Home Equity Lines of Credit (HELOC)

It never fails. Just as soon as your pay off one thing, the dog decides that it deserves to eat chocolate just as much as you. Be prepared for expenses as they arise — planned or otherwise — with a Home Equity Line of Credit. Your HELOC utilizes the equity in your home as collateral.

Once established, it can be withdrawn at anytime for virtually anything. Blue Ridge Bank will work closely with you to customize repayment that works with your unique situation. Added bonus: the interest paid might even be tax deductible!

Summary
  • Competitive, variable rates for several ongoing expenses:
  • Major home improvements
  • Finance an education
  • Take advantage of an investment opportunity
  • Emergency reserve
  • And more!
  • Covered by the equity built within your home
  • Funds available at any time without applying for a separate installation
  • Simply write a check or initiate a telephone or online transfer
  • Accommodating repayment terms, customized to your unique situation
  • Revolving credit - as the principal is repaid, more funds become available to re-borrow
  • The interest paid may be tax deductible*
  • Only pay interest on the part that's used**
  • Local, Blue Ridge decision-making and processing
  • Thorough, attentive service every step of the process

*Consult a tax advisor.

**EquiLink's current product line offers a principal and interest repayment option and for higher net worth customers, an interest only repayment option.