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 80% of the value of your home, up to $500,0001
- 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 home3
- Use to get cash out
- Only pay interest on the amount you use
- Interest only payment for the first 10 years2
- 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 80% of the value of your home, up to $500,0003
- Purchase money seconds – Use for purchasing a new home with a second mortgage to eliminate private mortgage insurance, up to 85% of the value of the home3
- Terms up to 30 years
1Subject to program terms and conditions. Based on combined loan to value (CLTV) and capped at a maximum loan amount of $500,000.
2Subject to program terms and conditions. Certain products charge an Annual fee of up to $75.00
385% CLTV applies to purchase transactions only. Refinancing allowed up to 80% CLTV.
Must qualify as a TruWest member with a minimum $5 membership deposit and continuing balance. All loans are subject to application, approval and product/program terms and conditions. HELOC and Home Equity loans only available in Arizona and Texas. Other mortgage financing solutions not available in AK, HI, LA, SC, VT, and WI. Condominium financing not available in NY and with restrictions in certain areas in FL. Other restrictions may apply. Certain HELOC products charge an Annual fee of up to $75.00. Programs, rates, restrictions, terms and conditions are subject to change without notice. NMLS ID 640299