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Home Equity

Home Equity Line of Credit

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Flexible borrowing power, backed by your home’s equity.

A Home Equity Line of Credit (also known as a HELOC), is an open-ended, revolving loan with a variable rate that allows you to withdraw funds as you need them. You can borrow up to 80% of what is known as the Loan-to-Value (the ratio of a loan to the value of the asset) of your home. In addition to potential tax advantages (consult your tax advisor), you’ll receive a competitive rate based on your creditworthiness, the term and the loan amount. This is a great option for consolidating high-interest credit card debt or paying for some other lump-sum expense.

HELOCs are best for things like a home improvement project where you aren’t sure what the total cost will be or how long it will take. The benefit of doing so is that you only pay interest on the amount you actually borrow, not the entire line amount.

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Want to join the Bronco family?

It’s easy. We have a few different ways:

Open an account online
Call 757.569.6000
Stop by your nearest Bronco office.

Already a Bronco member and want to open another account?
You can do it online or bring your ID to one of our branches to get started.

Homeowners must maintain adequate insurance. A 5% penalty will be assessed for late mortgage payments. Your interest rate is determined by your creditworthiness. See a Mortgage Loan Office or contact us at 757.569.6000 for details. Membership eligibility is required.
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HELOC Disclosures:
  • Annual Percentage Rate (APR) is based on the prime rate and is subject to change monthly.
  • Rates will never exceed 18.00% APR by law.
  • The minimum credit advance you can receive is $2,500 for the first advance and $250 for each subsequent advance.
  • Loan-to-Value of up to 90%.
  • 20-year term with an eight-year draw period and 12-year repayment period.
  • 5% penalty for late payments.
  • Fees may be incurred.
  • A balloon payment may result if paying the minimum period payments does not fully amortize the outstanding balance by specified date or time.
Must maintain adequate property insurance. Membership eligibility is required. See a Member Service Representative for more details. See a tax advisor regarding deductibility of interest. Not all applicants will qualify.