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A home equity line of credit (HELOC) allows you to use the equity you've built in your home as collateral to borrow money. You can withdraw funds as you need them during a 10-year period, then take up to 20 years to pay off what you borrowed.
Think of it as a revolving line of credit, except your credit limit is based on your home's equity.
Relationship Rewards is a free program you're automatically enrolled in when you become a member. You earn points for doing various banking activities with us — and every point can help you level up! The higher your Relationship Rewards level, the more benefits you get.
What is the minimum loan amount I can apply for?
The minimum application amount for a HELOC is $10,000.
What is the maximum loan amount I can apply for?
You could be approved for a loan that brings your combined loan-to-value (CLTV) ratio to no more than 80%. The CLTV ratio is the ratio of all secured loans on a property to the value of a property; you can calculate it by dividing the total of secured loans by the value of the property. For example, if your mortgage balance is $150,000, you have a $30,000 HELOC and your home is worth $250,000, your CLTV ratio would be 72%. The HELOC amount that would bring the CLTV ratio to 80% in this example is $50,000.
What can I use my home equity line of credit for?
It may be used when and where you want. For instance, you could renovate your home or yard, cover unexpected expenses or simply make purchases at your discretion.
What is auto pay?
Auto pay is an optional, automatic loan payment withdrawn from your Desert Financial checking account on the same day each month.
Can you help me find insurance for my home?
Yes, we’re here to help! Get a custom online quote on the spot by clicking here.5
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Rates valid on {current-date}. APR = Annual Percentage Rate. Promotional APR applies only to new Home Equity Lines of Credit (HELOC) with a minimum loan amount of $10,000, and a maximum loan-to-value (LTV) of 80%. Members who have closed an existing Desert Financial HELOC in the last 12 months are not eligible to receive the promotional APR on a new HELOC on that same property. $50 annual fee applies; waived for Rewards+ members. Visit DesertFinancial.com/Terms for full Relationship Rewards details. Promotional APR is fixed for initial 12 months of the term. On the first calendar day of the 13th month following loan closing date, APR will convert to the variable rate plan as described in the applicable loan documents. Subsequent APR may vary based on the index rate, plus a margin. Index rate is based on the Prime Rate as published in the Wall Street Journal. On December 20, 2024, that index was 7.50%; resulting APR with a 0.50% margin is 8.00%. APR will never exceed 24.00%. "As low as" rate assumes excellent borrower credit history and a loan amount of $75,000 or more. Alternative rates and terms are available. Actual rates and APRs dependent on credit history, type of product, loan term and loan-to-value (LTV), occupancy and type of collateral. This line has a 10-year draw period. Minimum monthly payment will be principal and interest amortized over a 30-year repayment term. NMLS ID#509455. For current rates visit DesertFinancial.com/Rates.
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Fixed Rate Option: Must convert a minimum balance of $10,000 to Fixed Rate Option and may not exceed the credit limit. Loan term cannot exceed loan maturity date. Maximum of three Fixed Rate Options may be open at one time. Rates for the Fixed Rate Option are typically higher than HELOC variable rates. Minimum payment on a Fixed Rate Option includes principal and interest in fixed monthly payments. Property insurance required. Interest may be tax deductible. Consult your tax professional regarding deductibility. NMLS ID #509455
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If the borrower requests a second appraisal, all fees and costs for the second appraisal are the borrower’s responsibility.
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Insurance products and services are offered through Desert Financial Wealth Services, LLC dba Desert Financial Insurance Services. Desert Financial Wealth Services, LLC is a subsidiary of Desert Financial Credit Union. Insurance products and services are not insured by the NCUA, are not obligations of or guaranteed by the credit union or its affiliates and may be subject to risk.
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