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Father and young son hugging in the kitchen
Father and young son hugging in the kitchen
Father and young son hugging in the kitchen
Father and young son hugging in the kitchen
Father and young son hugging in the kitchen
Father and young son hugging in the kitchen
Father and young son hugging in the kitchen
Whatever life brings, a HELOC is ready when it matters.

What is a HELOC?

A home equity line of credit, or a HELOC, is a revolving line of credit. It's secured by the equity you've built in your home and can be used as needed—it's a lot like a credit card, you only pay interest on what you draw from your HELOC. In most cases, a HELOC is far less expensive than a credit card and can be a more affordable way to borrow.

Benefits of a WaFd Home Equity Line of Credit

  • We pay closing costs for our existing WaFd home loan clients on lines of credit up to $250,000.*
  • Discount of 0.25% on your interest rate when you make automatic payments from your WaFd checking account.
  • We don't sell, assign, or transfer your loan. We don't sell it to Wall Street of Fannie Mae.
  • No annual renewal fees.
  • Only pay interest on the amount borrowed.**

What you can do with a Home Equity Line of Credit

10 ways to use a HELOC to customize your homearrow-right

Getting Out of Credit Card Debtarrow-right

Financing education costs with your home's equityarrow-right

Upgrade to make your home greenarrow-right

Home Loan Calculator

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0Your Estimated HELOC Monthly Payment
Your estimated interest-only mortgage payment for the interest-only period doesn't account for the principal payments you'll make later when the loan begins amortizing. Contact one of our friendly loan officers for more information and accurate payment information.
  • $0
    Interest Only
  • $2,689
    Taxes
  • $3,780
    Insurance
  • NO ANNUAL FEE
  • Discount of 0.250% off your interest rate for automatic monthly payment from your WaFd Checking Account
  • Interest rate and APR (Annual Percentage Rate) are variable based on the Wall Street Journal Prime Rate plus a margin subject to credit approval of your credit history, loan to value, occupancy and EZ Pay requirements.
  • Monthly interest only payments do not include property taxes and insurance.
  • HELOCs available for owner occupied homes, 2nd homes & investment properties.
  • Closing costs are paid only for primary homes, not for second, vacation, or investment properties.*
  • Fees Range: $354 - $7,579. Your HELOC fees are included in the disclosure provided at loan application and again at closing.
  • Home Equity Loan Calculator payments display monthly interest only payments assuming the outstanding balance displayed in the Equity Credit Line
  • HELOCs feature a 25 year term as follows:
    • 10 year draw period to borrow on your line of credit whenever you need it
    • Any outstanding loan balance after 10 year draw period will be amortized (principal and interest payments) over 15 years
  • Consult your tax advisor.
  • The rate will never exceed 17.99 % APR.
  • Property Insurance is required.
  • Investment properties require WaFd to be in first lien position.
  • 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 HELOC vary depending on the HELOC loan amount and property location.
  • NO ANNUAL FEE
  • Discount of 0.250% off your interest rate for automatic monthly payment from your WaFd Checking Account
  • Interest rate and APR (Annual Percentage Rate) are variable based on the Wall Street Journal Prime Rate plus a margin subject to credit approval of your credit history, loan to value, occupancy and EZ Pay requirements.
  • Monthly interest only payments do not include property taxes and insurance.
  • Consult your tax advisor.
  • The rate will never exceed 17.99 % APR.
  • HELOCs available for owner occupied homes, 2nd homes & investment properties.
  • Closing costs are paid only for primary homes, not for second, vacation, or investment properties.*
  • Fees Range: $354 - $7,579. Your HELOC fees are included in the disclosure provided at loan application and again at closing.
  • Home Equity Loan Calculator payments display monthly interest only payments assuming the outstanding balance displayed in the Equity Credit Line
  • HELOCs feature a 25 year term as follows:
    • 10 year draw period to borrow on your line of credit whenever you need it
    • Any outstanding loan balance after 10 year draw period will be amortized (principal and interest payments) over 15 years
  • Property Insurance is required.
  • Investment properties require WaFd to be in first lien position.
  • 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 HELOC vary depending on the HELOC loan amount and property location.
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Frequently Asked Questions

See more FAQs

HELOC interest payments may be tax deductible based on specific income qualifications and whether you occupy the home as a primary residence, 2nd home, or use it as an investment property. Please consult your tax professional for your specific situation.

The amount of equity needed for a HELOC will depend on a number of factors such as whether you have an existing mortgage that will or will not be paid off when you apply for your HELOC and whether you have any other existing liens on your home. In general, lenders use a calculation called a loan to value (“LTV”) that allows a borrower to use 80% of the value of their property for a HELOC and any other existing mortgages that you owe on your home. The LTV will also vary according to your individual credit and finances and whether you occupy the subject property as your primary residence, 2nd home or use it as an investment property. Contact your local WaFd loan officer to get specific details for your individual situation.

A HELOC can be a 2nd mortgage if you have an existing 1st mortgage that will not be paid off by your HELOC. Contact your local WaFd loan officer to see if your financing request qualifies for our no cost HELOC.