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Home Equity Lines of Credit
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Last Updated: 04/18/2025

The Freedom Bank of Virginia HELOC

in Home Equity Lines of Credit from The Freedom Bank of Virginia

Last Updated: 04/18/2025

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Credit Score Range

N/A

Amount Range

Up to $500,000

Maximum LTV

85%

Minimum Draw

N/A

Loan Term (Years)

Up to 10
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The Freedom Bank of Virginia HELOC Review

The Freedom Bank of Virginia HELOC is offered by The Freedom Bank of Virginia (NMLS #518039), a bank founded in 2001 and based in Fairfax, VA. The Freedom Bank of Virginia HELOC are available in 50 states, 5 US territories, and Washington, DC.

Key Takeaways

  • No primary residences considered. The Freedom Bank of Virginia HELOC does not offer financing for primary homes.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • High maximum LTV ratio. The Freedom Bank of Virginia HELOC has a maximum loan to value ratio of 85%.

The Freedom Bank of Virginia HELOC Pros & Cons

The Freedom Bank of Virginia HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.
Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.
The maximum loan-to-value (LTV) ratio goes up to 85%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $65k in credit.

What are the terms for The Freedom Bank of Virginia HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.
The Freedom Bank of Virginia HELOC offers home equity loans with a maximum term of 10 years and a draw period of up to 10 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does The Freedom Bank of Virginia HELOC charge for a HELOC?

The Freedom Bank of Virginia HELOC may charge an origination fee.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

(703) 242-5300
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Hours of Operation

Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:00PM
Saturday
Closed

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