Home Equity Loans and Lines of Credit Home Equity Loans and HELOCs
Borrow up to 90% of your home's value to:
- Make home improvements
- Consolidate debt
- Finance a large purchase
Home Equity Loans and Lines of Credit Home Equity Loans and HELOCs
Borrow up to 90% of your home's value to:
- Make home improvements
- Consolidate debt
- Finance a large purchase
Forbes #1
A Forbes Best-in-State Credit Union in Washington 4 years running
A Forbes Best-in-State Credit Union in Washington 4 years running
Compare Home Equity Loans and HELOCs
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Home Equity Loan
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HELOC
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| Hide this rowShow this row Definition |
Borrow a lump-sum amount of money determined by the equity you have in your home. |
A revolving line of credit funded by the amount of equity you have in your home. |
| Hide this rowShow this row Rate type |
Fixed rates |
Variable rates |
| Hide this rowShow this row APR |
7.44% - 9.72%* |
7.24% - 10.25%* |
| Hide this rowShow this row Max LTV |
90% |
90% |
| Hide this rowShow this row Max amount |
$500,000 |
$500,000 |
| Hide this rowShow this row Payment period |
Up to 20 years |
10-year draw period with 20-year repayment |
| Hide this rowShow this row Assumptions |
The information provided is based on a $75,000 home equity loan. The property is located in Olympia, Thurston County, in the State of Washington. The property is an existing single family home and will be used as a primary residence. This assumes that the total of all existing mortgages does not exceed 90% of the property value. At a 10.49% interest rate for 240 months, the estimated monthly payment would be: 239 payments of $748.28 and 1 payment of $741.80. |
A Prepayment fee of $350 will be charged if the loan is paid off and closed within the first 24 months. Maximum interest rate of 18%. Variable rate Home Equity Lines of Credit are calculated at the rate specified, then adjusted monthly based on the index plus a margin indicated in the Home Equity Loan Rates and Fees Addendum. |
Home Equity Calculator
FAQ
It's the current value of your home minus your mortgage balance.
We finance up to 90% of your home’s value (90% loan-to-value ratio). Loans are subject to credit approval, underwriting guidelines and property occupancy.
A Home Equity Loan is distributed in a lump sum, while a Home Equity Line of Credit (HELOC) works similar to a credit card. With a HELOC, you can access funds as needed for 10 years, paying interest only on what you use. A Home Equity Loan has a fixed interest rate and is helpful when you know exactly how much money you need. A HELOC gives you more flexibility to use funds when and if needed but has a variable interest rate.
There are typically no fees on our equity loans unless you request a full appraisal or we need to close through an escrow office to clear up an outstanding lien. All loan requests over $400,000 require a full appraisal at your cost.
There are several factors that go into determining the loan amount that we can offer. We look at available equity in your home, credit score and credit history, and debt to income ratios (monthly income versus monthly financial obligations such as your mortgage, loans or credit card payments).
Fixed-rate home equity loans are great if you want a locked-in rate and know exactly how much you want to borrow. If you prefer to make a set monthly payment and want to pay off your loan in a specific amount of time, a fixed-rate home equity loan may be a good choice. A variable-rate HELOC is great when you don’t know how much you’ll need to borrow, need access to the funds over a long period of time, or to have available for any emergencies that arise.
After you apply, we will determine the value of your home using our automated valuation model. We can lend up to 90% of your combined loan-to-value (if certain qualifications are met.) We calculate your loan-to-value ratio by taking into account the value of your home, how much you owe on your first mortgage, and how much you are looking to borrow with this new loan. If you think your home is worth more, you are welcome to request a full appraisal at your cost. The appraisal fee can be paid with loan proceeds.
It typically takes two to four weeks, depending on the type of loan and its complexity. Loan applications that require a full appraisal or outside escrow (to pay off existing liens) will require additional processing time.
Properties must be located in Washington, Oregon or Idaho.
Why WSECU?
WSECU membership has its perks. Enjoy favorable rates on everything from credit cards to savings accounts. Insured deposits. A great mobile app. Access to your money from ATMs anywhere in the world. Unparalleled member service. It's no wonder Forbes ranked WSECU a Best-in-State Credit Union in Washington 4 years running. And since you'll be part of a member-owned cooperative that gives 4% of its net income back to your local community, you'll see the good happening all around you. Every day.
