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

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 even purchase a car! 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:  (408) 731-4278, Monday – Friday, 9:00-6:00; Saturday 9:30-3:00.
12 MONTH INTRO RATE 3.24% APR*
3 YEAR INTRO RATE 3.99% APR*
 
    • Rates
    • Loan Subordination
    • 12 month Intro Promotion
Home Equity Line of Credit
Rates Effective: 6/1/18
Introductory Period for Fixed Rate*Initial Fixed RateAnnual Percentage Rate (APR)
12 MonthsAs low as 3.24%As low as 3.24%
3 YearsAs low as 3.99%As low as 3.99%
*After Introductory Period for Fixed Rate, rate is variable, based on Prime Rate as published in The Wall Street Journal Money Rates Table ("Index") plus 0%. Your rate may be higher depending on your credit score at time of application.
Equity lines are available for owner-occupied single-family, townhomes, condominiums (subject to additional restrictions) and 2-unit properties (1 unit must be owner-occupied). The lowest rates as shown require (a) $25,000 minimum line amount, (b) 75% or lower loan to value (LTV)/combined loan to value (CLTV) ratio, (c) automatic loan payments from a checking account, and (d) a minimum credit score of 760. The floor rate is equal to the Index published at time of loan application. The lifetime maximum variable APR is 16.00%. Equity lines have a 10-year draw period and a 20-year repayment period for a total term of 30 years. Interest only payments during 10-year draw period. Fees to establish an equity line typically range from $400 - $1000. Equity lines are subject to an Automated Valuation Model including a property drive-by ("AVM") indicating an acceptable confidence score of 80 or higher. Should the AVM indicate an unacceptable confidence score or otherwise be unacceptable to an Underwriter, the member can choose to pay for a full appraisal. Line amounts above $250,000 and/or above 75% LTV/CLTV require a full appraisal instead of an AVM. The fee for a full appraisal typically ranges from $525 - $750. No annual fee or early termination fee. All loans subject to credit approval. Rates and terms subject to change without notice.

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 3.24% 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 (408) 731-4278 Mon—Fri, 9:00-6:00; Sat 9:30-3:00. 

*After Introductory Period for Fixed Rate, rate is variable, based on Prime Rate as published in The Wall Street Journal Money Rates Table ("Index") plus 0%. Your rate may be higher depending on your credit score at time of application.
Equity lines are available for owner-occupied single-family, townhomes, condominiums (subject to additional restrictions) and 2-unit properties (1 unit must be owner-occupied). The lowest rates as shown require (a) $25,000 minimum line amount, (b) 75% or lower loan to value (LTV)/combined loan to value (CLTV) ratio, (c) automatic loan payments from a checking account, and (d) a minimum credit score of 760. The floor rate is equal to the Index published at time of loan application. The lifetime maximum variable APR is 16.00%. Equity lines have a 10-year draw period and a 20-year repayment period for a total term of 30 years. Interest only payments during 10-year draw period. Fees to establish an equity line typically range from $400 - $1000. Equity lines are subject to an Automated Valuation Model including a property drive-by ("AVM") indicating an acceptable confidence score of 80 or higher. Should the AVM indicate an unacceptable confidence score or otherwise be unacceptable to an Underwriter, the member can choose to pay for a full appraisal. Line amounts above $250,000 and/or above 75% LTV/CLTV require a full appraisal instead of an AVM. The fee for a full appraisal typically ranges from $525 - $750. No annual fee or early termination fee. All loans subject to credit approval. Rates and terms subject to change without notice.