Put your home to work for you.
Use the equity you've built to tackle home improvements, consolidate expenses and high-interest bills, or pay for college.

Home Equity Line of Credit (HELOC)

Use your home’s equity to finance your next big project. Whether it’s to pay for a home renovation or remodel, pay consolidated medical bills or help pay for your child’s education, a no annual fee HELOC from WaFd Bank is often more affordable than using credit cards or other loans. You’ll also receive a discount on your interest rate when you make automatic payments from your WaFd checking account. We’ll pay closing costs for our existing WaFd home loan clients on lines of credit up to $250,000. HELOCs are available for primary, second home & investment properties, including jumbo HELOCs up to $700,000. Apply online, where you can securely upload your documents and receive status updates in our secure portal. Get started with a versatile HELOC today.

Use a HELOC for Home Improvements

Some Benefits to a Home Equity Line of Credit

You pay interest only on the amount you have borrowed
Rate discounts available for auto pay from your WaFd checking account.
NO annual renewal fees
How a HELOC works

Home Equity Loan Calculator

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See today's rates

$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 rates as low as 3.125%. 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.
  • HELOC’s available for owner occupied homes, 2nd homes & investment properties.
  • Home Equity Loan Calculator payments display monthly interest only payments assuming the outstanding balance displayed in the Equity Credit Line
  • HELOC’s 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
  • NO ANNUAL FEE
  • Discount of 0.250% off your interest rate for automatic monthly payment from your WaFd Checking Account
  • Interest rates as low as 3.125%. 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.
  • HELOC’s available for owner occupied homes, 2nd homes & investment properties.
  • Home Equity Loan Calculator payments display monthly interest only payments assuming the outstanding balance displayed in the Equity Credit Line
  • HELOC’s 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
Benefits of working with WaFd Bank
We keep your loan and don't sell it to Wall Street or Fannie Mae.
Our loan officers are standing by to help you with every step.
We are not paid on commission, so your needs come first.

Your neighborhood loan officer can help you get started

Find a Loan Officer
Save Up to $600 on Closing Costs With a Checking Account From WaFd Bank*

Frequently Asked Questions

What can a home equity loan cover?

A HELOC* can cover

*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.

Want more help? Come See Us

If you've done all your research but aren't sure a home equity line of credit makes sense, just stop by. We’re nearby, and we’ll sit down with you and answer any questions you may have.

Arizona, Idaho, Nevada, New Mexico, Oregon, Utah, and Washington

* To qualify for the maximum $600 discount, before closing documents are prepared you must (1) have or open the WaFd checking account, (2) register for EZ-Pay from the new checking account, and (3) sign up for direct deposit of at least one form of a monthly recurring source of income.