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About Us
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It's easy. Just log on to Online Banking and apply online now. If you prefer, you can complete an application by calling 1-888-4WESCOM (1-888-493-7266), or by visiting one of our branches.
Not a Member yet?
Apply for a Home Equity Line of Credit (HELOC)
A Wescom Home Equity Line of Credit (HELOC) lets you borrow against available equity using your home as collateral. Avoid the inconvenience of annual fees1 by becoming a Platinum Signature Member.
You will enjoy an introductory rate2 of 3.99% APR for the first 12 billing cycles, then rates as low as 8.00% APR after. Plus, lock in your rate with our fixed rate conversion feature and get a 0.50% APR rate discount on converted balances6.
If you need to access funds for your new primary purchase or make a down payment, even if your existing primary home is listed for sale, apply for a HELOC Flex, similar to a “bridge” or “swing” loan.
Benefits and Uses of a HELOC
Consolidate debt, secure an investment property, help cover home improvements, use for tuition expenses, emergency availability peace of mind, and other major purchases are just some benefits and uses of the Wescom HELOC.
| Introductory Rate | |
|---|---|
| Rate | 3.99% APR2 for the first 12 billing cycles, then rates as low as 8.00% APR to 12.00% APR after that |
| Borrow up to | |
|---|---|
| Rate | 90% of the value of your primary residence3 |
| Origination Fees and Closing Costs | |
|---|---|
| Rate | None4 |
| Signature Relationship Points | |
|---|---|
| Rate | Three5 |
| Introductory Rate |
3.99% APR2 for the first 12 billing cycles, then rates as low as 8.00% APR to 12.00% APR after that |
|---|---|
| Borrow up to | 90% of the value of your primary residence3 |
| Origination Fees and Closing Costs | None4 |
| Signature Relationship Points | Three5 |
Lock In with a Fixed Rate HELOC
After your introductory offer, take advantage of our HELOC Fixed Rate Conversion option which allows you to lock in all or part of your balance to a fixed rate with a 0.50% APR6 discount. With our HELOC Fixed Rate Conversion feature7, you can:
- Lock outstanding HELOC balances of $15,000 or more into a fixed rate without having to apply for or take out another loan.
- Receive a fixed rate conversion rate discount of 0.50% APR6
- Flexible payment terms are available starting at 5 years and going up to 20 years in five-year increments.
- Ability to have multiple converted balances with a fixed rate (up to three at any one point)
- $75 conversion fee applies.
Buy a New Primary Home with a HELOC Flex Product
A HELOC Flex, similar to a “bridge loan” or “swing loan,” is designed to help you leverage the equity in your existing primary residence for your next primary home purchase.
- Access to funds – purchase or make a down payment on a new primary home, even if your existing primary home is already listed for sale.
- Peace of mind – secure and prepare for your new primary home before selling your current one, offering you flexibility during the transition.
- Competitive rates – focus on finding the right property without worrying about finances holding you back.
Home Equity Lines of Credit Comparison
| HELOC Flex | Traditional HELOC |
|---|---|
| 10 Year Draw/20 Year repayment term | 10 Year Draw/20 Year repayment term |
| Interest Only minimum payments for the first 10 years. | Interest Only minimum payments for the first 10 years. |
| No early payoff penalty | Early payoff penalty including Processing fee + Closing Costs if closed within 3 years. |
| Closing Costs collected at funding, may be financed or paid out of pocket. | Closing costs are waived at origination (not including applicable appraisal fees) |
| Up to 70% HCLTV (Existing Primary Homes Only) | Up to 85% HCLTV |
| Interest rate pricing adds 100 basis points or 1% to the borrower’s qualifying rate. | Standard pricing with no interest rate adjustments. |
| Subject Property (Existing Primary Home) can be listed for sale. | Subject property cannot be listed for sale. |
| Waived Occupancy/Ownership requirement on existing home. | Occupancy/Ownership required for 12 Months. |
Can We Help You Find Something?
HOME EQUITY CALCULATOR
CALCULATE A HOME EQUITY LINE OF CREDIT PAYMENT
PAYING OFF A HOME EQUITY LOAN OR LINE OF CREDIT
USE HOME EQUITY FOR A MAJOR PURCHASE
CONSOLIDATING DEBT WITH HOME EQUITY
DISCLOSURES
Please read each of the required disclosures below before you proceed to apply for your Home Equity Line of Credit loan.
What You Should Know
Home Equity Early Disclosure
APR (Annual Percentage Rate) in effect as of 12/20/2024 and is subject to change without notice. Membership eligibility required. All accounts and loans are subject to approval.
1 $75 annual fee on our Equity Line is waived the first year and for Platinum Signature Members and is secured by your Primary Residence. Call for more details.
2 To be eligible for the introductory fixed rate for the first twelve (12) billing cycles option, you must not have had a Wescom HELOC within the last six months. 8.00% APR to 12.00% APR is the standard variable APR that would apply if this special rate was not offered. This is available for primary residences only with a combined loan-to-value at or below 80%. The rate or margin you qualify for is based on credit qualifications and the combined loan-to-value (CLTV) of your property.
3 Based on combined balances of all mortgages and current value of the subject property Wescom makes Home Equity Lines of Credit on primary residences, second/vacation and investment homes in California only.
4 Wescom will cover most closing costs associated with a HELOC which may include: credit report, title insurance, flood certification, settlement/closing, recording, property search. If a full appraisal is requested by the member to validate the property value obtained, the cost will be paid by the member. If the line of credit is paid off and the loan is closed during the first thirty-six (36) months following the date of the Note, a processing fee to reimburse the Credit Union for closing costs associated with the HELOC will be due to the Credit Union upon payoff and closure of the loan. The processing fee ranges from $750 to $2,500 depending on the loan amount of the HELOC.
5 Signature Membership terms and conditions apply. For more information about Signature Membership, visit wescom.org.
6 If you choose to convert any portion of your balance to a Fixed Rate Conversion (FRC), the 0.50% APR discount will be applied to the HELOC variable rate (Prime Rate plus a margin) that is in effect on the date of conversion.
The Home Equity Line of Credit is a variable rate loan. The Rate and APR will increase or decrease monthly based on a comparison of the loan's Rate to the Prime Rate index plus the margin, if any Monthly payments may vary and decrease or increase corresponding to changes to the Rate. Maximum combined loan-to-value of 90%. The rate or margin you qualify for is based on various factors including your credit rating and the combined loan-to-value (CLTV) of your property.
7 A Wescom HELOC fixed rate conversation (FRC) option allows members with a new or existing HELOC to convert a portion or the entire outstanding balance into an amortized term segment of their choice at a fixed interest rate. Members may have up to three separate FRCs open on their HELOC at any one time. HELOCs currently within a special introductory rate period are not eligible for the FRC until the introductory period has ended. Terms and conditions apply.
Certain fees, conditions and restrictions may apply. Home Equity Lines of Credit are secured by your home. If you’re paying off an existing real estate loan, the Credit Union does not cover costs imposed by other lenders, if any. Rates and terms subject to change without notice. Loan approval subject to credit evaluation. Property insurance is required.
Wescom Financial NMLS ID 999430
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