Home Equity Lines of Credit

Seattle Savings Bank’s checking account make using your home equity an easy and convenient way to manage your personal finances.

Loan Details

There are many different variations of home equity loans and we’ve outlined just a few specifics of our programs below. The best way to find a home equity line of credit that suits your situation is by submitting the short application. Once you complete the application, our loan professionals will review your current mortgage and needs and provide program options and rates for you to consider.

Length of loan

• Your credit line is open for 10 years. You may pay down the line or draw against it at anytime and as frequently as you like during this period.
• After the 10-year period and at the lender’s discretion, the line may be extended, converted into a 15-year amortizing loan, or paid in full.

Drawing additional funds

• You can receive a checkbook and there is no fee to using checks, but there is a $300 minimum requirement per each draw.

Loan rates and fees

• Our rates for the HELOC are extremely competitive and based on the prime rate.
• Closing costs will vary depending on whether you are doing a stand-alone HELOC or if you are combining it with a current first mortgage loan.
• There is a $50 annual fee while the line is open.

Loan interest

• Our rates for the HELOC are extremely competitive and based on the prime rate.
• Closing costs will vary depending on whether you are doing a stand-alone HELOC or if you are combining it with a current first mortgage loan.
• There is a $50 annual fee while the line is open.

Logistics

• You will receive a monthly billing statement for your required payment.
• This is an adjustable rate line of credit based on the prime rate.
• You may pay on your principal at anytime without penalty.
• There is no pre-payment penalty for paying off the loan early.

Start a Home Equity Line of Credit

Once you complete the application, we’ll start processing the loan and send you a set of documents describing the costs and how to proceed!