What is a Home Equity Loan (HELOAN)?
A HELOAN is a way to use your home equity as collateral, but instead of getting a line of credit, you'll receive one lump sum that's repaid over time with a fixed interest rate. It's similar to a home equity line of credit (HELOC), but with a HELOC, you have a line of credit you can draw from and pay back, usually with a variable interest rate.
Not sure if a HELOC or a HELOAN is right for you? Find out the difference between a HELOC and a HELOAN to help you decide.
Already started your application? Return to HELOAN application
HELOAN Calculator
Estimated Monthly Payment
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Other Loan Calculators
- Fixed interest rate and APR (Annual Percentage Rate) are set subject to credit approval of your credit history, loan to value and occupancy.
- Monthly interest only payments do not include property taxes and insurance.
- Consult your tax advisor.
- HELOANs available for owner occupied homes, second homes & investment properties.
- For 2nd lien position only.
- Closing costs are paid only for primary homes, not for second, vacation, or investment properties.*
- Fees Range: $354 - $7,579. Your HELOAN fees are included in the disclosure provided at loan application and again at closing.
- Home Equity Loan Calculator payments display monthly principal and interest payments assuming the original loan balance displayed in the Loan Amount Line.
- HELOANs feature terms of 5, 10, 15 and 20 years.
- Property insurance is required.
- Loans are subject to credit approval. Restrictions and limitations may apply.
- This calculator is for educational purposes only and may not represent WaFd Bank's lending program requirements.
- Fees for our HELOAN vary depending on the loan amount and property location.
- Payments quoted do not include taxes & insurance, so actual payments may be higher.
Benefits of a WaFd Home Equity Loan
- We pay closing costs for our existing WaFd home loan clients on HELOAN up to $250,000*
- Available for owner occupied, second homes, and investment properties
- No annual renewal fees
* Closing costs are paid only for primary homes, not for second, vacation, or investment properties.
Frequently Asked Questions
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