Home Equity Products

You've put work into creating your home. Now you can put your home's value to work. A home equity loan or line of credit can be put toward a large purchase, home repairs, or even your child's college fund. However you choose to use it, a Kitsap Credit Union home equity product can help meet your needs.

Home Equity Line of Credit (HELOC)

A line of credit lets you borrow money as you need it. It's a great choice for expenses that happen over a period of time, like a home renovation.

Draw funds for up to 10 years.
Repay funds over 12 years.
Payments are based on the amount you owe.
Borrow on a low, variable rate.
Access your HELOC via online banking, mobile banking, phone banking, or visiting a branch.
Minimum loan amount is $15,000.

Disclosure

Apply Now!

10-Year Home Equity Loan

Renting out a home? Put its value back into the property with a 10-Year Home Equity Loan.

Draw funds at once.
Repay funds within 10 years.
Make fixed payments.
Pay low fees.
Minimum loan amount is $10,000.

Disclosure

Apply Now!

12-Year Home Equity Loan

Did you know you can refinance with a home equity loan? Refinance your home with a no-cost refinance via a 12-Year Home Equity Loan.

Draw funds at once.
Repay funds within 12 years.
Make fixed payments.
Minimum loan amount is $10,000.

Disclosure

Apply Now!

15-Year Home Equity Loan

Have a good idea of how much you need to borrow? A home equity loan is a great option for lump expenses like booking a vacation or debt consolidation.

Draw funds at once.
Repay funds within 15 years.
Make fixed payments.
Pay low fees.
Minimum loan amount is $10,000.

Disclosure

Apply Now!

Home Equity Line of Credit vs. Loan

Your home’s equity can help you do more than you’ve ever imagined, including saving thousands on needed expenses. Using your equity could mean spending less on interest and putting money back in your pocket.

	Home Equity Line of Credit	Home Equity Loan
Purpose	Funds can be used for anything	Funds can be used for anything
Access to Money	Funds are withdrawn as needed	All funds received at once
Repayment	Pay on the balance owed with monthly payments fluctuating	Equal monthly installments for the life of the loan
Interest Rate	Variable	Fixed
Interest Payments Are Tax Deductible	Yes, in certain cases¹	Yes, in certain cases¹

Disclosure

Apply Now!

¹New Home Equity Lines of Credit and Home Equity Loans are eligible for deductible interest on borrowed amounts up to $750,000 for married couples filing jointly and $375,000 for separate filers. Interest can only be deducted when the line of credit or loan is used to purchase, build, or substantially renovate a primary or secondary residence. Consult with a tax professional for tax rules and eligibility.

*APR = Annual Percentage Rate and is a variable APR from % - 18.00%. You may have to pay certain third-party closing costs that range between $0-$1,500 depending on if an appraisal is required. The information, APR, and introductory offer is accurate as of and is subject to change. All loans subject to approval.