money Rates Section of the Wall Street Journal on the 15th day (if the 15th is not a business day, then the rate on the preceding business day) immediately preceding the first day of each calendar month of each year and cannot exceed 14% APR. Currently the prime rate is 3.25%. Flood and /or property hazard insurance may be required. Only properties in MD, VA, and DC are eligible for a home equity loan.

4 Repayment of closing costs is required if loan is paid off/closed within 24 months. Estimated closing costs could range from $300 to $2,000 based on your loan amount and location of the property.