HELOC
Home Equity Line of Credit
KeyPoint offers a home equity line of credit that empowers you to achieve your life's goals.
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Home Equity Line of Credit

HELOC rates

HELOC

At KeyPoint Credit Union, you can cash out available equity to consolidate high interest credit card debt, pay for home improvement, cover college tuition, take a vacation or pay medical bills! KeyPoint’s home equity lines (“HELOC”) give you access to the money you need while securing a low rate with no annual fees or early termination fees.

  • Choose our 12 month very low, introductory fixed rate HELOC
  • Or, choose a low fixed rate for the first 3 years
  • After the initial fixed period, you receive a variable rate as low as Prime
  • Pay no annual fees or early termination fees
  • May be tax-deductible – check with your tax advisor
Call our Mortgage Hotline to speak with a home loan expert:  (877) 888-9634, Monday – Friday, 9:00-6:00; Saturday 9:30-3:00.

 
    • Rates
    • Loan Subordination
    • 12 month Intro Promotion
Home Equity Line of Credit
Rates Effective: 2/12/19
Introductory Period for Fixed Rate*Initial Fixed RateAnnual Percentage Rate (APR)
12 MonthsAs low as 3.75%As low as 3.75%
3 YearsAs low as 5.25%As low as 5.25%
*Featured Home Equity Line has introductory APRs from 3.75% to 5.25% and current indexed APRs from 5.50% to 5.75% depending on credit history, opening advance, credit limit, payment method, loan-to-value (LTV) ratio and other factors we may lawfully consider. APR is subject to increase at end of introductory fixed-rate period; lifetime maximum variable APR is 16.00%. Available on owner-occupied 1-2 unit residential property only. No annual fee. Costs to open a home equity line of credit range from $650 to $1,000 for line amounts between $25,000 and $250,000. For line amounts greater than $250,000 up to $500,000 costs generally range from $1,000 to $1,700 depending on credit limit, loan to value ratio, and availability of full appraisal alternatives. Certain property types (e.g., waterfront, large homes, non-standard amenities) may be subject to higher appraisal costs. Advertised terms available as of 2/12/2019; subject to change without notice. Other conditions and restrictions apply; call for details.


**Must submit a completed HELOC application by May 31st.  HELOC must close by June 30th Applicable to lender’s loan origination fee, appraisal fee, appraisal review fee, credit report, tax service, flood certification, title fees (escrow fee, sub-escrow fee, owner and lender title insurance, Notary, CA Affordable Housing, recording service fee) and county recording fee for Lender’s Deed of Trust.  KeyPoint will give a lender credit at closing for 50% of the total of these fees. Not applicable to per-diem interest, other county recording fees or title fees, home owner association fees, wire transfer fees or any other fee not associated with the loan transaction. Minimum draw at closing is $25,000.

Subordination is a plan that can save you time and money if you have a KeyPoint Credit Union home equity loan or line of credit and you want to refinance your first mortgage. Refinancing your first mortgage doesn’t mean you have to pay off and close your KeyPoint Credit Union home equity loan or line of credit. Rather, you may be able to subordinate your home equity loan or line of credit.

The Relationship between First and Second Mortgages:

  • A first mortgage is a financial lien against your home. It is in the "first" position – that is, the first loan to be paid when you sell or refinance. 
  • A second mortgage – such as a home equity loan or line of credit – is in the "second position." Normally, once you pay off your first mortgage, the second mortgage lender moves into "first" position. 
  • Paying off the first mortgage (which you would do with a refinance) does not automatically pay off the "second" position loans. Therefore, homeowners often roll the payoff of their home equity loan (second mortgage) into the amount they refinance, which means that refinanced amount includes a payoff for the second mortgage. 
  • An alternative to paying off your Home Equity Loan or Line is to request a subordination agreement. This means you will refinance only your first mortgage, and KeyPoint Credit Union agrees to remain in the “second” lien position after the refinance is completed. 
  • This agreement allows the lender that refinances your first mortgage to assume “first” lien position on your title. 
  • If you qualify, you are able to refinance your mortgage and keep your home equity loan or line of credit open. This offers you several advantages. 

How Subordination Benefits You:

  • Maintain your low home equity loan rate and don’t exchange it for a higher rate that might apply to your mortgage refinance. 
  • Avoid fees that may be required if you pay off your equity loan or line of credit early. 
  • Avoid potential fees required to establish a new home equity loan or line of credit. 

What You’ll Need to Subordinate Your Home Equity Loan or Line:

  • The documents that KeyPoint Credit Union needs to review for a subordination request are the same ones you have to fill out to apply for your mortgage refinance. 
  • KeyPoint Credit Union will review these documents and determines if subordination is a good option for you. 
  • We can usually let you know within 10 days after we receive the necessary papers that you have been approved for subordination. 
  • Your first mortgage loan officer should be familiar with subordinations and can speed your subordination request by sending us the documents we need. 
Download our Subordination Request Checklist and get started today.
It’s the perfect time to access the equity in your home. Get approved now for a KeyPoint Credit Union Home Equity Line of Credit. We are offering a 12 month introductory rate of 3.75% APR!*

With an offer this great, why wait to start projects that will increase your home’s value? And, why wait to consolidate debt!

Think about:
  • Remodeling your home: Upgrade the bathroom, add more living space, enlarge the deck
  • Repairing your home: Fix the roof, replace windows, install a new furnace
  • Upgrading your curb appeal: Install eco-friendly landscaping, repair your driveway, replace the fence
  • Consolidating debt: Free yourself from costly debt
After the initial fixed period, you receive a variable rate as low as Prime.

Act now! Rates like this won’t last.

Call (877) 888-9634 Mon—Fri, 9:00-6:00; Sat 9:30-3:00. 

*Featured Home Equity Line has introductory APRs from 3.75% to 5.25% and current indexed APRs from 5.50% to 5.75% depending on credit history, opening advance, credit limit, payment method, loan-to-value (LTV) ratio and other factors we may lawfully consider. APR is subject to increase at end of introductory fixed-rate period; lifetime maximum variable APR is 16.00%. Available on owner-occupied 1-2 unit residential property only. No annual fee. Costs to open a home equity line of credit range from $650 to $1,000 for line amounts between $25,000 and $250,000. For line amounts greater than $250,000 up to $500,000 costs generally range from $1,000 to $1,700 depending on credit limit, loan to value ratio, and availability of full appraisal alternatives. Certain property types (e.g., waterfront, large homes, non-standard amenities) may be subject to higher appraisal costs. Advertised terms available as of 2/12/2019; subject to change without notice. Other conditions and restrictions apply; call for details.