
Your home's equity is your asset.
WSECU offers homeowners two home equity financing options, allowing you to access your assets and borrow funds.
What is home equity? It's the current value of your home minus your mortgage balance.
With a WSECU Home Equity Loan or WSECU Home Equity Line of Credit (HELOC), you can borrow up to 90% of your home’s value. Either option might make sense if you want to:
- Make home improvements
- Consolidate debt
- Finance a large purchase
Home Equity Loan
Home Equity Line of Credit
Home Equity Calculator
FAQ
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.
Possibly. Interest may be tax deductible when equity funds are used for certain types of home improvements. Talk with your accountant or tax advisor to see if you qualify for a tax benefit.
It typically takes two to four weeks, depending on the complexity of your loan and the results of our appraisal and title search.
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 or to have available as an emergency line of credit.
We determine the value of your home using our automated valuation model. We can lend up to 90% of your combined loan-to-value ratio 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.
After you apply, we will determine the value of your home using our automated valuation model. 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.
If you would like to get an idea of your home’s value and aren’t ready to apply, your home’s tax-assessed value may be helpful.
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.
It does not. We offer 10-, 15- and 20-year terms for Home Equity Loans with no prepayment penalties, so you can make extra payments to pay down the principal balance faster.
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.
What our members are saying
What our members are saying
"The Home Equity team was great! They explained to me the plan, helped me get the information I needed and were always in contact with me through the whole process. At the branch, the staff were clear and we both understood what we were signing. I have been banking with WSECU for many years and appreciate their business."LisaWSECU Member
What our members are saying
"I am so pleased and grateful for the wonderful help that I received. Getting the home equity loan was so fast and easy and gave me immediate peace of mind that I could get these home repair things taken care of promptly."MarieWSECU Member
What our members are saying
“[The WSECU representative] was an absolute wonder to work with! She kept me fully informed every step of the way, answered questions knowledgeably, explained in detail the information she needed and made the whole application through funding of our home equity loan a very easy, stress-free process!”ManoWSECU Member
What our members are saying
“We really appreciated the help from [the WSECU representative]. The whole home equity loan process could not have gone better!”KarenWSECU Member