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Home Equity Line of Credit
Fund Your Vision
You have a vision. Whether it’s to start your own business, pay off credit card or student loan debt, go back to school, or make improvements to your home, visions take money. That’s where we come in.
For a limited time, enjoy two discounted APRs over a 12-month period! For the first six months, qualified borrowers will receive a fixed 1.99%* promotional APR. After that, qualified borrowers will receive a variable introductory 4.99%* APR for the remaining six months. Once the promotional and introductory periods are over, your variable APR can be as low as 7.50%! Don’t wait, to qualify for the promotional 1.99% APR, you must apply by 3/31/2025 and your loan must fund between 1/2/2025 – 5/31/2025.
| Time Period | Annual Percentage Rate Received | Monthly payment per $1,000 |
| Months 1-6 | 1.99% fixed APR | $5.05 |
| Months 7-12 | Variable rate of Prime Rate — 2.51% | $6.59 |
| Months 13+ | Prime rate + 0% | $8.06 |
Please note: the above are principal and interest monthly costs per $1,000.00 financed. To receive the promotional and introductory offers, a $20,000.00 initial draw is required. Additionally, the months 13+ reflects an example of a Prime Rate = 7.50%.
To qualify for the promotional and introductory rate, you must have a full check direct deposit to a SECU checking account.
Fund your vision with SECU’s Home Equity Line of Credit, and enjoy many benefits:
- Use your variable-rate line of credit during the 10-year draw period
- Pay no annual fee and no pre-payment fee**
- Choose an interest-only (requires minimum credit score of 700+ and maximum loan-to-value of 80%) or an amortizing payment option for your line of credit during the 10-year draw period. Amortizing payments are calculated on a 20-year amortization.
- Manage your account with 24-hour online access
- Pay your advances together with one monthly payment
- Use your line of credit for 10 years and then take up to 20 additional years to pay off any remaining balance in your variable line. If your payment was interest only it will be adjusted to a principal and interest payment at that time.
- Lock your rate on three advances at any one time during the 10-year draw period for a repayment term not to exceed the remaining term of your loan.
Have questions? We have answers.
Depending on the terms of your HELOC, your new Line may have an “interest only” repayment option. For HELOC applications after 2/1/2024, this repayment option is available on primary/secondary properties with a maximum LTV of 80% and members with a minimum credit score of 700.
For a fully amortized payment, the payment is calculated to be principal and interest necessary to fully amortize the outstanding balance over a 20-year term, subject to a minimum monthly payment of $100.
For an interest only payment, the payment is calculated as the amount of interest accrued to the last day of the billing cycle, subject to a minimum monthly payment of $100.
A HELOC works a lot like a credit card. It’s a flexible line of credit secured by your home’s equity but with a “draw” period (typically the first 10 years of a HELOC) which you may access from your available balance. You can draw at any time from this balance up to your available credit limit for things like home improvement, a medical bill or a family vacation.
Interest rates on HELOCs are usually variable rates. With a SECU HELOC, you can lock in up to three fixed rate, fixed payment sub-accounts under one master line. Often the interest on a HELOC is tax deductible, although you should check with your tax advisor.
Accessing your HELOC funds is quick and easy. Watch this video to learn how.
Not at this time. However, our Home Equity Line of Credit offers you the option of locking in up to three fixed rate sub-accounts under one master line of credit. This gives you the advantages of both a fixed rate/fixed term account and a revolving home equity line.
*APR=Annual Percentage Rate. Rates are subject to change without prior notification. SECU will advance the closing costs on any primary or second home with a loan amount of $500,000 or less, regardless of credit score and/or the number of SECU Home Equity loans the member has had. Closing costs generally range from $850 to $1,000 on a $20,000 loan or line of credit. If line of credit is paid off within 36 months of original note date, closing costs must be reimbursed to SECU by borrower. Adequate property and flood insurance required, if applicable.
Promotional rate is a fixed rate of 1.99% for the first six months following loan funding. After the six months, qualified borrowers will receive an introductory variable rate of Prime minus 2.51% for the remaining 6 months, subject to a minimum of 2.50%. This results in the APR stated above, but it can change based on prime. Promotional and Introductory rate offers are valid on qualified (including a minimum 700 FICO) new home equity line of credit applications with a minimum initial draw of $20,000 and a maximum 90% combined Loan-to-Value (CLTV) unless the Interest only repayment option is selected. The promotional and introductory rates are available for primary residences only and applies when borrowers select a direct loan payment from a SECU account and have direct deposit of a full paycheck to SECU checking account (existing direct deposit qualifies). After the introductory rate ends, or for lines not subject to the introductory rate, your monthly APR will be a fully indexed, variable rate based on Prime plus or minus a margin and based on your credit line amount, Loan to Value (LTV) and other factors. Prime rate is obtained from the Wall Street Journal. The minimum APR that can apply is 3.5% and the maximum APR that can apply is 18%. The rate is variable and can be adjusted on a monthly basis. Consult a tax professional for further information regarding the potential tax deductibility of your interest payments and charges. The refinancing of an existing SECU HELOC would not be eligible for the promotional or introductory offers. To qualify for the promotional 1.99% APR, applications must be received by 3/31/2025 and your loan must fund between 1/2/2025 – 5/31/2025.
Direct Deposit Requirement Introduced
This promotional offer requires direct loan payment from a SECU account and a direct deposit of full pay check to SECU checking account (existing direct deposit qualifies).
** SECU advances costs for appraisals, credit reports and closing costs on your SECU Home Equity Loan or Line of Credit (primary/secondary residence only) on loan amounts less than $500,000. Closing costs generally range from $850 to $1,000 on a $20,000 line of credit. If the line of credit is paid off and closed within 36 months of original note date, closing costs must be reimbursed to SECU by borrower. This promotional offer specified applies where borrowers select direct loan payment from a SECU account and have direct deposit of full pay check to SECU checking account (existing direct deposit qualifies).
Interest Only Home Equity Line of Credit Introduced
The Interest Only Home Equity Line of Credit requires a minimum credit score of 700+ and a maximum loan-to-value (LTV) of 80%.