home equity line of credit

Home Equity Line of Credit


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Questions? Give us a call at 805.543.1816 or email us at HELOC@sesloc.org.

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. A HELOC can give you financial flexibility, and SESLOC offers benefits that include:

  • Lines of credit from $25,000 to $400,000*
  • A NO FEE option*
  • An adjustable rate loan indexed to Prime Rate**
  • A floor rate of 4% APR / Lifetime rate cap of 18% APR**
  • 10 year Draw Period with interest only payments**
  • 15 year Repayment Period (principal + interest payments)**
  • No minimum advance requirements
  • Maximum loan to value 80% (primary residence only)

Open a HELOC Checking Account

This checking account is linked to your Home Equity Line of Credit (HELOC). Convenient access with free checks makes your HELOC even better.


* Fees and Charges: SESLOC pays closing costs on line of credit amounts of $25,000 - $250,000, with automated appraisal. For loans over $250,001, closing costs range from $1,500-$2,500 and are based on the loan amount, lien position and property type. SESLOC membership required ($5 fee and $5 deposit).

** 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.

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.