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ACCESS LOW COST FUNDS
no closing costs
no annual fee
no prepayment fee
Variable rate as low as
as of 2/20/2019
Fixed rate as low as
as of 2/20/2019
Home Equity Line of Credit
For home improvements, consolidating debt, or whatever you need.
- Borrow what you need, when you need it, against your approved loan amount
- No closing costs up to $250,0002
- Variable interest rate as low as 5.500% APR1
- Fixed rate option available
- Interest-only payments for the first 10 years, followed by 15-year repayment period
- No prepayment penalty and early closure fee
- No annual fee
- Lines up to $500,000
Home Equity Loan & Line of Credit (HELOC) Calculator
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¹ Home Equity loans and lines of credit are available on California properties only. Prime + 0% APR (annual percentage rate) and other terms shown are accurate as of December 20, 2018 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 5.50%. Maximum interest rate is 17%.
² 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. 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 that may result from changes in title or vesting. Visit patelco.org/homeequity for additional details.
Read the HELOC Program Disclosure.
NMLS ID # 506373