Interest-Only Home Equity Line Of Credit

Enjoy the things that really matter with the equity that you’ve built into your home.

Low interest-only payments during the 10 year draw period. After that, the minimum monthly payment will be fully amortized during the 20‐year repayment period.¹

12 month fixed introductory rate as low as 2.99% APR². After the introductory period, the rate may adjust quarterly by no more than 1 percentage point based on the WSJ Prime Rate plus a margin. The current APR that would apply ranges between 4.25% and 5.75% depending on the combined loan-to-value.

• No upfront fees and no annual fees³
• Borrow up to 100% combined loan-to-value
• No minimum draw (advance) required at funding
• 24 hour access: in person, online, by check or over the phone
• The interest you pay may be tax deductible⁴

Download this PDF guide to learn more about What You Should Know About Home Equity Lines of Credit.

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¹ 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.

² APR = Annual Percentage Rate

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 & 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. A $5 new membership fee may be required.

View the full Home Equity Line of Credit Terms & Conditions

All loans subject to approval. Rates, terms, and conditions are subject to change.