Simplify Your Debt, Simplify Your Life
We Have Options to Help You Simplify Your Debt
Debt can impact your financial well-being every day. That’s why we offer Home Equity options that can help you consolidate your debt and save money.
What is equity? It’s the current value of your home minus your mortgage balance. You can borrow against that equity to consolidate your debts to make paying them down easier and more efficient.
WSECU can help with our 2 home equity options: Home Equity Loan or Line of Credit. We also offer debt management options if you do not own a home such as personal loans and our Low Rate Visa card with no balance transfer fees for the first 6 months.
This may be right for you if...
- You want to pay down your debt faster
- You want to lower your monthly payments
- You want a lower interest rate
Get Started Don't own a home?
Other options for simplifying debt include:
- You want to pay down your debt faster
- You want to lower your monthly payments
- You want a lower interest rate
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a revolving line of credit funded by the amount of equity you have in your home. Think of it like a credit card that is funded by your home’s equity (but with a much lower rate).
- Access your line of credit for up to 10 years**
- Repay as soon as you would like up to 20 years
- Variable rate options
- Offers flexibility for unknown circumstances
Home Equity Loan
A Home Equity Loan is a lump-sum amount determined by the equity you have in your home. It can offer a lower interest rate than a Home Equity Line of Credit (HELOC) and set monthly payments.
- No early repayment fees
- Pay back your loan over 10, 15, or 20 years with no change in interest rate
- Fixed rates*
- Fixed monthly payments
Frequently Asked Questions
Our equity loans are typically a no-fee loan to our members, unless our member requests a full appraisal or we need to close through an escrow office to clear up an outstanding lien.
We value out your home using our Automated Valuation Model. We can lend up to 80% combined loan to value if certain qualifications are met. We determine loan-to-value taking in to account what your home is worth, how much you owe on your first mortgage and how much you are looking to borrow with this new loan.
Fixed-rate loans are great for people who want a locked in rate, know the exact amount they want to borrow, and prefer to make a set monthly payment and know they’ll pay off in their loan in a specific amount of time. A variable-rate HELOC is great for home improvement projects when you don’t know how much you’ll need, or to have as an emergency line if a need arises.
It does not. We offer 10, 15 or 20 years with no change in rate for home equity loans. We also offer no prepayment penalties for a home equity loan, so feel free to make extra payments to pay down the principal balance faster.
After you apply, we will value out your home using our Automated Valuation Model (similar to Redfin or Zillow). If you think your home is worth more, you are welcome to request a full appraisal at your cost. The appraisal fee can come from loan proceeds.
If you would like to get an idea of your home’s value and aren’t ready to apply, tools such as the tax assessed value, Redfin or Zillow can give you a ballpark.
It typically takes us 2-4 weeks to move through the entire loan process, depending on the complexity of your loan and the results of our drive-by appraisal and title search.
Possibly, consult with your accountant or tax advisor to determine if your loan qualifies you for a tax benefit.
Many of these loans are set up as liens against your property, allowing the lender to provide you a lower rate since the loan is secured. So, if you already have a first mortgage and a loan that has your home as collateral, you would need to payoff and close that loan in order to move forward with our home equity loan. This process involves closing through an escrow office which is an estimated fee of $650.00.
Other options for simplify your debt with WSECU include a personal loan and our Low Rate Visa card.
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