Not on this product. After the six month introductory period your full balance is on the variable rate. If a fixed payment matters more to you than flexibility, a home equity loan may be the better fit and we are happy to talk it through.

Only if you are increasing the line by $25,000 or more. This offer is built for new lines. If your existing line is with another lender, it can be replaced.

Yes, but joining is straightforward. Anyone who lives, works, attends school, or worships in Washington state is eligible, and you can apply for the line and open your membership at the same time.

Yes. Your first draw at closing must be at least $10,000. After that you can draw whatever you need, in amounts of $250 or more, whenever you need it during the 10 year draw period. You do not have to use your full line.

Yes. You will need to keep property insurance in place, and we will be named on the policy. You can use any insurer you like.

It varies with title work, documentation, and whether an appraisal is needed. We will give you a realistic timeline when you apply and keep you posted. Because this is secured by your home, federal law also gives you three business days after closing to change your mind before funds are available.

That depends on your home’s value, what you still owe, your credit, and your income. Lines start at $15,000 and there is no set maximum. The calculator above gives a rough estimate, and underwriting gives the real number.

No. A home equity loan gives you a lump sum with a fixed payment. A line of credit lets you draw over time and pay interest only on the balance you have actually drawn. Many people prefer the line when the expense arrives in stages.

There is no annual fee and no application or origination fee. Third party closing costs run $100 to $1,500 depending on your property and title work, plus an $80 Washington state foreclosure prevention fee. An appraisal is required only if you are requesting more than $400,000. If you close the line within 24 months, a $375 cost recapture fee applies.

Your rate becomes variable. It is tied to the Wall Street Journal Prime Rate plus a margin set by your credit and your combined loan-to-value, and it adjusts quarterly. As of todays date that works out to between 7.00% and 9.00% APR. Your rate will never go below 4.75% or above 18.00%. We will show you your actual rate before you sign anything.

Most homeowners use a Home Equity Line of Credit (HELOC) for home improvements, debt consolidation, education expenses, major purchases, or unexpected expenses. Some lenders may place restrictions on certain uses, such as illegal activities or speculative investments.

Yes, many homeowners qualify for a Home Equity Loan or HELOC while still making mortgage payments. Eligibility depends on factors such as available home equity, income, credit history, and lender requirements. 

Yes, you can have more than one home equity loan or HELOC, but it depends on your lender and that amount of equity available on your home. A KCU home equity or HELOC loan must be in 1st or 2nd position on title. The number of existing loans already secured by your home will also affect eligibility.

In many cases, you can pay off a Home Equity Loan or HELOC early without penalty. However, some lenders may charge early closure or prepayment fees, so review your loan agreement for specific terms and conditions.

Yes. Refinancing a Home Equity Loan or HELOC may help you secure a lower interest rate, reduce your monthly payment, adjust your repayment term, or access additional home equity depending on your financial situation.

Yes. Some homeowners use a Home Equity Loan or HELOC to pay off a mortgage or refinance debt. Before doing so, compare loan terms, interest rates, and repayment options to determine whether it makes financial sense for your situation.

Yes. Some homeowners use a Home Equity Loan or HELOC to pay off a mortgage or refinance debt. Before doing so, compare loan terms, interest rates, and repayment options to determine whether it makes financial sense for your situation.

Yes, many homeowners use their home equity to pay for college tuition, but it's important to compare interest rates with student loans.

Yes. Some homeowners use Home Equity Loans or HELOCs to fund a new business or business expansion. Because your home serves as collateral, it's important to carefully evaluate the risks before borrowing.

Yes. Home renovations and home improvement projects are among the most common uses for Home Equity Loans and Home Equity Lines of Credit (HELOCs). Many homeowners use home equity financing to remodel kitchens, renovate bathrooms, replace roofs, or complete other major home upgrades.

Yes, many lenders require an appraisal as part of the Home Equity Loan or HELOC approval process. However, this is often driven by the loan amount requested and availability of alternative value estimates. The appraisal helps determine your home's current market value and the amount of equity available for borrowing.

Appraisals Video

During the HELOC draw period, you may be required to make interest-only payments on the amount you borrow. Once the draw period ends, you enter the repayment period and begin paying both principal and interest according to the terms of your loan agreement. 

Both principal and interest are due during the draw period. Payments during your draw period are calculated based on the outstanding balance and a 12-yearThis needs to be changed, please update to say: "Both principal and interest are due during the draw period. Payments during your draw period are calculated based on the outstanding balance and a 12 year repayment schedule.

Your home’s equity can help you finance large purchases, pay for repairs or remodels, and even send the kids to college. Kitsap Credit Union has made accessing your home’s equity simple and straightforward by offering either a fixed rate closed-end Home Equity Loan or a variable rate Home Equity Line of Credit to meet your needs.

You can apply for almost any type of loan, 24 hours a day, and 7 days a week on our online application center.

Here's what you will need to apply for a loan.

• Social Security Number (SSN)
• Your account number
• Your e-mail address
• Verification of Income 
• First mortgage
• Proof of homeowners insurance

You can also apply over the phone. Loan representatives are standing by 24 hours a day, seven days a week (including all holidays) to take your loan application by phone.

Yes, closing costs for a Home Equity Line of Credit (HELOC) vary by lender. Costs may include appraisal fees, title fees, recording fees, or other loan-related expenses. Be sure to review all fees and disclosures before opening a HELOC.

You can access your established credit line any time to meet your needs and your payments are based only on the amount you owe.

• 12 year term
• You can draw funds for up to 10 years
• You can access your HELOC by making a transfer online, via mobile banking, through a teller, or by phone

Use our online services to view our current rates.

 

Most lenders require you to have at least 15-20% equity in your home to qualify for a Home Equity Loan or HELOC. You can calculate this by subtracting your mortgage balance from your home's appraised value.

A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home's equity. You can borrow funds as needed up to your approved credit limit during the draw period and only pay interest on the amount you use. Once the draw period ends, repayment begins according to the terms of your agreement.

The interest rate is typically based on factors like your credit score, loan amount, and current market conditions.

The approval timeline for a Home Equity Loan or HELOC depends on factors such as the appraisal process, required documentation, and lender review procedures. Approval may take anywhere from several days to several weeks.

Qualified members can expect a conditional approval within 1-2 business days of application.

A Home Equity Line of Credit (HELOC) may be used for debt consolidation because it often offers lower interest rates than credit cards or other unsecured debt. Before consolidating debt, consider the risks of using your home as collateral and determine whether a HELOC aligns with your financial goals. 

Interest paid on a Home Equity Loan or HELOC may be tax deductible in certain situations, particularly when the funds are used to buy, build, or substantially improve the home securing the loan. Consult a qualified tax advisor regarding your specific tax situation.

A minimum credit score of 620 is required for a KCU home equity or HELOC, but requirements vary by lender.

Missing a payment can result in late fees, a negative impact on your credit score, or even foreclosure if payments are repeatedly missed.

If you sell your home, the sale proceeds will be applied to all outstanding loans on your property at time of closing.

When the HELOC draw period ends, you can no longer borrow additional funds from your Home Equity Line of Credit. You will enter the repayment period, during which you repay both principal and interest based on the terms of your loan agreement.

Home equity is the difference between your home's current market value and the amount you owe on your mortgage. It increases as you pay down your mortgage or if your home's value rises.

A fixed-rate Home Equity Loan provides a lump sum with a fixed interest rate and predictable monthly payments over a set repayment term. A Home Equity Line of Credit (HELOC) provides flexible access to funds during a draw period and typically features a variable interest rate.