Home Equity Line of Credit
Home Equity Line of Credit
Imagine the possibilities.
With a Home Equity Line of Credit (HELOC), you can tap into your home’s equity for any purpose: home improvement, dream vacation, debt consolidation, college tuition or unexpected expenses. Enjoy the flexibility of borrowing up to your maximum credit limit, when you need it, as you need it. A HELOC can help turn your wishlist into a checklist.
Bring Your Goals to Life
Beginning August 1, 2025
Great news for our community! Our Home Equity Line of Credit (HELOC) has long been available for primary residences, and starting August 1, we’re excited to extend this opportunity to include second homes, vacation properties, and manufactured homes¹.
What’s more, qualified borrowers can now enjoy up to 90% loan-to-value financing on lines of credit up to $250,000²—offering even more flexibility to meet your needs.
At SESLOC, we’re proud to grow this popular program, making it easier for more members like you to access affordable, local lending you can trust. Because here, banking isn’t just business—it’s personal, neighborhood support you can count on.
Your SESLOC HELOC Benefits:
Up to 90% Financing.2
No Fee Option.4
Fast & Easy Approvals.
- Lines of credit from $25,000 to $400,0004
- A NO FEE option with no closing costs, for loans up to $250,0004
- An adjustable rate loan indexed to the Prime Rate3
- A floor rate of 4% APR / Lifetime rate cap of 18% APR3
- 10-year Draw Period with interest-only payments3
- 15-year Repayment Period (principal + interest payments)3
- No minimum advance requirements
- Maximum combined loan to value 90%2
Enjoy Complimentary Checks for Your HELOC
Managing your Home Equity Line of Credit is easier than ever. We provide complimentary checks upon request, giving you simple, convenient access to your funds and linked to your account. It’s a great option for paying contractors or other vendors for home remodeling projects. Or, you can quickly make transfers to a SESLOC checking account or other financial institution in SESLOC Online Banking—anytime, anywhere.
Take advantage of your home’s equity.
Questions? Call (805) 543-1816, email our HELOC team or book an appointment »
Looking for a Home Equity Loan?
Rather than drawing funds as needed, a Home Equity Loan allows you to get one lump sum, and we now offer an affordable Home Equity Loan with a fixed rate.
*APR = Annual Percentage Rate.
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 HELOC4 option on credit amount of $25,000 up to $250,000.
3. 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.
4. 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).
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.
Tap into your home’s equity
From the News+ Blog
Three Questions to Ask Before Taking Home Equity Credit
Are you financially ready to take on a Home Equity Loan or Home Equity Line of Credit? Before you start the application process, it’s important to ask these three questions.
What’s the Difference Between a HELOC and Home Equity Loan?
Which is better for your situation: a Home Equity Lines of Credit and Home Equity Loans? Here’s what you need to know about each.
Five Questions to Ask Your Mortgage Loan Officer
As you consider all your available home loan options, here are five questions you should ask your mortgage loan officer to determine who is best for your needs.
Savings are insured to at least $250,000 and backed by the full faith and credit of the U.S. government. National Credit Union Administration, a U.S. government agency.
