Home Equity

Home Equity Line of Credit (HELOC)

Use a HELOC to consolidate debt, improve your home or make a large purchase.

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stephen b., seattle

Home Equity Line of Credit as Low As

APR Effective 11/1/2018*


Home Equity Line of Credit



Fixed Rate Advance

*See important information about rates, fees and other costs

Home Improvement As Low As

APR Effective 11/1/2018*


Home Improvement Loan

*See important information about rates, fees and other costs

Home equity lines of credit (HELOCs) allow you to borrow a larger sum of money using the equity in your home. Whether it's a home improvement project, consolidating debt, or a major purchase, BECU makes it easy – in addition to a great rate, we charge you no origination fees.

Home Equity Lines of Credit – No Origination Fees

BECU Is Not Like the Others

Part of being a credit union is that we return profits to members in the form of better rates and fewer fees. In an unprecedented move, we worked to eliminate not some, but all origination fees from the HELOC loan! You pay no origination fees, appraisal fees, pre-payment penalty fees, title insurance fees, document mailing fees, escrow fees – the works. The bottom line? The fees you pay when closing the loan add up to a whopping zero.

How Does a HELOC Work?

A home equity line of credit is unique in that it's an “open-end loan.” Instead of loaning a set amount of funds all at once (such as a “closed-end loan” car loan or home loan), you simply borrow as you go. A credit card is another example of an open-end loan. Like a credit card, you borrow as little or as many funds as you need (up to your limit). Such flexibility can be useful when the amount you need is uncertain, like for home repairs. You can continue to borrow, pay down, and borrow some more.

However, a HELOC is unlike a credit card in several ways: First, you have a “draw” period – a time, usually over the span of several years, that you can draw funds – and a “payment” period – a time, also over the span of several years, that you pay the remaining balance owed.  Second, and most importantly, the HELOC uses your home's equity to fund the loan.

Fixed-Rate Option

You also have the option to lock in a fixed rate. With the fixed rate advance option on a HELOC, up to three fixed-rate advances can be active at once. Use this benefit when you have a large, set sum of money, and want the peace of mind of a fixed payment on that sum, e.g., your flooring costs of $15,000.

Interested in debt consolidation?

Check to see if debt consolidation is best for you. Evaluate and compare your debt consolidation options.

Contact your BECU Neighborhood Financial Center for more information about home equity loans.

Home Equity Line of Credit Home Improvement Loan
Loan Amount
Up to $250,000
Up to $25,000
Equity Required
  • Revolving line of credit; use as credit is available during the draw period

  • Option to lock in a fixed rate advance and up to three fixed rate advances can be active at once

  • Interest payments only during the draw period then principal and interest payments during the repayment period

  • Interest may be tax deductible

  • One lump sum

  • No home equity required

  • Fixed rate

  • Principal and interest payments

  • Home improvement projects

  • Debt consolidation (including high interest credit cards)

  • Tuition or other ongoing expenses over time

  • Home repairs such as windows, new roof, energy efficient projects


Withdraw funds when you need them; transfer funds to your checking account

One lump sum disbursed at loan funding


Variable rate with flexibility to lock in a fixed rate advance and up to three fixed rate advances can be active at once

Fixed rate

Property Eligibility

Primary and secondary residence properties

Primary and secondary residence properties

Tax Deductible

Consult with a tax advisor


Prepayment Penalty



Annual Fees



Loan Application Fee



No Equity? Get a Home Improvement Loan

If you don't have enough (or any) equity in your home yet, a home improvement loan (not secured by property) may be a better option. Home improvement loans offer a fixed rate, and are disbursed in a lump sum so that you can take care of the repairs it needs and the renovations you want—without home equity.

Need to chat?

Want to find out more about home equity and home improvement loans? Come see us and we'll answer all of your questions.

Make an Appointment

Fees and Costs:  in normal circumstances, Borrower will not have to pay any fees to open the HELOC, but will be required to pay for hazard insurance (include flood insurance, if applicable).  Borrower must pay for optional services (e.g., retaining an attorney not required to open a HELOC).  In South Carolina, where the law requires use of an attorney, BECU will be solely responsible for paying all attorney's fees and costs necessary to open the HELOC, and will perform this responsibility fully by paying all reasonable attorney's fees and costs related specifically to the closing based on rates typically charged by attorneys in the local market for the closing of similar HELOC transactions.  Borrower will be responsible for paying state and local taxes, Western Union/speedpay fees, and fees for reconveyance or mortgage satisfaction, late payments, and subordination of similar change. Borrower must pay all charges related to any existing loan paid off by the new BECU HELOC (e.g., a prepayment penalty or payoff demand fee imposed by a previous lender).  Borrower also must pay per diem interest.  Terms and conditions are subject to change without notice.