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 for virtually any purpose – from renovating your home to taking a dream vacation. 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.
Plus, you have the option of making interest-only payments during the 10-year draw period.2 This line of credit is also a smart way to consolidate debt.
- No upfront fees and no annual fees3
- Open-ended revolving line of credit
- No minimum draw (advance) required at funding
- Interest paid may be tax-deductible (consult a tax advisor)4
- Credit limit access is easily available 24/7 online, over the phone, in person or by using HELOC checks (no minimum amount)
- Simple interest, variable rate
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(*) 1 APR = Annual Percentage Rate
2 Your minimum monthly payment will equal the current monthly interest expense on the loan during the 10‐year draw period, after which the monthly payment will be a fully amortized payment during the 20‐year repayment period; (no less than $50 unless the balance owed is less), for the life of the loan.
3 An early closure fee between $500 and $1,500 applies, depending on the HELOC limit, if the line is closed within 3 years of origination.
4 Please consult a tax advisor
Terms and Conditions
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. After the initial fixed 12‐month introductory period, your HELOC rate may adjust quarterly up to 1.0% based on WSJ Prime Rate + a margin. After the 10‐year draw period, your HELOC rate may adjust annually up to 2.0% based on WSJ Prime Rate + a margin. The maximum Annual Percentage Rate that can apply is 12.0% and the minimum Annual Percentage Rate is 4.0%. If payment is made more than 15 days after due date, a late charge will be assessed equal to 20% of the interest due ($5 minimum). Property insurance is required. All loans are subject to credit approval, income verification, and satisfactory appraisal and collateral. Maximum credit limit subject to combined loan-to-value guidelines. Rates, terms, and fees are subject to change without notice. Minimum credit line of $25,000 required. All loans subject to approval. Rates, terms, and conditions are subject to change.
View the full Home Equity Line of Credit Terms & Conditions
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