Home Equity Line of Credit

Access Cash Anytime You Need It

There’s no need to sell your home to access its cash value. A home equity line of credit (HELOC) could unlock the equity in your home while you still live in it. Use the money to pay off higher interest rate debt, medical bills, college tuition, or achieve another financial goal.

Eligible HELOC borrowers benefit from:

  • Potential tax-savings
  • Competitive interest rates
  • No annual maintenance fee
  • High borrowing limits (Up to $500,000)
  • Flexible repayment terms (Up to 25 years)
  • 10-year interest-only payments (draw period)
  • Convenient access to your funds through SBCU checks linked to your HELOC account and in-branch withdrawals

A HELOC can provide the financial confidence of knowing you have the cash available to cover unexpected expenses. Borrowers are approved for a set credit limit from which they can make withdrawals as needed.

The credit line works like a credit card, but with a lower interest rate and higher credit limit. As you repay your principal balance, that money becomes available to borrow over and over again.

Unlock your equity today – Apply Now

Have questions? The experts in our Mortgage Department have answers. Contact us today at 424.327.9790 or mortgage@southbaycu.com.

*APR = Annual Percentage Rate. Subject to credit approval. HELOC rates are based on the Wall Street Journal (WSJ) Prime rate of 7.00% plus a margin of .50% for CLTV less than 50% or add 1.00% for CLTV higher than 50%. The minimum floor rate is 4.000%, and the maximum rate will never exceed 12.00%. Rate tiers may change based on credit score as reported by the credit bureau. Qualification and APR are dependent on credit history, debt, loan-to-value, ability to repay, home ownership, and other factors. The rate is subject to change on the 1st day of the following month after a Prime rate change. HELOC draw period is 10-years with interest-only payments. Making a regular payment during the draw period will not reduce the principal balance. At the end of the draw period, the outstanding balance will amortize over a 15-year repayment period. Payments during the repayment period will consist of principal and interest. The mandatory initial draw is $7,500 after close. The periodic rate is determined by adding a margin to the index value; the sum is divided by the number of days in a year (365). The APR is obtained by multiplying the periodic rate by the number of days in a year (365). The finance charge is the cost you pay for credit, and the finance charge on each new advance (draw) begins on the date of the advance and continues until the advance has been paid in full. SBCU membership is required. During the loan process, third-party fees may be required for appraisal, credit bureau, and/or other related agencies. These fees total $500 – $1200. Property insurance is required. The HELOC program is subject to change at any time. Consult your tax advisor for potential tax breaks. Contact us for a FREE consultation.

n is subject to change at any time. Contact us for a free consultation