Home Equity
Home Equity Line of Credit (HELOC)
A HELOC1 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 in Arizona, up to $750,0002
- Borrow up to 80% of the value of your home in Texas, up to $750,0002
- Purchase money seconds (in Arizona only) – Use for purchasing a new home with a second mortgage to eliminate private mortgage insurance, up to 90% of the value of the home2
- Use to get cash out
- Only pay interest on the amount you use
- Interest only payments during the first 10 year draw period3
- Variable-interest rate that adjusts with the Wall Street Journal Prime Rate3
Home Equity Loan/Closed End Seconds
A home equity loan1 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
- 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
- Refinance up to 90% of the value of your home in Arizona, up to $750,0004
- Refinance up to 80% of the value of your home in Texas, up to $750,0004
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.