Borrow up to 90% of your home's value to:
Borrow up to 90% of your home's value to:
Washington’s only Forbes Best-In-State Credit Union five years in a row!
Washington’s only Forbes Best-In-State Credit Union five years in a row!
| Product detail | Home Equity Loan | HELOC |
|---|---|---|
| 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. |
| APR | 7.40% - 9.74%* | 6.49% - 9.50%* |
| Rate type | Fixed rates | Variable rates |
| Max loan-to-value | 90% | 90% |
| Max amount | $500,000 | $500,000 |
| Payment period | Up to 20 years | 10-year draw period with 20-year repayment |
| 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. |
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.
Being a member of Washington’s only Forbes Best-In-State Credit Union five years in a row 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. 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.
Your perspective is important to us and helps us see where we’re hitting the mark and where there might be areas to improve.