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Home Equity Line of Credit

You've built home equity, now let it work for you

Use the equity in your home to fund that next big project or purchase, do it easily at a great rate, and enjoy flexible repayment options. Sounds like a fantasy, doesn't it? With a Home Equity Line of Credit (HELOC) from San Mateo Credit Union, it could be your reality. Compare your options and available rates.

Home Equity Line of Credit features

  • Flexibility: A HELOC can be used for projects, paying off other debts, major purchases - the sky's the limit. You can also put a HELOC in place as a safety net, in case an unexpected expense comes up.
  • Available in a range of amounts: $25,000 - $400,000 with a variable-rate draw period of 10 years with interest-only payments, followed by a fixed-rate repayment term of 15 years for any remaining balance.
  • Rates as low as 5.5% APR1: Rates may increase or decrease as the Prime Rate changes.

Questions? Don't worry, we have answers. We'll help you choose the right option, whether it's a Home Equity Line of Credit, a Home Equity Loan something else entirely.

Get in touch with an SMCU California mortgage expert

Call Email apply
(650) 363-1799 reloanofficers@smcu.org Get Preapproved Online
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1 APR = Annual Percentage Rate. Rates and terms shown are accurate as of 04/19/2019, and apply to a Home Equity Line for the most qualified applicant at the CLTV shown. Rates vary for second or vacation homes. Home Equity Lines of Credit are only available in California on owner occupied and vacation or second homes.

The minimum periodic payment for line of credit is interest-only for the first 10 years ('draw period') followed by fully-amortizing payments to repay the balance over the final 15 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.

Line of credit 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 5.5%. The minimum credit line amount is $25,000 and the maximum is $400,000. SMCU will pay customary closing costs on lines up to $250,000 in second lien position. Borrower is responsible for closing costs on lines in first lien position or over $250,000 and any escrow fees resulting from changes to title. Borrower is responsible for closing costs on a line of credit in first lien position and investment properties.

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