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Introductory rates as low as 7.99% APR* for the first 12 months(1). Home Equity Line of Credit. LEARN MORE. Copyright 2024 Wheelhouse Credit Union. Equal Housing Opportunity.

* APR = Annual Percentage Rate.
Rates are effective as of 09/01/2024 and are subject to change without notice. Rates are based on creditworthiness. Introductory rate is fixed for the first 12 months.

¹ Wheelhouse® Credit Union’s primary area of service is Southern California which includes San Diego County. Your home must be owner occupied and located in our service area. Introductory fixed APR is based on a combined loan-to-value (CLTV) and will remain in effect for 12 months from the date the Home Equity Line of Credit (HELOC) Agreement and Disclosure Statement was signed. Thereafter, the introductory APR will revert to a variable APR and will be adjusted on the first day of each billing cycle based on the WSJ Prime Rate + a margin up to 3.00% depending on loan parameters. As of 07/27/2023, the APR ranges from 9.50% – 11.50% APR. The maximum APR that can be applied is 18.00% and the minimum is 3.99%. Maximum credit limit subject to CLTV guidelines. Minimum credit line available is $25,000. You can obtain advances of credit for 10-years (Draw Period); the Draw Period will be followed by a Repayment Period as outlined in your HELOC Agreement. Property insurance is required. All loans are subject to credit approval, income verification, and satisfactory appraisal and collateral. Rates, terms, and fees are subject to change without notice. Please consult a tax advisor regarding the deductibility of interest. Download this PDF guide to learn more about What You Should Know About Home Equity Lines of Credit.
Draw Period: You can obtain advances of credit for 10-years (Draw Period). During the Draw Period, your minimum payment will equal the total of (a) the periodic finance charges, and other fees, charges and costs including without limitation, any other expenses or advances incurred by us under the Security Instrument and (b) accrued but unpaid interest for prior Billing Cycles. The Draw Period will be followed by a Repayment Period as outlined in your HELOC Agreement. During the Repayment Period, if any, your minimum payment will equal the fraction as outlined in your HELOC Agreement of your unpaid Account Balance at the end of the Draw Period, plus all periodic finance charges, and other fees, charges, and costs. All payments will be due monthly. The minimum payments may not be sufficient to fully repay the principal that is outstanding on your HELOC. If they are not, you will be required to pay the entire outstanding balance in a single payment and a balloon payment may result. Your minimum payments will not repay the principal that is outstanding on your line. You will be required to pay the entire outstanding balance in a single payment.

Minimum Payment Example: The information provided is based on an initial $10,000 advance at funding on an existing single-family home used as a primary residence. The assumed credit score is 720 with an assumed CLTV of 75% and a credit limit of $100,000.

During the 10-Year 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 the 20-Year 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%.

Other terms and conditions may apply. Equal Housing Opportunity. Membership required.

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Posted on April 3, 2020May 6, 2020 by Manix Phayvanh

Financial Tips for 2020

5 Reasons to Get Solar Today

As homeowners, we are always looking for new ways to reduce our monthly expenses yet increase the value of our home. Installing solar on your home does both, and more. So, to share our passion for going Green and to help you decide on Solar, we are wrapping up our 20 Financial Tips for 2020 with five reasons to get solar today.

1. Reduce Your Electricity Bills

When you install solar panels on your home, you will generate power for the life of your panels (25+ years) and cover your energy consumption each and every month, sometimes covering more than 100% of your usage. Plus, you can feed that extra energy back into the grid for credit on your electric bill.

2. Increase Your Property Value

Experts have found that homes with solar systems have higher property values and sell more quickly than homes without.

3. Shield Yourself From Increased Energy Costs

Having your own solar energy system allows you to fix your electricity rate and protects you against unanticipated increases in energy costs.

4. Take Advantage of the Tax Credit Extension

At the end of 2016, a five year extension made tax credits available through 2021, on a sliding scale. From 2016 through 2019, the tax credit was 30 percent of the system’s cost. This year, solar owners can deduct 26 percent of the cost of the system from their taxes. The percentage drops to 22 percent in 2021, and then again to 0 percent for residential systems and 10 percent for commercial systems in 2022. So, if you are thinking about installing solar and want to make the most out of its tax deduction, 2020 is the time to buy.

Learn more about claiming Solar Tax Credit.

5. Protect our Environment

Creating your own energy is a wonderful way to reduce your carbon footprint and help reduce greenhouse gases in our community.

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