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 1/14/2019*

5.49
%
APR

Home Equity Line of Credit

Variable

5.74
%
APR

Fixed Rate Advance

*See important information about rates, fees and other costs

Home Improvement As Low As

APR Effective 1/1/2019*

8.69
%
APR

Home Improvement Loan

*See important information about rates, fees and other costs

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.

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
Yes
No
Features
  • 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


Uses
  • 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

Access

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

One lump sum disbursed at loan funding

Rates

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

No

Prepayment Penalty

No

No

Annual Fees

No

No

Loan Application Fee

No

No

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.

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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.