as low as
7.99%APR*
for the first 12 months1,with a 9.50% - 11.5% variable APR after that Get Started
HOME EQUITY LINE OF CREDIT
Your home has value; and with a Home Equity Line of Credit from Wheelhouse Credit Union, you can use that equity to pay for home renovations, a newly remodeled kitchen and other large purchases. With an Equity Visa® Card and Wheelhouse’s state–of–the–art digital banking, making purchases and transfers is easy.
7.99% APR*
for the first 12 months
- Use it for 10 years, with an additional 20 years to repay the loan2
- Fixed HELOC rate for the first 12 months; variable rate for the rest of the term
- Borrow up to 75% of the equity in your home3
- Only pay interest on the funds you use from your Wheelhouse Home Equity Line of Credit
|
Combined Loan-To-Value (CLTV) |
Loan Amount |
Rate |
Introductory APR* |
Points |
|---|---|---|---|---|
|
Combined Loan-To-Value (CLTV) Up to 75% |
Loan Amount $25,000 to $100,000 |
Rate 7.99% |
Introductory APR* 7.99% |
Points 0.000 |
|
Combined Loan-To-Value (CLTV) Up to 65% |
Loan Amount $25,000 to $250,000 |
Rate 7.99% |
Introductory APR* 7.99% |
Points 0.000 |
Access HELOC via Online Transfers
Advance funds from your HELOC to your Checking or Savings Account within Digital Banking
Use Your Equity Visa Card
Make purchases online and in–store with your Visa Card
Protect Your Line of Credit
Add your Equity Visa Card to our Card Security App to protect yourself from fraud
More Wheelhouse Benefits
- Always offering competitive low rates
- Personalized service
- State-of-the-art Digital Banking and Mobile App
- 24/7 access to your funds
- Security and fraud prevention with our Card Security App
- Serving San Diegans since 1934
- The Credit Union of choice for conscientious San Diegans
Automatic Payments
Set up automatic payments to your HELOC through Digital Banking
Free e-Statements
Get your statements faster when you enroll in free eStatements through Digital Banking
Tax Deductions
Interest paid on your Home Equity Line of Credit may be tax deductible4. Consult your tax advisor.
Home Equity Calculators
619-297-4835
Disclosures
Disclosure
*APR = Annual Percentage Rate. Rates and terms effective 03/01/2024 and are subject to change without notice. Other terms and conditions may apply. All loans are subject to approval. Membership is required.
Second Home property types will require a 0.25% add-on to published rate. Investment property types will require a 0.50% add-on to published rate. $25,000 minimum loan amount.
1The discounted introductory rate of 7.99% APR will remain in effect for twelve (12) months from the date the Home Equity Line of Credit Agreement and Disclosure Statement was signed. Thereafter, the APR will be adjusted based on the US Prime Rate as reported in the Wall Street Journal, plus a margin depending on loan parameters, with the variable rate adjusted monthly. As of March 1, 2024, the home equity line of credit rates range from 9.5% – 11.5% APR. The APR will not fall below 3.99% and cannot exceed 18.00%. Second home property types will have 0.25% added-on to the published rate. Investment property types will have 0.50% added-on to published rate. The APR may vary based upon the collateral, amount financed and credit history. 75% max CLTV for owner-occupied primary residence and a loan amount of up to $100,000. 65% max CLTV for owner-occupied primary residence and a loan amount of up to $250,000. Minimum loan amount is $25,000. Additional CLTV restrictions may apply for non-owner-occupied primary residences, vacation/2nd homes & investment/rental properties. Loan-to-Value (LTV) and/or Combined LTV (CLTV) restrictions apply. A $15 returned check fee applies if a payment is returned for any reason. All loans are subject to underwriting guidelines, including credit approval, income verification, property insurance, and collateral. Any interest incurred may be tax deductible. Please consult a tax advisor.
2Draw Period: You may obtain advances for 10 years; this period is called the “draw period.” Your monthly payments during the “draw period” will be equivalent to the interest financing charges that were accumulated on the outstanding balance during the billing period, plus any amount that is past due, and any additional finance charges that were applied during the billing cycle. It’s possible that the principal balance owed on your line won’t be lowered by your minimum monthly payment made during the “draw period”.
Minimum Payment Example. The information provided is based on an initial $10,000 advance at funding. The property is an existing single family home and used as a primary residence. The assumed credit score is 720 with an assumed CLTV of 75% or less and a credit limit of $100,000 or less.
During Draw Period
- 12 payments of $66.58 at an initial interest rate of 7.99%
- 108 payments of $79.16 at a variable interest rate of 9.50%
During Repayment Period
- 239 payments of $93.27 at a variable interest rate of 9.50%
- 1 payment of $89.25 at a variable interest rate of 9.50%
375% max CLTV for owner-occupied primary residence and a loan amount of up to $100,000. 65% max CLTV for owner-occupied primary residence and a loan amount of up to $250,000. Additional CLTV restrictions may apply for non-owner occupied primary residences, vacation/2nd homes & investment/rental properties. Loan-to-Value (LTV) and/or Combined LTV (CLTV) restrictions apply.
4The interest on your home equity financing may be tax deductible. Consult your tax adviser regarding deductibility of interest.