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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 4.75% APR1: Rates may increase or decrease as the Prime Rate changes.

Just in time for the Holidays

SMCU has a Special Holiday HELOC Rate2 of 3.75%APR*3.  So, what are you waiting for? Now is the time to make improvements to your home before the relatives come over or to make that larget ticket item purchase.  Don't delay as this offer is good until 12/31/2019.

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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

1 APR = Annual Percentage Rate. Rates and terms shown are accurate as of November 4, 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 4.75%. 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. Closing costs are $1,295 for lines above $250k. Borrower may be required to pay a notary fee of approximately $150 to execute the loan documents.

Special Holiday HELOC disclosure:
*APR=Annual Percentage Rate. Rates and terms are accurate as of 11/18/2019 and apply to a Home Equity Line of Credit (HELOC) for the most qualified applicant at the CLTV shown. Rates vary for second or vacation homes. Home Equity Loans are only available in California on owner occupied and vacation or second homes. 2. The Special Rate of 3.75% APR includes prime minus 1% and applies to new HELOCs only. 3. Rate cannot exceed the “floor rate”. Existing SMCU HELOCs and home equity loans are not eligible for this offer. A HELOC application must be submitted between 11/25/19 and 12/31/19 to be eligible for this Special Rate. The current prime index is 4.75%. Consult your tax advisor regarding any tax deduction on a HELOC. 4. SMCU approves, closes and funds in an average of 15 days for loan amounts up to $250,000 that do not require an appraisal. 5. While we strive to approve, close and fund your HELOC in 15 days there is no guarantee that your loan will fund in the time stated due to circumstances outside of SMCU’s control which can cause an eligible loan to fail to close within the average number of days stated. 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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