Please note: in order to apply for a loan with us, you must live/work/go to school in one of these areas in Virginia. Please be sure to check our membership eligibility before applying.
A lump sum, fixed-rate loan against the equity in a home. Use for fixed monthly payments.


An adjustable rate, revolving line of credit against the equity in a home. Use for a ready source of funds to access when needed.


A lump sum loan against the equity in a home that adjusts every 60 months. Use for lower monthly expenses without the worry of rising variable rates.











Why home equity?

Home equity loans allow homeowners to borrow against the equity in their home, which can be a significant amount of money. This can be beneficial for large expenses like home renovations, debt consolidation, or unexpected expenses. In some cases, the interest paid on a home equity loan may even be tax-deductible, which can help homeowners save money on their taxes.*

Home equity loans also generally have lower interest rates than credit cards or personal loans, making them a more affordable option for borrowing money. And they can provide more flexibility than other types of loans - for example, homeowners can often choose between fixed and variable interest rates and can use the funds for a variety of purposes.

And don't forget that consistently paying on a home equity loan can help improve a homeowner's credit score, making it easier to secure other types of loans in the future.

 
*Consult your tax adviser for further information regarding the deductibility of interest and charges. 

Reasons to tap into your home equity:

Consolidate Debt
College Tuition
Home Improvements
Medical Expenses
Vacation Planning
Appliance or Auto Repair
1 The Annual Percentage Rate (APR) of a HELOC is indexed to the Prime Rate as published on the money rate table in the Wall Street Journal + a margin for the life of the loan. Prime Rate as of 2/1/2026 is 6.75%. Our current lowest APR for credit lines over $100,000 is 6.75%, which includes + 0.00 margin and for credit lines under $100,000 is 7.25%, which includes + 0.50 margin. HELOC APRs are variable and subject to change. The maximum APR that may be imposed is 18.00%. Maximum loan-to-value as high as 90%, depending on creditworthiness. No closing costs for loan amounts of $100,000 and less except for legal fees, if required. If the HELOC is closed, cancelled, or fully repaid within 36 months, the borrower may be required to reimburse the lender for some or all of the fees and charges incurred at the time of closing. For loan amounts over $100,000, estimated closing costs may range from $1,625 to $2,897. A review of the credit eligibility, adequate property value , and a clear title is also needed for qualification. Other restrictions may apply. The minimum loan amount is $10,000 and the maximum loan amount is $300,000. The term is up to 240 months. Pay interest only on the amount drawn or 1% of the balance. Membership with Freedom First is a requirement for this offer with a $5 share account. Property insurance, if applicable, must be in effect on the property being secured and the said property must be in the Freedom First Credit Union membership area. The property must be owner occupied . Please consult a tax adviser for further information regarding the deductibility of interest. All credit union loan programs, rates, term and conditions are subject to change at any time without notice. Contact a Freedom First Credit Union representative at (540) 389-0244 for complete details.

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