Recent Expansion of our Home Equity Line of Credit Program

If you’re planning to finance a major life investment – like debt consolidation, a home improvement project, starting a business, or just paying for a child’s education – a Home Equity Line of Credit (or HELOC) can use the equity in your home to bring your vision to life. Now, SESLOC is making it possible to access more of the value in your homes, giving you more options to unlock cash when you need it.

Beginning August 1, 2025, the SESLOC Credit Union HELOC program is extended to more types of homes, with even more flexibility. If you’re considering a HELOC, here’s what you need to know about our exciting new changes.

More Properties, Higher Loan-To-Value Ratios for HELOC

With the new changes, more properties you may own may qualify for a HELOC. Using our easy online and mobile-friendly application, we are extending this opportunity to include second homes, vacation properties, and manufactured homes¹ – a great option for those needing to remodel or repair the property.

In addition, you can potentially unlock even more value from your homes. Qualified borrowers can get up to 90% loan-to-value financing on lines of credit up to $250,000². What could you do with an extended budget?

As always, SESLOC offers a no-fee option, which includes no closing costs for HELOCs of $250,000 or less³. But if you need a larger loan, HELOCs are available all the way up to $400,000³.

Manage Your Loan with Ease

HELOCs are a convenient option because you only draw what you need, up to your credit limit. When your loan is funded, you will receive complimentary checks upon request, allowing you to get simple and convenient access to your money as you need it. During the 10-year draw period, you will make interest-only monthly payments on your current balance. Afterwards, during the 15-year repayment period, you will make monthly principal plus interest payments until the loan is satisfied.

Our HELOC has a variable rate indexed to the Prime Rate, with a floor rate of 4% APR and a lifetime rate cap of 18% APR⁴. As a result, your payments may change as interest rates adjust.

Ready to get started ? You can access our easy-to-use online application on your computer or mobile device at any time to begin the process. Not sure if a HELOC is right for you? Check out this article about the difference in HELOCs and Home Equity Loans.

If you still need help, SESLOC’s friendly team is here for you. A Mortgage Loan Officer can help you determine if a HELOC or Home Equity Loan is right for you, or if another home loan may be a better option. Contact them today to learn which option is best with the equity built up in your home. Your financial goals are within reach when you work with SESLOC Credit Union for your HELOC.

1: Eligible properties include: owner-occupied primary single-family residences, vacation or secondary homes, and manufactured homes on a permanent foundation. For information regarding terms and conditions that apply to eligible property types, consult a SESLOC loan representative.

2: Loan amount and Annual Percentage Rate (APR) based on underwriting criteria, including maximum loan to value (LTV) or combined loan to value (CLTV) and your credit score. LTV or CLTV of 90% available for qualified borrowers only on No Fee HELOC³ option on credit amount of $25,000 up to $250,000.

3: Fees and Charges: SESLOC pays closing costs on line of credit amounts of $25,000 – $250,000, with an automated property valuation and inspection. For loans over $250,001, closing costs range from $2,300 – $3,300 and are based on the loan amount, lien position and property type. SESLOC membership required ($5 fee and $5 deposit).

4: APR (Annual Percentage Rate) is a variable rate indexed to the Wall Street Journal Prime rate. Rate may increase or decrease during the loan term based on corresponding changes in the Prime Rate. Your rate is based on your credit score. The floor rate is 4% APR; your rate will never exceed 18% APR. Your minimum monthly payment during the draw period will equal the finance charges (interest) that accrued on the outstanding balance during the preceding month. Your minimum monthly payment during the repayment period (never exceed 15 years) will be set to repay the outstanding balance, at the prevailing annual percentage rate, within the repayment period. Your payment will change if the annual percentage rate increases or decreases. Your payment will never be less than the smaller of $50, or the full amount that you owe.

NOTE:

No prepayment penalties. Upon property title transfer (e.g. property is sold), the entire outstanding balance is due, which may result in a balloon payment. Property insurance is required. We will take a security interest in your home, and you could lose your home if you fail to meet the obligations of your loan agreement. Interest and charges may be tax deductible. Please consult a tax professional about your specific situation.