Tap Into Your Home's Value to Achieve Your Goals
A home equity line of credit (HELOC) allows you to put your home’s equity to work for you. This versatile financing option provides several benefits:
- Withdraw funds as needed: Access funds on demand for any need. Our line of credit allows withdrawal at any time without reapplying. This convenient flexibility helps manage both major purchases and unexpected expenses.
- Potentially deductible interest: Paying interest may qualify you for a tax deduction and could potentially lower your taxable income. Talk to a tax professional to learn more.
- Flexible low-interest credit: Take advantage of competitive interest rates and low fees to maximize savings. This line of credit provides affordable financing options with minimal restrictions on usage.
Unlock your home’s hard-earned equity with this powerful financial tool. Use it strategically to help fund essential needs, consolidate higher-interest debt, and more. Contact us today to learn more about how a HELOC can benefit you.
Details About Our HELOC Loans
- Revolving credit – when you repay, your limit is replenished for future borrowing
- Affordable payment plans
- Enjoy variable rates for the life of your loan
- Finance up to 90% CLTV; up to a maximum of $200,000
- Local decision-making and processing right here in the Greater Sacramento area
- Helpful, customized service throughout the entire process
All loans are subject to approval.
Only members of Heritage Community Credit Union can apply for a HELOC loan. You can join our financial family if you live, work, worship, or attend school in the following counties:
- Sacramento
- Placer
- El Dorado
- Yolo
- San Joaquin Counties
Also, any California resident who is a member of our affiliated organization, the Financial Fitness Association. (To become a member of the Financial Fitness Association, you can select it during the online application process.)
Heritage Community Credit Union’s Home Equity Line of Credit (HELOC) is available exclusively to members and is subject to credit approval. All loans are underwritten in accordance with our established credit and property guidelines and applicable state and federal laws. Terms and conditions are subject to change without notice. Important Information About Our HELOC Product: The HELOC features a variable interest rate that may change monthly based on changes to the index rate, as specified in your credit agreement. Your rate, margin, and APR will be disclosed at the time of application and are subject to creditworthiness and other factors. Loan amounts may be approved up to 90% of the combined loan-to-value (CLTV) of the subject property, with a maximum credit line of $200,000. Actual approved limit will be based on your credit qualifications and the property value. During the draw period, you may access available funds without reapplying. As you repay principal, your credit line becomes available for future borrowing. Monthly payments may vary based on changes in the interest rate and loan balance. Fees may apply, including but not limited to appraisal fees, title fees, and third-party closing costs. These will be disclosed prior to loan closing. There is no fee to apply. Please refer to the loan agreement for a complete list of fees and terms. Interest paid on a HELOC may be tax-deductible. Please consult with a qualified tax advisor regarding the deductibility of interest based on your individual financial situation. HELOCs are secured by owner-occupied residential property located in California. Property insurance is required. Flood insurance may be required if the property is located in a federally designated flood zone. You must be a member of Heritage Community Credit Union to apply. Membership is open to individuals who live, work, worship, or attend school in Sacramento, Placer, El Dorado, Yolo, or San Joaquin counties—or to any California resident who joins our partner organization, the Financial Fitness Association. This is not a commitment to lend. Additional restrictions, conditions, and eligibility requirements may apply. Contact us for the most current rates, terms, and full program details.
FAQs About HELOC Loans in Sacramento
| What are the eligibility criteria for a HELOC loan in Sacramento? |
| The eligibility criteria for a HELOC loan may vary from lender to lender. Generally speaking, they will look at your credit score, current income, employment history, and the amount of equity you have in your home. Typically, you need at least 15-20% equity in your home to qualify. |
| How does a HELOC differ from a home equity loan? |
| A HELOC provides a revolving credit line with a set limit. You can borrow up to that limit during the draw period and repay it over time. Conversely, a home equity loan gives a lump sum upfront. You repay it in fixed installments over a set term. |
| What is the draw period on a HELOC? |
| The draw period on a HELOC refers to the time during which you can access the line of credit and withdraw funds. HELOCs often have a 10-year draw period, but some can range from 5-20 years. During the draw period, you can withdraw as much or as little of the available credit limit as you need, similar to a credit card. Once the draw period ends, you cannot withdraw new funds. However, you can continue repaying the balance over time. The length of the draw period is an important factor to consider when applying for a HELOC. |
| How long does it take to get approved for a HELOC? |
| The approval process for a HELOC can vary greatly. However, it generally takes 2 to 4 weeks. This includes the time it takes to appraise your home, review your application, and finalize the loan agreement. |
| Are there any fees associated with a HELOC in Sacramento? |
| Yes, there may be several fees associated with a HELOC. These can include an application fee, an origination fee, an appraisal fee, and closing costs. Some lenders may also charge an annual fee for maintaining the line of credit. Be sure to ask for a complete list of fees. |
Other Home Equity Options
Discover other ways to tap into your home's value for quick cash. We’ll help you choose the best fit for your unique financial situation.
Home Equity Loans
Access a fixed lump sum amount through a home equity loan to finance large costs. Use the funds for home renovations to increase your property value, consolidate high-interest debt at a lower rate, or cover other major purchases. We offer competitive fixed interest rates without annual fees or prepayment penalties.
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