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.
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Funds are withdrawn as needed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
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.