Every payment you have made has been building something. Here is how to use it.
Every payment you have made has been quietly building equity in your home. A HELOC lets you tap into that equity on your terms. It is one of the most cost-effective ways to access a large sum for almost any purpose.
Competitive HELOC rates for the Fire Family.
Explore our current HELOC rates with a 10-year interest only draw period, followed by a 15-year repayment period.
Here is how a HELOC works from your first draw to final payment.
A HELOC works in two phases. Here is what to expect during each one and how your rate is determined along the way.
Borrow what you need during the draw period.
For the first 10 years, borrow as needed up to your approved limit and pay interest only on what you draw, not the full credit line. Funds are accessible by check or account transfer at any time.
Pay down the balance during the repayment period.
When the draw period ends, repayment begins. Payments shift to include both principal and interest over a 15-year term until your remaining balance is fully paid off.
What to know about your rate and tax benefits.
HELOC rates are variable but generally much lower than credit cards since your home secures the line. Interest may be tax deductible depending on use. Consult a tax advisor for your situation.
Here are some of the most common ways members use a HELOC.
There is no single right way to use a HELOC. Here are some of the most common ways our members put it to work.
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Fund your renovation one phase at a time. -
Pay off high-interest debt at a lower rate.
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A cushion for unexpected expenses.
Not sure if a HELOC makes sense? Let’s talk.
Before you tap into your equity, it is worth making sure a HELOC is the right fit for your situation. Our mortgage consultants are here to walk you through your options and help you reach a decision you feel confident about.
Start your HELOC with confidence.
Take the first step to understand more about our HELOCs. Apply today and move forward with clarity, speed and support at every stage.
Everything you need to know about HELOCs.
What is a HELOC and how is it different from a home equity loan?
A HELOC is a revolving line of credit secured by your home’s equity. You draw from it as needed during a set draw period and pay interest only on what you use. A home equity loan, by contrast, gives you a lump sum upfront with fixed monthly payments. A HELOC offers more flexibility for ongoing or staged expenses, while a home equity loan works better when you know exactly how much you need upfront.
How much can I borrow with a HELOC?
Your credit limit is based on the equity you’ve built in your home, your credit score and other factors. Generally, lenders allow you to borrow up to a combined loan-to-value ratio of 80 to 90 percent of your home’s appraised value, minus what you still owe on your mortgage. A personalized quote will give you a clear picture of what you qualify for.
What can I use a HELOC for?
A HELOC can be used for almost any purpose. Common uses include home renovations, debt consolidation and emergency expenses. Keep in mind that using your HELOC for home improvements may make the interest tax deductible. Consult a tax advisor for guidance on your specific situation.
Is HELOC interest tax deductible?
In some cases, yes. Interest on a HELOC used to buy, build or substantially improve the home that secures the loan may be tax deductible. Interest used for other purposes, such as paying off credit card debt, may not qualify. Consult a tax advisor to understand what applies to your situation.¹
What states is the HELOC available in?
Our HELOC is currently available in Arizona, California, Colorado, Florida, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington. If you’re in another state, reach out to a Mortgage Consultant and we can discuss alternative options.
How is the interest rate determined on a HELOC?
HELOC rates are typically variable, meaning they adjust with market conditions, tied to the prime rate. Your specific rate will depend on your credit profile, the amount of equity in your home and current prime rate. Get a personalized quote to see your rate.
What is the difference between the draw period and the repayment period?
During the draw period you can borrow from your line of credit as needed and pay interest only on what you use. Once the draw period ends, the repayment period begins and you repay the remaining balance with payments that include both principal and interest.
1. Consult a tax advisor regarding the deductibility of interest.
2. Firefighter Insurance Services (#0G87848) is not insured by NCUA.
Home Equity Line of Credit only available in Arizona, California, Colorado, Florida, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington. For mortgages in all other states, please contact us.
Minimum credit score requirements apply: 620 for loans with a combined loan-to-value ratio of 80% or less, and 660 for loans exceeding 80%.
NMLS ID #649058.
Subject to credit approval.