Loans | Personal Loans

 

Personal Loans

Vehicle Loans
NADA Blue Book
Personal Loans
Personal Financial Statement
Tuition Assistance Loans
Home Equity Loans
HELOC - Variable
HELOC - Fixed
Residential Mortgage Loans
Application Process
Personal Loan Application
HELOC - Application
Residential Mortgage - Application

  

                      

Vehicle Loans

BRB has funds available to help finance the purchase of your dream car, truck, motorcycle, recreational vehicle or boat and trailer.

We offer competitive fixed rates and terms for new vehicles and used vehicles. Longer terms are available for new motor homes. Have your payment automatically deducted from your BRB checking account and receive a reduction in your interest rate.

 

Personal Loans

At some point in our lives a personal loan may be just what we need to complete a home improvement project, pay some bills, consolidate debt, plan a long overdue vacation, manage an unexpected need or to take advantage of an opportunity. Your good credit history, relationship with Blue Ridge and ability to repay may qualify you for a personal loan. BRB offers unsecured and secured installment and single payment loans with competitive rates, flexible terms and prompt, friendly loan service.

 

Tuition Assistance

To help finance the high cost of secondary education, Blue Ridge Bank offers a private, credit-based non-governmental loan program at reduced interest rates and longer terms. Interest-only payments are available as long as the student is on at least a half-time basis, with principal repayment deferred. Check with any BRB Loan Officer for more details.

 
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Home Equity Loans

Perhaps one of the best ways to pay for the major events of your life is to unlock a portion of the equity in your personal residence. Besides the flexibility, convenience and low cost, the home equity interest may be tax deductible. Check with your tax consultant for advice.

 

Home Equity Lines of Credit - Variable

Blue Ridge’s EquiLink Home Equity product line offers a convenient low-cost way of using the equity in your home without the cost of refinancing to make major home improvements, to purchase a vehicle, to finance an education, to take advantage of an investment opportunity, or as an available emergency reserve.

  • Accessing the revolving line of credit is as easy as writing a check, or initiating a telephone or online transfer.

  • Interest is payable only on the amount borrowed and may be tax deductible (consult your tax advisor).

  • As the principal is repaid the funds become available again to reborrow.

  • Interest rates are variable and tied to the New York Prime.

  • EquiLink’s current product line offers a principal and interest repayment option and for higher net worth customers, an interest only repayment option. In the future, BRB may offer a fixed rate lock-in repayment feature within our EquiLink product line.

  • A No Closing Cost option is available.

Home Equity Loan – Fixed Rate

Blue Ridge also offers a “low-cost” fixed rate, fixed payment Home Equity Loan for those major one-time expenses as an alternative to the variable rate – variable payment line of credit. The proceeds of the loan are received at the loan’s outset in a lump sum and repaid over time in monthly installments. The interest paid may be tax deductible (consult your tax advisor). A special No Closing Cost option may be available.

 
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Residential Mortgage Loans

Is it your dream to purchase or construct a new home, own your first home, refinance an existing adjustable rate mortgage for a fixed rate or to pull out equity to finance a new investment opportunity? BRB has the funds to lend with competitive rates and knowledgeable loan officers to guide you through the mortgage process. Blue Ridge offers adjustable rate, fixed rate and balloon payment loans with local access to many other mortgage products. We also offer the following:

  • Bridge Loans

Bridge Loans provide short term financing on your current home to help purchase a new home.

  • Construction Loans

Construction Loans provide a short-term, interim loan to pay for construction cost. Draws are disbursed at periodic intervals from a construction line of credit to the borrower and builder as the work progresses. Interest is repaid monthly and accrues only on the amount disbursed. Terms are generally up to 12 months. Upon completion of the project and the issuance of a final occupancy permit the loan is refinanced into a permanent mortgage. In the future, Blue Ridge will offer construction-to-permanent one-time closing loans. 

  • Land Only Loans

BRB has funds available to finance the purchase of or refinance of or refinance of an existing lot or acreage. We offer a fixed rate up to 10 years or if a longer repayment term is desired we offer a 3-year balloon with a 15-year payment amortization.

  • Investment Property Loans

Blue Ridge also offers financing to construct, purchase, or refinance income producing 1-to-4 family residential property with terms up to 20 years.

 
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Application Process

Please gather all the following information for each applicant before beginning the application process:

  • Employment information

  • Income documentation: paycheck stubs, W-2 forms, and/or signed federal tax returns

  • Credit obligations

  • Complete description of collateral offered (if applicable)

  • If applying for an unsecured loan of $10,000 or more or an unsecured line of credit, provide a personal financial statement , the past two years of the signed federal tax returns, along with the completed application

  • If applying for a home equity loan provide a copy of your homeowners insurance and property tax bill

  • If applying for a loan to purchase real estate provide a copy of the purchase contract

  • If applying for a construction loan provide a copy of the turn-key contract (if applicable), plans and specifications and an estimate of  the cost to construct

  • The minimum amount for an online Loan application is $2500.00.

This information will be necessary for us to make a fast and informed decision and provide you with the best rates and terms possible. 

 

You may call (540)743-6521 or (888)331-6521 to set up an appointment with a loan officer, fax information to (540)743-5536 or mail a completed signed application along with the necessary documentation to:

 

Blue Ridge Bank
P.O. Box 609
Luray, VA 22835-0609


IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.  An account includes: Investments, Safe Deposit, Loans and Deposit Accounts.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you.  We will also ask to see your driver’s license or other identifying documents.  In some cases, identification will be requested for those banking with BRB prior to October 1, 2003 because original documentation was not obtained with the opening of the account.  In all cases, protection of our customer’s identity and confidentially is the Bank’s pledge to you. 

The identity information is not being obtained for credit decision purposes. 


PERSONAL LOAN APPLICATION

Click here to complete a Personal Loan Application or to print a blank copy to be completed later. Only loans in the amount of $2500 or more will be accepted for online applications. You will need Adobe Acrobat Reader to print the application. If you do not have Adobe you can click the Adobe icon below to download a free copy.

HOME EQUITY LOANS

Click here to print a blank copy of the Home Equity Loan application.  Mail, fax or deliver the completed application to a loan officer. You will need Adobe Acrobat Reader to print the application.  If you do not have Adobe you can click the Adobe icon below to download a free copy of it. 

 

RESIDENTIAL MORTGAGE LOAN

Click here to print a blank copy of the Uniform Residential Loan application.  Mail, fax or deliver the completed application to a loan officer. You will need Adobe Acrobat Reader to print the application.  If you do not have Adobe you can click the Adobe icon below to download a free copy of it. 

 
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