How Do I Sign Up for Automatic Payments?
To enroll in Easy Pay for your HELOC, please complete and submit the authorization form via online banking or using the instructions on the form. Please note—all HELOC automatic payments must be deducted on the first of each month.
Enroll Now in EasyPay through Online Banking
in Easy Pay through online banking
How is my interest rate calculated?
On a HELOC, the interest is calculated using the following formula:
Average daily balance * interest rate / 365.25 * number of days in the billing cycle
The average daily balance can be located on your monthly billing statement. Your interest rate is equal to the Prime Rate plus a margin, which can be found in the terms of your Note. The Prime Rate fluctuates and can either increase or decrease your total HELOC interest rate, but your margin won't change. When the Prime Rate changes, it would show on your bill in 2 months, because HELOC interest is paid in arrears. For example, if the Prime Rate changes in May, it takes effect for June and would show on your July bill.
When are my payments applied to my HELOC balance?
Funds are applied to your HELOC based on the time of the month they're received. If we receive the funds after the current bill has been paid and before the next bill has been generated, they'll be applied to the principal balance of the HELOC. If funds are received after the next bill is generated, the payment will be applied toward the bill. HELOC bills typically generate on the fifth of each month or earlier, if the fifth isn't a business day.
How can I make an advance on my HELOC?
You may make a HELOC advance online by following these steps:
- Sign in to online banking.
- Click the “Transfers” tab.
- Select “Make a Transfer.”
- Select “HELOC” as the account to transfer funds from.
- Select your checking account to receive the transferred funds.
- Input the amount.
- Click “Continue.”
- Review and close the Transfer Posting Times notice.
- Confirm the transfer was successful via the green banner at the top of the next screen. Click “Done.”
You can also make an advance by writing a check, using your HELOC credit card or submitting a signed, written request to us through online banking or by mail at P.O. Box 3300, Merrifield, VA 22119.
How do I pay down or pay off my HELOC loan?
In order to pay down or pay off a HELOC loan, you must request a quote. Please contact the Mortgage Servicing Support Department at 1-800-531-7174, ext. 43434, option 2, to obtain a quote.