Routing # 321076470

Home Equity Line of Credit (HELOC)

Tap into your equity as you need it with a HELOC


The homeowner’s key to more financial flexibility

A HELOC is a smart way to access the equity in your home to help you reach your financial goals.

Use your HELOC to help tackle projects and expenses big and small. The possibilities are endless. Remodel your kitchen or bathroom, or create a new addition to your home. You can also use your equity to pay off higher interest rate debt or cover unexpected expenses as they arise.

With variable, interest only payments on what you borrow, and the option to lock in all or part of your balance into a fixed-rate2, a HELOC offers both flexibility and security for when you need it most.

Whatever your dreams and goals, your home’s equity can help.

It’s easy to get started and it only takes a few minutes to see if you pre-qualify.

Flexible, convenient and affordable

Competitive rate and low cost

Variable rate with the option to lock in a portion of your balance at a fixed rate2

Instant pre-qualification

Check your personalized rate and terms with no impact to your credit3

Easy application

Finish applying online within minutes

No fees, no gimmicks

No application fee, no pre-payment penalty, and no annual fee

So many possibilities

Home improvements, debt consolidation, large purchases– you name it

Available as you need it

Get cash for what you need and use your available funds for up to 10 years

Interest Only HELOC Rates

Rates Effective 06/18/2024
Save 0.50% off your rate when you set up automatic payments and recurring deposits.4

Amount

Loan-to-Value

Range of APR1

$10,000-$500,000 Up to 90 9.00% to 11.75%

Home Equity Calculator

How much can I borrow from my home equity?

Calculations provided are for demonstration purposes only and do not guarantee credit approval for the rate and terms displayed.

Frequently Asked Questions

  • A HELOC is a revolving line of credit that allows you to borrow against your home’s equity to access cash as you need it. With a HELOC, you have a specific amount that you can borrow from – this amount is your line of credit. In addition to choosing the amount you need to borrow (up to your maximum approved limit), you can also determine when and how many times you borrow, making this loan type more flexible for your financial needs. Plus, you only pay interest on what you borrow.

    In most cases, we can offer financing for up to 90% of your home’s value – which includes your first mortgage (if any) and your new HELOC. For example, if your property is worth $800,000 and you owe $500,000 on your first mortgage, you may be eligible for a HELOC up to $220,000. ($800,000 x 90% = $720,000. $720,000 – $500,000 = $220,000.) Keep in mind this depends on several other factors such as your loan approval, credit history and income. We recommend checking your rate first to pre-qualify.

    No. We’re proud to offer no application fees, no early closure fees, no annual fees, and no closing costs on lines up to $250,000.5

    You may be able to deduct interest you pay from your loan. We recommend consulting your tax advisor for specifics.

    It’s easy to use your HELOC for your financial needs. Choose what’s convenient for you:

    1. Make a withdrawal upon opening
    2. By physical check
    3. Online – transfer money from your HELOC into your checking or savings account anytime

    At this time, Patelco does not offer HELOCs for rental properties – only for primary residences. However, if you need to access cash for specific needs, you may want to explore our personal loans

Get advice from our equity experts

Our Home Loan Consultants are specialized in providing home loan expertise and advice. Not sure if a HELOC is right for you? They’ll help you find the right option for your short-and long-term goals. Schedule a complimentary consultation today.

Dream it, build it
Planning a home renovation project or thinking of adding an Accessory Dwelling Unit (ADU) to your property? Use your home’s future value and gain more borrowing power for your construction project with a renovation loan. Reach out to a Home Loan Consultant to get started.
Find a Consultant Dream it, build it

1 Home Equity loans and lines of credit are available on California primary residences only. 9.00% APR (annual percentage rate) and other terms shown are accurate as of 06/18/2024 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 8.50%. Minimum interest rate is 3%. Maximum interest rate is 17%.

2 Rate and payments are based on Prime plus a margin. Changes to Prime will result in changes to the rate and payment. After your loan closes, you have the option to lock in a portion or all of your existing equity balance on your new Patelco Home Equity Line of Credit into a fixed rate at 10 or 15 years. Rates may vary and are subject to change. You may only have one fixed-rate option on either all or a portion of your balance at a time. Your fixed rate balance will reduce the amount of available credit for future draws on your equity line. Any future draws will be at the variable rate and payment in effect on your loan at the time of the draw. You will receive a separate statement and make separate principal and interest payments for the fixed-rate portion of your balance. The maximum term available for a fixed rate option is 15 years. Other restrictions may apply.

3 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.

4 0.50% HELOC rate discount available after loan funds. Meet and maintain ongoing discount eligibility with set up of automatic loan payments and monthly recurring deposits of $500 into a Patelco account. Additional conditions may apply. Speak to a Home Loan Consultant for more details.

5 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 (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 if the stated services are conducted through our preferred service providers. If conditions for the “No Closing Cost” program are not met, including the use of service providers associated with the program, then you will be responsible for any associated closing fees which will not 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’, solar lift or termination, and any fees to close another account as the result of this Account. Borrower is responsible for closing costs 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.

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