Put Your Home's Equity to work for you
Maybe you already have your dream house, but it needs one more bedroom or a master bath suite to make it perfect. Perhaps you need to use some of the equity you’ve built to finance someone’s education or consolidate other debt, or you would like to refinance your existing mortgage to reduce your monthly payment, lock in a fixed rate, or pay your home off sooner. Our Equity Loan Officer will work with you to figure out the best options for you, so you can reach those financial goals and beyond.
Whether you are looking to borrow for home improvements or want to consolidate other debts into one payment to save money, Seattle Credit Union's home equity loans and home equity lines of credit (HELOCs) are some of the best in Seattle.
Borrow up to 95% of the value of your home (minus any other amounts you owe on your home) with terms up to 20 years. You may also be able to deduct your home-equity interest payments (consult your tax advisor for details).
Seattle Credit Union's home equity rates may save you hundreds of dollars per year versus loans at other lenders. Our easy online application process means that you can have an answer fast, so you can get to work on adding your new deck or consolidating all of your outstanding credit card debt into one low monthly payment.
Want to start talking? Reach out using the form below, or give us a call at 206.398.5888. We'd love to answer any questions you may have and build a customized plan for you.
Lump-sum Home Equity Loans
A fixed-rate home equity loan is a great choice if you need the entire amount at one time. Home Equity Loans advance all of the money at loan funding and you pay the money back over the established term of the loan, up to 20 years.
Apply Now View Pending Application
Home Equity Line of Credit (HELOC)
A HELOC can be useful if you expect to have expenses over time, such as payments to contractors as they finish their part of a job, or if you don’t know exactly when you’ll be advancing funds. A HELOC allows you to advance money, up to the credit limit, at any time and you only make payments when you have an outstanding balance.
HELOCs have a ten-year draw period during which you can make advances. You can make an advance by transferring money from your HELOC to a Seattle Credit Union checking account.
After the draw period ends any outstanding balance converts into a fixed-rate, fixed-term loan, and you pay the remaining balance over the next 10 years.
Our Equity Loans Rock
As a not-for-profit, full-service mortgage lender we're able to offer a complete range of mortgage products at competitive rates and without many of the "gotcha" fees you may find at other banks.
Compare Seattle Credit Union to other lenders and see how we offer you the best deal in equity loans.
- We don't require a minimum credit score unless over 85% LTV for Fixed Equity Loans or over 75% LTV for HELOCs.
- We offer non-owner occupied equity loans.
- We offer equity loans on manufactured homes.
Reasons For Using Your Home's Equity
Maybe you already have your dream house, but it needs one more bedroom or a master bath suite to make it perfect. Perhaps you need to use some of the equity you’ve built to consolidate debt, or you would like to refinance your existing mortgage to reduce your monthly payment, lock in a fixed rate, or pay your home off sooner. Our Equity Loan Officer will work with you to figure out the best options for you, so you can reach those financial goals and beyond.
Home Improvement
Debt Consolidation
Financing A Large Purchase
What Our Members Say
Marco L.
Member since Seattle, WA
I could not be more satisfied. Despite the length of time, my agent was continuously responsive and helpful at every step, often well after 5 PM. I always knew where we were in the process and what was coming next. They worked very hard to get the three refis correct and balanced them out so we were not out of pocket any money.
Joel K.
Member since Seattle, WA
We really appreciated the great experience you provided for our mortgage loan. Your communications were timely. You led us through the process step by step. And you were so fast in getting the process completed! It was really refreshing to work with you.
Green Loan Discount
Making a few energy-saving home renovations can make a big difference to the environment and can also be a very good investment. Now Seattle Credit Union members can get a .25% interest rate discount on loans for qualifying home improvements, including:
- Solar panel systems
- Geothermal heating systems
- Double paned, low energy "E" windows
- Skylights and sun tubes
- Solar outdoor lighting
- Xeriscaping: landscaping with plants that require little watering
- Other environmentally-friendly projects not on the list will be considered on a case by case basis.
Visit the Built Green website for more information about green building standards and best practices. Some restrictions apply. Call our mortgage experts at 206.398.5888 or contact us using the form below.
Llamanos
Por favor llame al 206.398.5594 para comunicarse con nuestros representantes que hablan Español a fin de obtener detalles o si tiene preguntas.