Need a simple way to access some extra money?

A Home Equity Loan or Line of Credit uses the equity you have in your home as collateral so the rates are generally lower and may be tax deductible.*  You can use the proceeds of a home equity loan for just about anything, such as:

  • Home improvements
  • A dream vacation
  • Weddings
  • Medical expenses
  • Starting or funding a business
  • Your children’s education
  • Consolidate high-interest debt

There's never been a better time to put your hard-earned equity to work for you.

Ready to get started?

Please contact our HELOC Specialist or apply online anytime to get started.

Call: 805.477.4522
Send an email

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*Consult your tax advisor.

Check out our Frequently Asked Questions (FAQs) to find out if a Home Equity Loan is right for you.​

HELOC FAQs

  • What is the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?

    Home equity loans provide you with a lump sum, which is typically repayable in equal monthly installments over the term of the loan. A HELOC is more flexible, because -- like a credit card -- it's a form of "revolving" credit: You can use as much or as little of that credit as you want and only pay interest on the outstanding balance. You can borrow, repay, and re-borrow up to your established limit.

  • Do HELOCs have variable rates?

    Yes, HELOCs do have variable rates, meaning your interest rate could rise or fall. The HELOC rate is based on the Prime Rate. If the Prime Rate increases over your start rate, your interest rate will increase as well. These increases would adjust quarterly. Our HELOCs have a lifetime rate cap of 18%, so your rate will never be higher than this. Our HELOCs have a floor rate of 4%, so your rate would not be lower.

  • What are "Draw" and "Repayment" periods?

    During your 15 year "draw" period, you will pay interest only on the HELOC amount you are using, though you're free to pay down the "principal" (the amount you've borrowed) too. When the draw period ends, you will enter a 10 year "repayment" period.  During that time, you will not be able to borrow anymore, and you will be able to use that time to pay down the principal and the interest.

  • How is the repayment period structured after the draw period?

    The repayment period amortizes the remaining unpaid principal balance and the interest due over the 10 year repayment period. The rate is still variable during the repayment period, which means it can adjust quarterly, but the floor and ceiling caps still apply
  • How much can I borrow?

    It depends on your mortgage balance and current equity. Equity is measured by calculating how much your property is worth, then subtracting what you owe on your mortgage. HELOCs have a minimum loan amount of $30,000 and a maximum amount of $350,000. You can borrow up to 90% of your home’s appraised value, up to $350,000.

  • Can I only take out a HELOC on my home?

    No, we also offer HELOCs for second homes and investment properties.

  • How much will this HELOC cost me?

    We do not charge closing costs, application fees, annual fees or minimum draw fees.

  • Is there a penalty for prepayment?

    No, our HELOCs do not have prepayment penalties, but they do have an Early Termination Fee of $500 if the HELOC is closed within the first 3 years.

  • How do I apply for a HELOC?

    The best way to apply for our HELOC is through our online application. Once you have completed your application, the next step would be to upload your most recent pay stub, your most recent W-2, a copy of your recent mortgage statement and your current hazard/property insurance statement. A HELOC Specialist will be able to get in touch with you regarding additional information.

  • Equal Housing Lender
  • NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.