Home Equity Line of Credit (HELOC)

¹ Home Equity loans and lines of credit are available on California primary residences only. 9.00% APR (annual percentage rate) and other terms shown are accurate as of 08/05/2024 and apply to a HELOC for the most qualified applicant at CLTV up to 80%. Not all applicants will qualify for the lowest rate. Rates vary based on property value, line amount and other factors, and will vary for second or vacation homes. The minimum periodic payment is interest-only for the first ten years (“draw period”) followed by fully-amortizing payments to repay the balance over the final fifteen years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. The rate is calculated using an index plus a margin. The index used is the Prime Rate as published in The Wall Street Journal Western Edition on the last business day of the month prior to the change. The current prime index is 8.50%. Minimum interest rate is 3%. Maximum interest rate is 17%.

² Rate and payments are based on Prime plus a margin. Changes to Prime will result in changes to the rate and payment. After your loan closes, you have the option to lock in a portion or all of your existing equity balance on your new Patelco Home Equity Line of Credit into a fixed rate at 10 or 15 years. Rates may vary and are subject to change. You may only have one fixed-rate option on either all or a portion of your balance at a time. Your fixed rate balance will reduce the amount of available credit for future draws on your equity line. Any future draws will be at the variable rate and payment in effect on your loan at the time of the draw. You will receive a separate statement and make separate principal and interest payments for the fixed-rate portion of your balance. The maximum term available for a fixed rate option is 15 years. Other restrictions may apply.

³ Patelco runs a “soft” credit pull to determine which pre-qualification offer you qualify for. This doesn’t affect your credit score. If you choose to proceed with a loan application, Patelco will request your full credit report from one or more credit reporting agencies. This will be a “hard” pull and may affect your credit. If necessary, we may also share certain information about you with third parties, like our insurers, to process your request.

⁴ 0.50% HELOC rate discount available after loan funds. Meet and maintain ongoing discount eligibility with set up of automatic loan payments and monthly recurring deposits of $500 into a Patelco account. Additional conditions may apply. Speak to a Home Loan Consultant for more details.

⁵ The minimum credit line amount is $10,000 and the maximum is $500,000. Patelco Credit Union will pay customary closing costs on lines up to $250,000 (excludes ADU Home Equity Line of Credit). If your Account is opened under the “No Closing Cost” loan program, there will be no lender fee and no charge for customary closing costs including: Automated Valuation Model (AVM) to determine property value, Lender’s title insurance, courier, points, wire fees, notary, escrow fee, recording of Patelco documents, flood certification, credit report, loan origination, or tax service. Only these fees listed will be paid by Patelco Credit Union if the stated services are conducted through our preferred service providers. If conditions for the “No Closing Cost” program are not met, including the use of service providers associated with the program, then you will be responsible for any associated closing fees which will not be paid by Patelco Credit Union. The “No Closing Cost” program does not include extraordinary items, including but not limited to the following: residential real estate appraisals, additional credit reports for the same loan transaction, grant deeds and any associated notary or recording fees, missed appraisal appointments or ‘trip charges’, solar lift or termination, and any fees to close another account as the result of this Account. Borrower is responsible for closing costs over $250,000. Closing costs range from $0 to $2,500. This offer does not include escrow or recording fees, or additional notary fees that may result from changes in title, vesting or notary appointments.

Read the HELOC Program Disclosure.