Homeowners’ key to more financial flexibility and security

A home equity loan or line of credit (HELOC) is a smart way to access the equity in your home to fund large purchases, seize opportunities, or be prepared for unexpected expenses.

Use the cash to fund home improvement projects, consolidate higher interest rate debt, pay for tuition, and more. Plus, the interest may be tax deductible. (Consult your tax advisor.)

Easy Application

Get pre-qualified without impacting your credit

Variable rate as low as

5.990% APR1

as of 9/26/2022

Fixed rate as low as

6.238% APR2

as of 9/26/2022

Find the right solution

Answer a few quick questions to see the type of financing that's best for you, or compare the options below.

  Home Equity Line of Credit
Home Equity Loan
Type of loan Revolving line
of credit
Second mortgage
Amount3 up to 500,000 up to 500,000
Terms 25 years 7, 10, 15 or 20 years
Interest rate Variable4 Fixed
Accessing funds At closing or anytime for up to 10 years Once at closing
Payment 10 year interest-only
Followed by 15-year principal and interest
Fixed principal and interest payments throughout loan
Key differentiator Quick access to cash as needed Immediate financial needs with set amount and fixed payments


  • Variable interest rate as low as 5.990% APR1
  • Interest-only payments for the first 10 years, followed by 15-year repayment period
  • No closing costs up to $250,0005
  • No annual fee
  • No prepayment penalty or early closure fee
  • Lines up to $500,000
  • Flexibility to lock in a fixed rate on all or a portion of your existing balance6
  • Good for immediate financial needs that require one lump sum and fixed payments
  • No closing costs
  • Fixed Interest rate as low as 6.238% APR2
  • Loan term for 7, 10, 15, or 20 years
  • Loans up to $500,000

Home Equity FAQs

Home Equity Loan & Line of Credit (HELOC) Calculator

How much can I borrow from my home equity?

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800.358.8228 (press 4)

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Homeowners insurance to protect your home7

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1 Home Equity loans and lines of credit are available on California properties only. 5.990% APR (annual percentage rate) and other terms shown are accurate as of 9/26/2022 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 5.5%. Minimum interest rate is 3%. Maximum interest rate is 17%.

2 6.238% APR (Annual Percentage Rate) and other terms shown are accurate, as of 9/26/2022. The fixed Annual Percentage Rate of 6.238% 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 6.157% APR assuming no down payment, monthly payments would be $548.85. 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  May vary depending on current appraised value, creditworthiness and existing liens on property.

4 Rate and payments are based on Prime plus a margin. Changes to Prime will result in changes to the rate and payment.

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 in second lien position. 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.

6 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 7, 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.

7 Insurance products are not deposits of Patelco Credit Union and are not insured by the NCUA. They are not guaranteed by Patelco Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Patelco Credit Union need not be purchased from Patelco Insurance Services and may be purchased from an agent or an insurance company of the member's choice. Auto & Home Insurance Program is made available through TruStage Insurance Agency, LLC. Coverage provided and underwritten by Liberty Mutual Insurance Company or its subsidiaries or affiliates, 175 Berkeley Street, Boston, MA 02116 USA. © 2022 Liberty Mutual Insurance. Any complaints may be filed with the California Department of Insurance.


Read the HELOC Program Disclosure.

NMLS ID # 506373