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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.

Our Home Equity Line of Credit features:

  • Rates as low as 8.750% APR1: Rates may increase or decrease as the Prime Rate2 changes. LIMITED TIME OFFER: Special low-rate of 6.99%APR*3 for 12 months
  • 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 adjustable-rate repayment term of 15 years for any remaining balance.


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 [email protected] Get Preapproved Online

Rates and terms apply to a Home Equity Loan and/or a Home Equity Line of Credit for the most qualified applicant. Conditions and restrictions apply. Rates vary for second, vacation, or investment homes. A Home Equity Loan and/or a Home Equity Lines of Credit is only available in California on owner occupied, investment, and vacation or second homes.

1. APR = Annual Percentage Rate. Rates and terms shown are accurate as of 09/30/2023, and apply to a Home Equity Line for the most qualified applicant. Conditions and restrictions apply.

2. 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. The current prime index is 8.500%. The maximum APR that can apply is 15.00% or the maximum permitted by law, whichever is less. Conditions and restrictions may apply to a Home Equity Line of Credit (HELOC) for the most qualified applicant. 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. Borrower may be required to pay a notary fee of approximately $150 to execute the loan documents.

3. The special rate of 6.99%APR is only for 12 months on a new Home Equity Line of Credit (HELOC) or on a new draw from an existing HELOC. Not all existing HELOCs with an available draw are eligible for this special rate offer. After 12 months, the rate reverts to the APR indicated on your loan agreement. Offer expires November 30, 2023. SMCU approves, closes and funds in an average of 15 days for loan amounts up to $250,000 that do not require an appraisal. There is no guarantee your loan will fund in the time stated due to circumstances outside of SMCU’s control.

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) 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.

All loans are subject to credit approval. Speak with a Mortgage Expert for current rates and information on loan limits as additional conditions and restrictions may apply. San Mateo Credit Union NMLS #416747.


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