A HELOC allows you to utilize the equity (value) of your home as collateral to receive a lower interest rate than a personal loan or credit card. This is a great option for financing larger purchases. Once you're approved for a HELOC, you can utilize the line of credit on your own time whenever and however you need it.
Members with real estate loans who are experiencing financial hardship due to COVID-19 are encouraged to reach out to us to discuss their options.
no application (documentation) fee
low interest rates
flexibility to use and pay off your line of credit
easy-to-manage in Home Banking
How do you qualify for a HELOC?
You must have equity in your home to qualify for a HELOC. This means that the amount you owe on your home is less than what it is worth.
To find out the value of your home, a great place to start is to look up the tax-assessed value. You can find this info at your county assessor's website:
We understand your time is valuable. That’s why, we’ve provided a list of HELOC frequently asked questions so you can find the information you’re looking for. Each situation is different so answers may vary. We’d love to talk with you about your options whenever you’re ready to take the next step! Give us a call at 509.328.2900, send us a text or come visit us.
A home equity line of credit or HELOC is a revolving line of credit that uses the equity of your home as collateral. HELOCs are most commonly used when you need access to your home's equity over the next six years. Whereas, a home equity loan is a close-ended loan. As you pay off a home equity loan, the balance decreases and you receive your funds when you are approved for the loan. Home Equity Loans and HELOCs can be used for home improvement, debt consolidation or other high costs like college tuition.
We do offer a no fee HELOC option. However, if an appraisal is needed there would be an associated fee.
We have fixed and variable rate HELOCs available depending on your needs. We’d be happy to provide our rates over the phone at 509.328.2900, via text or in person! text us
You can utilize your HELOC for up to six years. If you still have a balance at the end of your draw period, don’t worry, we won’t adjust your payments. You’ll continue making your normal payments until the balance is paid off in full.
You can access your funds through Online Banking and make transfers directly from your HELOC to your Canopy checking account or you can give us a call at 509.328.2900 and we can do the transfer for you. You can also visit a Teller Connect Representative to withdraw cash from your HELOC.
You have approximately 15 years to pay off the balance in full.
Not in all instances. The tax assessed value of your home may be enough. If you have further questions, give us a call at 509.328.2900 and we’d be happy to discuss your options!