BORROWING // HOMES // HELOC
Put your money to work with a home equity line of credit
Weddings, tuition, home improvements — even your new landscape topiary obsession. There are lots of reasons you might need funds available and in your pocket. Our HELOCs let you put the money you’ve already invested in your home to work.
Home Equity Select* Line of Credit
Fixed or variable rate
Revolving line of credit
Advance up to three fixed-rate segments, each with its own rate and term
Access any/all of your funds whenever you want for the first 10 years
Borrow with interest-only payments or lock in a fixed rate for a term up to 20 years
Fixed-Rate Home Equity Loans*
Fixed term
Fixed interest rate
Fixed payments
You receive the entire loan amount at one time
Pro tip: ask a pro which option is right for you.
Our team of experts is available to talk you through the process of opening a HELOC
Things to think about before taking out a home equity loan
Are you needing funds upfront for a one-time fix up, wedding or trip? Then a fixed rate second mortgage loan may be your best option.
If you are doing a project that will have several phases, a home equity line of credit (HELOC) may be the best choice since you can continually borrow what you need when you need it.
Do you have a current appraisal on your home? We can run a free detailed ValueCheck on your home and depending on how much you want to borrow, there may be no appraisal fees.
Also, at Westerra, there are no closing costs on HELOC loans up to $100,000.
The term of your loan can play an important role in managing the repayment. Westerra HELOCs offer 10-year interest only line of credit, which helps keep your payments low, or a 5-year line of credit with a 2% of balance payment.
Fixed rate second mortgage loans offer terms up to 15 years.
Secure your loan prior to starting your project. Have a plan and budget in place so you know what you will need and when.
A plan and budget will also help you decide if a fixed rate second mortgage loan or a HELOC is best for you.
Tax benefits differ from person to person depending on your financial situation, how you are using the funds and your tax status.
Consult your tax advisor before beginning a project so you fully understand any tax benefits.
*APR = Annual Percentage Rate. The variable rate will adjust on the first day of the month following a rate change and shall be the Prime Rate as published in the “Money Rates” section of the Wall Street Journal plus a margin based on your creditworthiness and combined loan to value at the time of application. Variable rate may change after account opening. The rate will not exceed 18% APR. The floor rate is 3.50% APR. APR for fixed-rate advances of $5,000 or more will be set at the time you agree to a fixed-rate advance and is based on the term and the original application. This fixed rate will be in effect for the whole term of the applicable fixed-rate subaccount, which cannot exceed the term of the loan. Minimum monthly payment is $50. As of 3/1/2023, APR as low as 8.24% based on creditworthiness. Property insurance and security interest in property required. No closing costs on owner-occupied properties for loan amounts of $150,000 or less. If an appraisal is needed, a fee will be assessed. Other loan closing costs may range from $175 - $275. Federally insured by the National Credit Union Administration. Equal Housing Opportunity. Click here for full disclosures.
