Home Equity Loans

SMCU's Home Equity Loans Make It Quick and Easy to Save Money

Whether you are looking to borrow for home improvements or want to consolidate other debts into one payment to save money, SMCU's home equity loans and home equity lines of credit (HELOCs) are some of the best in Seattle.

Borrow up to 100% of the value of your home (minus any other amounts you owe on your home) with terms up to 15 years. You may also be able to deduct your home-equity interest payments (consult your tax advisor for details).

SMCU's home equity rates can save you hundreds of dollars a year versus loans at other lenders. Our easy online application process means that you can have an answer fast, so you can get to work on adding your new deck or consolidating all of your outstanding credit card debt into one low monthly payment.

SMCU has a number of different options in our home equity program, including:

  • Home Equity Loans
  • Home Equity Lines of Credit

IMPORTANT TERMS of our HOME EQUITY LINES OF CREDIT
View Home Equity Rates

Dream it. Do it. Get a 1% home Equity Loan Rebate*, up to $500.

Home Equity Loans with 1% Rebate

If you’ve been putting off major projects or repairs, now is the best time to get started. Spring and summer are the perfect seasons for home projects, and SMCU is offering a 1% rebate, up to $500, on your loan1. You could redesign your backyard into a Pacific Northwest oasis, or build your perfect kitchen with a double oven and gas stove island. Or, if your home is perfect the way it is, an SMCU home equity loan could still be great for you, especially if you are dealing with high credit card balances, student loans, or other debt. By consolidating your other bills into a home equity loan, you could slash your total monthly payments and enjoy the rebate. Plus, we now offer loans up to 100% Loan to Value (LTV)! This offer is only valid between May 1 and July 31, 2017, so act now.


Apply now by clicking the button below, or by calling our home equity experts at 206-398-5687.

Apply Now


  • See Home Equity Rebate Details

    1 Promotional period begins May 1, 2017, and expires July 31, 2017. All loans are subject to approval of membership eligibility requirements. Applies to home equity loans only; other loan types are not eligible. The rebate of 1% of the approved loan amount, up to $500, will be deposited into the member’s savings account within five (5) business days of loan funding. To qualify, application must be received by 11:59 p.m. PDT, July 31, 2017. Member is liable for any and all taxes associated with this rebate and may receive a 1099-MISC tax form from SMCU. This offer is not valid with any other offer. SMCU reserves the right to cancel or amend the terms and conditions of this promotion at any time and without notice. Loans must fund within 60 days of application date. Existing SMCU loan balances are not eligible for the 1% rebate if refinanced. Contact us for additional details at 206-398-5687. SMCU NMLS# 464295. SMCU is Federally Insured by NCUA and an Equal Housing Opportunity Lender.

No matter what stage you are at, we're here to help.

Give us a call

If you have any questions or if you are ready to get started, our friendly home equity experts are here for you and ready to help. 

 

Give us a call at 206-398-5687.

Why should you get your Mortgage from SMCU?

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"First off Heather, I just want to say how wonderful you are to work with and how much I appreciate your responsiveness!!!"

 

- Kristine

Frequently Asked Questions

FAQ

  • Promotion Details*

     *DISCLOSURE: Offer begins July 15, 2017 and expires 11:59 PM PDT July 31, 2017. Applies to fixed-term home equity loans only; other loan types are not eligible. Applicant must have signed-in at the workshop to be eligible for the gift card. The $100 Home Depot gift card will be mailed within 30 days of loan application completion. All loans are subject to approval of membership eligibility and credit underwriting requirements. Member is liable for any and all taxes associated with this gift card and may receive a 1099-MISC tax form from SMCU. SMCU reserves the right to cancel or amend the terms and conditions of this promotion at any time and without notice. Existing SMCU loan balances are not eligible for the gift card if refinanced. Contact us for additional details at 206-398-5687. Home Depot is not an affiliate of SMCU. 

  • Do I have to have a first mortgage to get an equity loan?

    No. You can take out an equity loan even if you have no outstanding loans against your home.

  • What is the maximum term available for SMCU Home Equity Loans?

    15 years.

  • What is the maximum LTV for SMCU Home Equity Loans?

    The maximum LTV for SMCU Home Equity Loans is 100%. For example, if your home is worth $200K, and you still owe $150K on your first mortgage, the amount available to borrow is $50,000. ($200,000 x 100%= $200,000 - $150,000 = $50,000)

  • What is Loan-to-Value (LTV)?

    Loan-to-Value is a ratio of the equity you have in your home, calculated by taking the total amount you owe on your home and dividing that by how much your home is worth.

  • What is a home equity loan?

    Equity represents the difference between what your home is worth and how much you owe on it. A home equity loan or home equity line of credit allows you to borrow money against the equity you have in your home.

  • How long does it take to get a home equity application approved?

    The approval process is dependent on the number of applications received, but usually only takes a couple of days, once we receive a completed application.

  • How long will it take to fund my home equity loan?

    Because some steps in the funding process happen quickly, but others can be subject to scheduling concerns and the volume of loans in process, the time it takes to fund a home equity loan can vary. Your loan representative will be able to give you an estimated timeline as you move through the process.

Rates

 

Auto Loans as low as*

 

1.49%APR

Certificates as high as

 

2.02%APY

Checking as high as*

 

6.14%APY

Credit Cards as low as**

 

7.99%APR