Both these products let you access the equity in your home using your home as collateral so you can usually get lower interest rates than other types of loans. The interest you pay on these products may be tax deductible, consult your tax advisor for more information.  Another advantage is that there may be less paperwork and lower closing costs than if you did a cash-out mortgage refinance. 

Here’s what to know about a HELOC vs. home equity loan:

A HELOC works in a similar way to a credit card in that you have a credit limit and you can use as much or as little of the money as you need at any given time. You can then use the funds again after you pay some or all of the money back.

• The draw period is how long you have to use the money and you typically have an additional repayment period. 
• You only pay interest on the portion of money used. 
• Each month, you can pay the minimum due, a larger portion, or the complete balance. 

By contrast, a home equity loan is a type of fixed-rate installment loan similar to many personal loans or auto loans.

• You borrow an agreed-upon amount and receive the money in a lump sum payment. 
• You then make regular monthly payments over your loan term until the loan is paid off in full. 
• Rates are fixed, so budgeting can be simpler than for a HELOC.

Unlike a home equity loan, which is used to pay for one-time or large purchases, HELOCs are revolving lines of credit. Common uses include:

• Remodeling and ongoing home improvement projects
• Vacations
• Weddings
• Educational expenses
• Debt consolidation

Up to 90%. Your actual percentage will be determined by other factors, including your credit score and income.

Yes. We can help you set this up during your HELOC closing.

If you’ve already started or completed the HELOC application process, you can click here to check your application status.

Yes. We will help you join during the application process.

Membership eligibility is open to individuals living, working, attending school, worshiping or volunteering in the following counties:

• Chesterfield
• Henrico
• Hanover
• The city of Richmond

Membership is also available to family members or housemates who meet the above criteria. To be eligible, members must also be at least 18 years of age and be a U.S. citizen or resident alien.

When you join Argent, you’re joining a member-owned not-for-profit organization with a board of directors who are elected by their fellow credit union members.

We are not obligated to outside stockholders, so all of our profits go right back to our members in the form of no, or lower fees, lower interest rates, and higher dividends.

Additional benefits include free notary services, scholarships, as well as other great perks.