Home Equity Lines of Credit (HELOCs)
Unleash your home's hidden value! A UMe HELOC offers a flexible line of credit to fund life's needs, from dream renovations to unexpected expenses.
Unlock your home’s potential!
If you need a little extra cash to make a home repair, pay for college, consolidate debt, or take your comic book collection to the next level, consider a HELOC.
One Line of Credit, Endless Possibilities
Home renovations
You can use your home’s equity to make home improvements and major renovations such as adding a room or remodeling a kitchen; replacing a roof, landscaping, or even making energy-efficient modifications!
Debt consolidation
You can use your home’s equity to consolidate debt from high-rate credit cards. You’ll save money by lowering the overall interest you pay!
Life's expenses
Your home’s equity can give you affordable access to funds for big-ticket items such as college tuition, a new car, a medical emergency, or other unexpected expenses.
Essential HELOC Details
Life can get expensive, but it doesn’t have to break the bank.
When unexpected expenses pop up (hello, surprise car repairs) a UMe Home Equity Line of Credit (HELOC) has your back. Think of it as an ATM linked to your home’s value but with potentially lower interest rates than most credit cards. Basically, it’s a pool of cash you can tap into whenever life throws U a curveball, or an awesome opportunity (hello, well-earned vacation!) Here’s the best part: you can use it for practically anything.
- Flexibility is Your BFF: Unlike a traditional loan, a HELOC acts more like a credit card with a spending limit. Need cash for a new entertaining setup? Done. Want to finally tackle that kitchen reno? You got it. The choice is yours!
- Draw Only What You Need: You don’t have to take out all the cash upfront. Just access what you need, when you need it, and only pay interest on the amount you use. #responsiblespending
- Competitive Rates: HELOC interest rates are typically lower than credit cards, so you save money while you spend. More money for a little treat and that concert you’ve been wanting to go to? Yes, please!
- Fast & Easy Application: We get it, applying for loans can be a drag. Our HELOC application process is streamlined, so you can get pre-approved quickly and get back to what truly matters (like tending to your indoor jungle or planning your next adventure).
Ready to unlock your home’s hidden potential? We thought so. Click below to apply!
Current Rates
|
LOAN TYPE |
TERMS |
APR AS LOW AS |
|---|---|---|
|
Borrow up to $400,000
|
||
|
LOAN TYPE 10-Year Draw |
TERMS 12-MONTH HELOC INTRO RATE! |
APR AS LOW AS 5.99%* |
|
LOAN TYPE 10-Year Draw |
TERMS 80% Loan to Value (LTV) |
APR AS LOW AS 8.25%** |
|
LOAN TYPE 10-Year Draw |
TERMS 60% Loan to Value (LTV) |
APR AS LOW AS 7.75%** |
— Edith P., Burbank, CA“Of all the banks and credit unions I’ve banked at, this is by far the best… Everyone is so helpful and friendly that I actually prefer waiting in line over the ATM for my easy transactions.“
The docs you’ll need to unlock a HELOC:
Getting the cash you need shouldn’t feel like climbing Mount Everest in flip-flops. That’s why our UMe HELOC application process is super streamlined. To get started, we’ll just need a few things from you :
- Mortgage Statement: Dust off your latest mortgage statement and have it ready. This helps us understand how much equity you have in your home (basically, your home’s value minus what you still owe).
- Pay Stubs (the last two, to be precise): This shows us you’re a financially responsible rockstar with a steady income. #adulting
- Tax Return: Consider it your financial report card. It helps us get a clear picture of your financial situation.
- Homeowner’s Insurance Policy: Proof that your home is protected is key.
- Loan Contract (Optional): If you have any existing loans, having a copy of the contract handy can streamline the process.
Once you’ve got all your ducks and docs in a row, you’re good to go! We’ll take care of the rest, so you can focus on the important things (like perfecting your sourdough starter).
Our easy breezy HELOC application process
Completing Your Application
One of our Personal Bankers will walk you through the application.
Approving Your Loan
Your application will be reviewed by our team for approval. You’ll receive a loan decision quickly, usually within two business days.
Appraising Your House
Upon loan approval, an appraisal of your home will be ordered. This can take 3 to 5 business days.
Processing Documentation
At the same time the appraisal is ordered, we will also order the preliminary HELOC documents. Our Personal Bankers may have further questions for you during this process, and will handle all the details.
Finalizing Your Loan
Your Personal Banker will confirm all required documents and schedule an appointment for you to come in to the credit union and sign your loan.
You Get Your Funds!
Once all loan documents are signed, funds are transferred into the account of your choice, sent to an individual or company, or issued with a check. Congratulations!
2 great payment options—the choice is yours!
-
Payroll Deduction
If you have a loan with UMe credit union, payroll deduction is a convenient way to have your loan payments automatically deducted from your paycheck.
To find out if you’re eligible for payroll deduction, contact your employer’s benefits department. If you already have payroll deduction set up with the credit union and want to set up automatic loan payments, call us at (818) 238-2900.
-
Automatic Transfers
Automated transfer allow members to transfer funds within UMe accounts on a recurring schedule.
You can set up an automatic transfer to make your loan payment, so you won’t have to think about it each month.
To set up an automatic transfer, fill out our Share to Loan Transfer Form or give us a call at (818) 238-2900.
HELOC FAQs
Home equity refers to the money you have paid toward the value of your home. The more money you pay toward your mortgage balance, the more equity you accumulate in your home. For example, if your home is appraised at $300,000, and your mortgage has a balance of $200,000, your home’s equity equals $100,000. Other factors can affect how equity is calculated, including whether you have any liens or a second mortgage.
- Your most recent statement showing balance(s) owed on your first trust deed and your second trust deed (if applicable).
- Two months of your most current, consecutive pay stubs.
- Your most recent tax return (your last two returns, if self employed).
- A copy of your most recent Homeowner’s Insurance Policy.
- A copy of your current loan contract (including your interest rate, term and monthly payment).
No application fee, no points and no prepayment penalties makes our HELOC a very affordable way to borrow. The only upfront fee you will incur is the appraisal, which you will pay directly to the appraisal company. All other associated fees can be added into the line.
Loan-to-value ratio (or LTV) refers to the difference between the balance of your mortgage and the appraised value of your house. Other factors can affect your ratio including whether you have any liens or a second mortgage.