Home Equity Loans

Home Equity Loan Calculator

Check today's rates
  • Payments quoted do not include taxes & insurance, so actual payments may be higher.
  • Subject to credit approval.
  • APR (Annual Percentage Rate) is based on loan amount and interest rate.
  • Rates for owner occupied homes only.
  • Ask us about additional available loan programs.

The benefits of working with WaFd Bank

We keep your loan and don't sell it to Wall Street or Fannie Mae.

Our experts are standing by to help you with every step.

We are not paid on commission, so your needs come first.

Equity is an asset.

  • Remodels & Repairs
  • Energy efficient appliances
  • Educational costs
  • Medical bills
  • Debt consolidation
  • Finance a second home
  • A more fuel-efficient car
  • Unexpected expenses

Frequently asked questions

What can a home equity loan cover? 
A HELOC* can cover:
  • Remodels and repairs
  • Educational costs
  • Energy-efficient appliances
  • A more fuel-efficient car
  • Medical bills
  • Unepected expenses
*Not available in Texas.
What is a HELOC?
A HELOC is a loan that is underwritten using your current home’s value. For example, if you’ve owned your home for 10 or so years, then you likely have a significant amount of equity, or money, invested in it.

A HELOC essentially serves as a sort-of second mortgage, so the bank would give you a maximum loan amount for you to use based on the equity that you have in your home.

HELOCs have a “draw period,” typically ranging from 5 to 10 years, during which time borrowers can access the funds. During the draw period, the borrower is only required to pay interest on those funds that they actually drew out and used. After the draw period closes, borrowers are required to pay off the HELOC, or refinance it to another loan, during the repayment period. Repayment periods typically range from 10-20 years.
What's the advantage of using a HELOC?
HELOCs are beneficial because you’re only paying interest on the funds you actually use, so if you’re not sure how much money you’ll need, then a HELOC can be a good option. As with any loan, you’ll want to talk to a financial expert and be confident you can pay off the HELOC before establishing one.

Remember, ultimately the goal of homeownership is to own your house free and clear, so if you’re unsure as to whether you can handle additional payments after the draw period, then you may want to explore other avenues of funding, or look at adjusting your existing budget. 
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Connect with your local Loan Officer directly for more information.