Home Equity Line of Credit

Turn your to-do list into a checklist
It’s your Advantage

Put It On The House

With a Home Equity Line of Credit, you can tackle that home improvement project you’ve been thinking about, meet education expenses, pay down high-interest debt, or do just about anything else.

Achieve More with 1st Advantage

Tackle that home improvement project you’ve been thinking about, pay education expenses, consolidate high-interest debt, or do just about anything else with this flexible access to your home’s equity.

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Special Intro Rate

Enjoy rates as low as 5.99% APR* for 9 months.

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Flexible Repayment

You can pay back your principal whenever you like, as long as it’s in the repayment period.

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No Closing Costs

Save even more, the closing costs are on us!

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Use Funds as Needed

Unlike a loan, there’s no pressure to use all your funds at once.

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Save on Interest

Enjoy an interest only payment on your balance during your 10-year draw period.

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Complete Your To-Do List

Pay for anything from renovations to vacations, and debt consolidation.


Home Equity Line of Credit

4.99% APR*

9 Month Introductory Rate

Plus, no closing costs!*

Don’t wait, apply now! Call 757-877-2444 or Apply Now

*APR = Annual Percentage Rate. Current APR as of 7/1/2024. Rates as low as 4.99% fixed for nine months includes +0.00 margin and assumes great credit and loan to value <80%. Introductory rate includes 0.50% discount for having a direct deposit into a 1st Advantage account and 0.50% discount for auto payment. Minimum floor rate of 4.99% APR and a maximum rate of 18% APR. Initial draw at closing at least $20,000 required for introduction rate. Rates and terms will vary depending upon loan-to-value, loan amount, loan term, lien position, and credit qualifications. Introductory offer not available for refinances of existing 1st Advantage home equity loan/line of credit. No closing costs, excluding appraisal fee if required, for new loans of $150,000 or less. Not available for home purchase or investment properties. If you close your line of credit within thirty-six (36) months, you will be required to reimburse the Credit Union for closing costs paid on your behalf. Property insurance is required, flood insurance may be required. Certain restrictions apply. Limited time offer.

4.99% APR*

8.50% APR*

9 Month Introductory Rate

Variable thereafter

Why Choose a Home Equity Line of Credit?

Smarter Way to Borrow

Compared to a credit card or personal loan, rates are usually lower with a Home Equity Line of Credit so you can enjoy a lower monthly payment.

  • Save money by consolidating your debt and reducing your total interest costs.
  • It’s fast and easy to transfer higher rate balances to a Home Equity Line of Credit.
  • Enjoy greater value and simplify your life by making only one monthly payment.

Pay for Renovations & More

A Home Equity Line of Credit is a convenient way to fund a major remodel or take care of ongoing projects around your home.

Plus, when you use your HELOC to “buy, build or substantially improve” your home, the interest on those funds may be tax deductible.

  • Besides home improvements, you can use your HELOC for:
  • Education expenses and tuition
  • Weddings, vacations, or a rainy day fund
  • Debt consolidation
  • Car repairs and medical bills
  • Use your funds for whatever you choose!

Enjoy Refinance Advantages

If you currently have a Home Equity Line of Credit or Loan with another lender, you should consider refinancing your loan with 1st Advantage.

Refinancing may provide key advantages, including:

  • Reducing your monthly payment
  • Shortening your payoff terms
  • Providing access to borrow additional funds for a new project
  • Saving even more money through our no closing costs* option

What Our Members Are Saying

I’ve been working with 1st Advantage for several months now to secure some loans and refinance opportunities. I’ve worked with Erica directly and have been nothing short of ecstatic with the level of professionalism and support I have received from her and her team. Erica is a constant professional but also has an extremely personal touch to her work. I would highly recommend them to both friends and family, or to those looking for best in class service and rates from a financial institution

Bach Virginia Beach

HELOC Payment Calculator

1st Advantage offers a 10-year Draw Period to members repaying a Home Equity Line of Credit (HELOC) during which the borrower will make interest-only payments. In the subsequent Repayment Period (which begins after the initial 10-year Draw Period), the borrower will begin to pay back the principal on their HELOC, plus interest.

Get Answers to Your Questions

There are several ways you can access the funds from your Home Equity Line of Credit

  1. You can access your funds through Online Banking or Mobile Banking. Treat it like any other internal transfer by selecting your Home Equity Line of Credit account, and transferring the amount that you need to your desired account. The funds will be available immediately.
  2. You can also access your funds by visiting any one of our convenient branch locations.
  3. You can also request checks that drawl the funds from your Home Equity Line of Credit account. Once the check has been cashed, the amount will be deducted from your Home Equity Line of Credit’s available balance.

Not finding what you’re looking for? See all our FAQs or Contact Us.

Helpful Resources for Homeowners

Explore our blog to find helpful tips and advice on homeownership and how to get the most value out of your home.

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Apply for a HELOC today.

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