building house addition

Home Equity Line of Credit


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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)



* 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. During the draw period, the minimum monthly payment is equal to the finances charge or $50, whichever is greater. During the repayment period, monthly payments are based on the loan balance on the last day of the draw period amortized over 180 months.

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.