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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
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.

Start Your HELOC Application

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HELOC Calculator

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Rates as low as

10.041

%

APR

10.041

%

APR

Estimated HELOC Monthly Payment

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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. Payments quoted do not include taxes & insurance, so actual payments may be higher. Consult your tax advisor. The rate will never exceed 17.99% APR. HELOCs available for owner occupied homes, second homes & investment properties. Closing costs for our existing WaFd home loan clients are paid only for primary or second homes, not for 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.

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.

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.
  • Your loan stays with us and will never be sold, so you always know who to go to if you've got questions.
  • No annual renewal fees.
  • Only pay interest on the amount borrowed.**

* Closing costs for our existing WaFd home loan clients are paid only for primary or second/vacation homes, not on investment properties.

** During the draw period, the borrower is only required to pay interest on those funds that they actually drew out and used.

Frequently Asked Questions