Real Estate Corner - Ask Joe
An informative Q & A column focused on members' home loan questions answered by Joe Kleemann, Vice President of Home Loans.

We want to hear from you! Click below to Ask Joe askjoe@patelco.org.

Q: I currently have a HELOC (home equity line of credit) at 11% with another company. Are there any options for
refinancing my HELOC with Patelco, at a lower interest rate?

A: Yes, we do have several options that provide a better rate
and a better home equity product. If you want to replace your existing HELOC with a similar flexible product, use our Interest Only HELOC. It is based on the prime rate which is currently 7.50% APR.*

Often a better fit is our Fixed Equity Loan with a fixed rate and payment. There are no surprises since your rate and payment stay the same; however you do give up the flexibility of a HELOC. The Fixed Equity rate can be lower than the HELOC with an as low as rate of 6.25% APR* for seven years.

You can apply by phone at 800.358.8228 or online at
www.patelco.org/Apply. Our loan consultants are here to help and will be happy to review the different options available to you. Contact a Home Loan Consultant.


* APR = Annual Percentage Rate and is based on 80% or less combined loan-to-value (CLTV). Other products are available for a higher CLTV.