HELOC
Flexibility to access your equity as you need it
Home Equity Loan
Cover immediate financial needs
ADU HELOC
For large home remodels or accessory units (ADU)
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Compare options for accessing your equity
HELOC |
Home Equity Loan |
ADU HELOC |
|
---|---|---|---|
Type of loan | Revolving line of credit | Second mortgage | Short-term revolving line of credit |
Best used for | Upcoming or future home improvements, debt consolidation, emergencies | Upcoming home improvements/repairs or debt consolidation | Home renovations and additions (ADU) |
Amount4 | up to 500,000 | up to 500,000 | up to 400,000 |
Terms | 25 years | 7, 10, 15 or 20 years | 22 years |
Interest rate | Variable5 | Fixed | Variable5 |
Closing costs | $0 (for lines up to 250,000) | Yes | Yes |
Monthly fee | $0 | $0 | $50 -$100 during construction period only |
Accessing funds | At closing or anytime for up to 10 years | Once at closing | Disbursed throughout construction period (up to 2 years) |
Payment | 10 year interest-only 15-year principal and interest |
Fixed principal and interest payments throughout loan | 2-year interest-only 20-year principal and interest |
Key differentiator | Quick access to cash as needed | Immediate financial needs with set amount and fixed payments | Allows you to borrow up to 125% of your home's current value |
Your home’s equity – there for what you need most
Flexible rates, low cost
Fixed and variable-rate options with monthly payments only on what you use
Access to cash you need
Borrow what you need now or once you’re ready
Instant pre-qualification
Check your rate before you apply with no impact to your credit6
Easy application
Apply online within minutes or connect with a Home Loan Consultant for advice
No fees, no gimmicks
No application fee, no pre-payment penalty, and no annual fee7
Endless possibilities
Use for home improvements, debt consolidation, ADUs and more
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Home Equity FAQs
1 8.250% APR (annual percentage rate) and other terms shown are accurate as of 6/5/2023 and apply to a HELOC for the most qualified applicant at CLTV up to 80%. Not all applicants will qualify for the lowest rate. Rates vary based on property value, line amount and other factors, and will vary for second or vacation homes. The minimum periodic payment is interest-only for the first ten years (“draw period”) followed by fully-amortizing payments to repay the balance over the final fifteen years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. The rate is calculated using an index plus a margin. The index used is the Prime Rate as published in The Wall Street Journal Western Edition on the last business day of the month prior to the change. The current prime index is 8.25. Minimum interest rate is 3%. Maximum interest rate is 17%.
2 7.258% APR (Annual Percentage Rate) and other terms shown are accurate, as of 6/5/2023. The fixed Annual Percentage Rate of 7.258% is available for 7-year second position home equity installment loans with loan-to-value (LTV) of 80% or less. Loan payment example: on a $50,000 loan for 120 months at 7.432% APR assuming no down payment, monthly payments would be $580.00. Loan terms available are 7, 10, 15, or 20 years; however, the monthly payment amount may differ from the example used above based on the loan amount and loan term selected. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these Items is established. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Property insurance and the fee to release an existing mortgage may be required. Fixed rate home equity loans are not available in 1st lien position. Home Equity Loans and lines of credit are available on California properties only.
3 Home Equity loans and lines of credit are available on California properties only. 9.250% APR (annual percentage rate) and other terms shown are accurate as of 6/5/2023 and apply to an ADU HELOC for the most qualified applicant at CLTV up to 125%. Not all applicants will qualify for the lowest rate. Eligible on primary residences only. Rates vary based on property value, credit score, line amount and other factors. The minimum periodic payment is interest-only for the first two years (“draw period”) followed by fully-amortizing payments to repay the balance over the final twenty years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. The rate is calculated using an index plus a margin. The index used is the Prime Rate as published in The Wall Street Journal Western Edition on the last business day of the month prior to the change. The current prime index is 8.25. Minimum interest rate is 3%. Maximum interest rate is 17%.
4 May vary depending on current appraised value, creditworthiness and existing liens on property.
5 Rate and payments are based on Prime plus a margin. Changes to Prime will result in changes to the rate and payment.
6 Patelco runs a “soft” credit pull to determine which pre-qualification offer you qualify for. This doesn’t affect your credit score. If you choose to proceed with a loan application, Patelco will request your full credit report from one or more credit reporting agencies. This will be a “hard” pull and may affect your credit. If necessary, we may also share certain information about you with third parties, like our insurers, to process your request.
7 The minimum credit line amount is $10,000 and the maximum is $500,000. Patelco Credit Union will pay customary closing costs on lines up to $250,000 in second lien position (excludes ADU Home Equity Line of Credit). If your Account is opened under the “No Closing Cost” loan program, there will be no lender fee and no charge for customary closing costs including: Automated Valuation Model (AVM) to determine property value, Lender”s title insurance, courier, points, wire fees, notary, escrow fee, recording of Patelco documents, flood certification, credit report, loan origination, or tax service. Only these fees listed will be paid by Patelco Credit Union. The “No Closing Cost” program does not include extraordinary items, including but not limited to the following: residential real estate appraisals, additional credit reports for the same loan transaction, grant deeds and any associated notary or recording fees, missed appraisal appointments or “trip charges” and any fees to close another account as the result of this Account. Borrower is responsible for closing costs on lines in first lien position or over $250,000. Closing costs range from $0 to $2,500. This offer does not include escrow or recording fees, or additional notary fees that may result from changes in title, vesting or notary appointments.
Read the HELOC Program Disclosure.
Read the ADU HELOC Program Disclosure.