FAQs (data-driven)

Home Equity Line of Credit (HELOC)

• What is a HELOC?

  A HELOC, Home Equity Line of Credit, is a line of credit associated with the equity of your home. It is similar to a credit card. A HELOC gives you the flexibility of paying down your credit line along with accessing funds you need.

• How does a HELOC work?

  There are two phases to a HELOC. The initial draw period includes borrowing, repaying, and borrowing again; with limitations of your credit limit. The repayment period ends the initial draw period. Repayment is based on your agreed loan terms.

• How am I able to take advantage of my home’s equity?

  Let us help you! Reach out to us at 800-283-4550 or step into a branch near you. We are happy to answer questions you may have.

• What are the rates and terms for a HELOC?

  Goldenwest offers a 20-year term with a variable rate, based on the current Prime Rate. Exclusive offers may apply.

• What is the difference between a Home Equity Line of Credit (HELOC) and a Home Equity Loan Fixed Rate Mortgage?

  A HELOC is similar to a credit card, you have flexible borrowing with a variable rate, associated with the equity of your home. A Home Equity Loan Fixed Rate Mortgage is a single draw, fixed rate mortgage, associated with the equity of your home. This can either be established as a first mortgage or a second mortgage.

• What are the benefits of a HELOC?

  You are able to access flexible borrowing, no fees or closing costs*, along with a convenient and cost-effective option to finance home improvement or consolidate debt. A HELOC may be able to provide lower interest rates, increased borrowing limits, and longer terms.

• What can I use a HELOC for?

  Common uses for a HELOC include home improvements, debt consolidation, or additional major expenses. Usage of funds do not adhere to strict guidelines. For additional information regarding your financial wellness and additional options, we recommend calling us at 800-283-4550 or stepping into a local branch.