Home Equity Line of Credit (HELOC) | Richmond, VA - Mechanicsville, VA - Gloucester, VA | EVB

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Home Equity Line of Credit (HELOC)

Bring your ideas to life with a Home Equity Line of Credit.

No matter what your ideas are, EVB’s Home Equity Line of Credit will help you get started. Apply today at your local EVB branch or call us at 888.464.2265!

  • Low rate of 1.99% APR for the first 12 months, thereafter, variable 3.74% APR
  • No closing costs on loans up to $100,000
  • Interest only payment options available
  • No application fees or annual fees
  • Interest may be tax deductible


  • Low, competitive rates
  • Choose between interest-only or principal and interest payments
  • Interest may be tax deductible*
  • Funds available for any purpose
  • Re-access as needed without re-applying
  • Local decision-making
  • Personal service
  • Explore the Home Equity Loan section of the Financial Answer Center

*Consult a tax advisor.

EVB Lenders are registered with the National Mortgage Licensing System (NMLS). For more information, go to www.nmlsconsumeraccess.org.


EVB’s Home Equity Line of Credit (HELOC) features a fixed introductory rate of 1.99% for the first 12 months of your loan. After the first 12 months, your interest rate will be based on a rate of WSJ Prime Rate plus 0.24% Annual Percentage Rate (APR). The Wall Street Journal Prime Rate on January 7, 2016 was 3.50%. Your APR will change at anytime that the WSJ Prime Rate changes. The Maximum APR will not exceed 18% and after the first 12 months, the minimum APR will be 3.74%. All products permit you to draw on your line up to the maximum loan approved for 10 years; you will repay principal and interest for the remaining 20 years. During the 10 year draw period, you may choose a monthly payment of interest-only or a payment of 1.5% of the principal balance. Closing costs are waived for lines up to $100,000 and will vary for higher lines of credit. Applications are subject to credit approval which is based on several factors, including your credit history, loan to value ratio, property type and loan status. Not all applicants will qualify for the 1.99% APR offer. If you close your HELOC within the first 36 months, an early termination fee will apply. EVB may require an initial draw of $10,000. Consult your tax advisor about the deductibility of interest and other costs. Certain other restrictions apply. Limited time offer and may be withdrawn at any time. Homeowners insurance is required.