Enjoy the things that really matter with the equity that you’ve built into your home.
A Home Equity Line of Credit allows you to turn your home’s equity into cash that you can use to renovate your home, take a dream vacation or more. You’ll have access to a line of credit that allows you to withdraw money when you need it. Especially valuable for making multiple purchases over a longer period of time, or simply wanting to have the cash available if an opportunity or need arises.
This line of credit is also a smart way to consolidate debt.
- No upfront fees and no annual fees2
- Open-ended revolving line of credit
- 10-year draw period with interest-only payments2
- No minimum draw (advance) required at funding
- Simple interest, variable rate
- Interest paid may be tax-deductible3
- Credit limit access is easily available 24/7 online, over the phone, in person or by using HELOC checks (no minimum amount)
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1 APR = Annual Percentage Rate.
2 Introductory rate based on combined loan-to-value. After the initial fixed 12-month introductory period, your Home Equity Line of Credit (HELOC) rate may adjust quarterly up to 1.0% based on WSJ Prime Rate + a margin. Your minimum monthly payment will equal the current monthly interest expense on the loan during the 10-year draw period (no less than $50 unless the balance owed is less), after which the monthly payment will be a fully amortized payment during the 20-year repayment period for the life of the loan. After the 10-year draw period, your HELOC rate may adjust annually up to 2.0% based on WSJ Prime Rate + a margin. As of November 3, 2022, the home equity line of credit rates range from 8.00% – 9.50% APR. An early closure fee of $500-$1,500 applies when the account is closed within 3 years of origination. Rates are variable and subject to change. The maximum Annual Percentage Rate that can apply is 12.0% and the minimum Annual Percentage Rate is 4.0%. A late charge will be assessed if payment is made more than 15 days after the due date, equal to 20% of the interest due ($5 minimum). A $15 returned check fee applies if a payment is returned for any reason. A $5 new membership fee may be required. All loans are subject to underwriting guidelines, including credit approval, income verification, property insurance, satisfactory appraisal, and collateral. Maximum credit limit subject to combined loan-to-value guidelines. A minimum credit line of $25,000 is required. Rates, terms, and fees are subject to change without notice.
3 Please consult a tax advisor regarding the deductibility of interest.
California Credit Union’s primary area of service is Southern California which includes the following counties: Los Angeles, San Diego, Orange, Ventura, Riverside, San Bernardino, Kern, Imperial, Santa Barbara, and San Luis Obispo. Your home must be owner-occupied and located in our service area, Southern California.
View the full Home Equity Line of Credit Terms & Conditions
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