Home Equity
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit that is secured by your home. A TruWest HELOC gives you the flexibility to access the money when you need it.
- Borrow up to 90% of the value of your home, up to $500,0002
- Only pay interest on the amount you use
- Interest only payment for the first 10 years3
- Purchase money seconds – Use for purchasing a new home with a second mortgage to eliminate private mortgage insurance, up to 90% of the value of the home4
- Use to get cash out
- Variable-interest rate that adjusts with the Wall Street Journal Prime Rate
Home Equity Loan/Closed End Seconds
A home equity loan is a lump-sum, fixed-rate loan secured behind your first mortgage. It is financed with a fixed monthly payment schedule, and once it has been paid off in full, the home equity loan is closed.
- Fixed-interest rate
- Fixed monthly payment
- Borrow up to 90% of the value of your home, up to $500,0004
- Purchase money seconds – Use for purchasing a new home with a second mortgage to eliminate private mortgage insurance, up to 90% of the value of the home4
- Terms up to 30 years
Estimated Home Value
Get your estimated home value with the click of a button5. With the value in hand, you can make a good decision for your home financing needs. Whatever the next step is for you, TruWest is here to help!
STEP 1: Enter your home address to get the estimated value. Home values only available for AZ and TX.
1Must qualify as a TruWest member with a minimum $5 membership deposit and continuing balance. All loans are subject to application, approval, credit and product/program terms and conditions. HELOC and Home Equity loans only available in Arizona and Texas. Primary and Second homes only. Investment properties ineligible. Certain HELOC products charge an Annual fee of up to $75.00. Programs, rates, restrictions, terms and conditions are subject to change without notice. Other restrictions may apply. This is not an offer for extension of credit or a commitment to lend. Not all applicants will qualify. This is an advertisement. NMLS ID 640299.
2Based on combined loan to value (CLTV) and capped at a maximum loan amount of $750,000. HELOC Maximum 90% CLTV purchase and refinance transactions in Arizona. HELOC Maximum 80% CLTV refinance transactions in Texas. Subject to program terms and conditions. Subject to change without notice.
3Annual Percentage Rate (APR) may vary based on the index rate, plus a margin. Index rate is based on the Prime Rate. Prime rate is a variable rate based on Wall Street Journal Prime Rate as published in the Wall Street Journal. On July 27, 2023, that index was 8.5%; resulting APR with a 0.50% margin is 9.01%. Floor rate is 4.0%. APR will never exceed 18.00%. This is a variable rate and therefore subject to change without notice. 10-year draw period for line of credit converting to a 20-year fully amortizing loan with fixed principal plus accrued interest payments. Actual rates, margin, and APRs dependent on credit history, type of product, loan term and combined loan to value (CLTV). Subject to program terms and conditions. Restrictions apply. See home equity addendum and Home equity line of credit agreement for complete details.
4Based on combined loan to value (CLTV) and capped at a maximum loan amount of $750,000. Closed End Second Maximum 90% CLTV purchase and refinance transactions in Arizona. Closed End Second Maximum 90% purchase and 80% CLTV refinance transactions in Texas. Subject to program terms and conditions. Subject to change without notice.
5TruWest makes no representations or warranties, express or implied, regarding the property, its condition, or the accuracy of the estimated value of the property. TruWest does not rely on this estimated value of property for purposes of servicing your existing loan or making any new loans secured by this property.
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