Routing # 321076470

Home Equity Loan

Access your home’s equity for funds you need now

Financing for what you need with fixed payments

A home equity loan is a smart way to access the equity you’ve built to help you cover one-time expenses for your immediate financial needs.

Plus, with a home equity loan your rate and payments are fixed over time, bringing security and ease to your budget.

Use your home equity loan to finance large improvement projects, upgrades or renovations, or new home additions. You can also use it to consolidate debt, pay for tuition or cover the cost of unexpected events.

Whatever your dreams and goals, your home’s equity can help.

A smart financial tool for homeowners

Security and peace of mind

Fixed rate with set monthly payments

Instant pre-qualification

See your personalized interest rate with no impact to your credit2

Easy online application

Finish applying online within minutes

No fees, no gimmicks

No application fee, no pre-payment penalty, and no annual fee

Flexible terms

Choose from 10, 15 or 20 years

Quick access to cash

Get a lump sum at closing to use for home improvements, large purchases and more

Fixed-Rate Home Equity Loan

Rates Effective 03/22/2024




1816810 years$10,000-$500,000Up to 80% LTV7.7507.963222/03/2024
1817115 years$10,000-$500,000Up to 80% LTV7.8758.031310/10/2023
1817620 years$10,000-$500,000Up to 80% LTV8.0008.128410/10/2023

Frequently Asked Questions

    A home equity loan is a type of loan where you borrow against your house (the collateral) and receive a lump sum of cash. You repay the loan over time with fixed monthly payments. Most home equity loans have a fixed interest rate, where each monthly payment reduces your loan balance and covers some interest costs. The amount you can borrow largely depends on your credit score and how much equity you have in your home (i.e. how much of your home you own versus how much is owed on your mortgage).

    In most cases, we can offer financing for up to 80% of your home’s value – which includes your first mortgage balance (if any) and the amount of your new home equity loan. For example, if your property is worth $800,000 and you owe $500,000 on your first mortgage, you may be eligible for a home equity loan up to $140,000. ($800,000 x 80% = $640,000. $640,000 – $500,000 = $140,000.) Keep in mind this depends on several other factors including loan approval, your credit and income. We recommend checking your rate first to pre-qualify.

    We’re proud to offer no application fees, no early closure fees, no annual fees, and no closing costs on lines up to $250,000.3

    With a home equity loan, you’ll receive the full amount you’re eligible to borrow at the time your loan closes.

    Both types of loans provide a one-time option to access a specific amount of cash from your home’s equity. The main difference is a cash-out refinance replaces your existing first mortgage, and a home equity loan is a second mortgage, meaning refinancing your first mortgage is not required. With a home equity loan, you keep your existing rate, loan terms and payment on your first mortgage, and receive a new second mortgage.

Here to offer guidance and advice

Our Home Loan Consultants are specialized in providing home loan expertise and advice to help you find the right option for your short-and-long-term goals. Not sure if a home equity loan is right for you? Schedule a complimentary consultation today.

1 7.963% APR (Annual Percentage Rate) and other terms shown are accurate, as of 03/22/2024. The fixed Annual Percentage Rate of 7.963% is available for 10-year second position home equity installment loans with loan-to-value (LTV) of 80% or less. Loan payment example: on a $50,000 loan for 120 months at 7.963% APR assuming no down payment, monthly payments would be $607.00. Loan terms available are 10, 15, or 20 years; however, the monthly payment amount may differ from the example used above based on the loan amount and loan term selected. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these Items is established. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Property insurance and the fee to release an existing mortgage may be required. Fixed rate home equity loans are not available in 1st lien position. Home Equity Loans and lines of credit are available on California primary residences only.

2 Patelco runs a “soft” credit pull to determine which pre-qualification offer you qualify for. This doesn’t affect your credit score. If you choose to proceed with a loan application, Patelco will request your full credit report from one or more credit reporting agencies. This will be a “hard” pull and may affect your credit. If necessary, we may also share certain information about you with third parties, like our insurers, to process your request.

3 The minimum credit line amount is $10,000 and the maximum is $500,000. Patelco Credit Union will pay customary closing costs on lines up to $250,000 (excludes ADU Home Equity Line of Credit). If your Account is opened under the “No Closing Cost” loan program, there will be no lender fee and no charge for customary closing costs including: Automated Valuation Model (AVM) to determine property value, Lender’s title insurance, courier, points, wire fees, notary, escrow fee, recording of Patelco documents, flood certification, credit report, loan origination, or tax service. Only these fees listed will be paid by Patelco Credit Union if the stated services are conducted through our preferred service providers. If conditions for the “No Closing Cost” program are not met, including the use of service providers associated with the program, then you will be responsible for any associated closing fees which will not be paid by Patelco Credit Union. The “No Closing Cost” program does not include extraordinary items, including but not limited to the following: residential real estate appraisals, additional credit reports for the same loan transaction, grant deeds and any associated notary or recording fees, missed appraisal appointments or ‘trip charges’ and any fees to close another account as the result of this Account. Borrower is responsible for closing costs on lines over $250,000. Closing costs range from $0 to $2,500. This offer does not include escrow or recording fees, or additional notary fees that may result from changes in title, vesting or notary appointments.


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