Home Equity Line of Credit (HELOC) Flex
With an interest-only payment option for 10 years during the draw period, HELOC Flex gives you the ability to achieve more by leveraging the equity in your home.
Why Choose HELOC Flex?
Our HELOC Flex allows you to borrow against the equity in your home and enables you to use the funds for anything. You'll repay with competitive rates and interest-only payments for the 10-year draw period followed by 20 years of principal plus interest payments. This means lower payments for the first 10 years.
No PSECU application fees or appraisal fees are required.
With your HELOC Flex, you’ll get flexibility in:
Borrow only what you need, as you need it.
Enjoy interest-only payments for the 10-year draw period. Or, begin making principal and interest payments at any point during the 10-year draw period. No penalty for pre-payment on loan balance.
Easily access your HELOC Flex anytime, anywhere, with 24/7 ability to advance funds through digital banking.
What’s a Variable Rate Advance and How Does it Work?
Variable-Rate Advances
Variable-rate advances are tied to the prime rate, which means rates and payments fluctuate with the market.
- No minimum advance amount.
- No limit on the number of variable-rate advances.
- Make interest-only payments during the first 10 years, followed by a 20-year principal and interest repayment period. This means lower payments for the first 10 years.
Just Three Simple Steps to the Funds You Need
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Determine how much you want to borrow to start (minimum required to apply for a line of credit is $5,000).
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Access the money as needed for 10 years along with making interest-only payments for the same period of time. All advances are subject to available credit and can only be made up to your approved credit limit.
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Repay the loan over a 20-year period of principal plus interest payments after the 10-year draw period ends.
View our Home Equity page to compare our equity products.
Browse Common Questions
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There are no PSECU application fees for equity loans or lines of credit, but third-party fees may be charged. For example, there may be third-party notary fees since PSECU requires the execution of the loan in front of a notary public. Late fees may also apply.
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Great news: You can use your home equity for anything! Home renovations are a common use of equity funds, but your home’s equity could help to pay for education expenses, debt consolidation, medical bills, emergency funds, and more. You can even use it to pay off a home equity loan or mortgage from another financial institution. The possibilities are endless.
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You may refinance your home equity loan or line of credit by applying online. If you’re refinancing a home equity loan or line of credit with a new one, you’re required to borrow an additional $5,000 above your current equity loan balance.
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Accessing your available cash is easy! Simply log into your account and transfer money from your line of credit into your checking or Regular savings share.
Have Questions? We're Here to Help
Need to talk to us directly? Call (800) 237-7328 or send an inquiry.
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