Home Equity Lines of Credit
Lock in a limited time rate
For a limited time, open a HELOC, draw funds, and convert your balance to a fixed rate loan at 6.00% for 6 years or 7.00% for 10 years. We’ll pay most closing costs and waive your annual fee for 5 years.*
Already have a SELCO HELOC? Contact us to convert your balance now at the same promotional rate. View promotional details below.
Home Equity Line of Credit (HELOC)
A variable-rate, revolving line of credit you can draw on for a period of time, typically between 5 and 15 years. Tap what you need, when you need it, and accrue interest only on what you use.
Home Equity Conversion Loan
Part HELOC, part fixed rate loan, this option lets you pick a time during the HELOC’s draw period to convert all or a portion of your balance to a fixed-rate loan with predictable monthly payments.
Compare SELCO's Flexible Home Equity Options
| Features | HELOC | HELOC Conversion Loan |
|---|---|---|
| Ideal for | Flexibly tapping your home’s equity over time, like ongoing home improvements or tuition payments. | Financing a large project or one-time expense, like a remodel or debt consolidation. |
| Type of interest rate | Variable | Fixed |
| How it works | A 5- to 15-year draw period followed by a repayment period of up to 15 years. Interest owed is based on what you use. Access what you need when needed with a Home Equity Visa® card, deposit funds into your SELCO account, or request a cashier’s check. | Convert all or part of your HELOC balance (minimum $5,000) to a fixed term loan with consistent monthly payments. |
| The SELCO difference | No application or origination fee. Closing costs (except appraisal and title insurance, if needed) are paid by SELCO. | No application or origination fee. $25 conversion loan fee is waived if conversion is made at the time the line of credit is funded. |
| Find out more | Apply Online | Apply Online |
| Account Type | Ideal for | Type of interest rate | How it works | The SELCO difference |
|---|---|---|---|---|
| HELOC | Flexibly tapping your home’s equity over time, like ongoing home improvements or tuition payments. | Variable | A 5- to 15-year draw period followed by a repayment period of up to 15 years. Interest owed is based on what you use. Access what you need when needed with a Home Equity Visa® card, deposit funds into your SELCO account, or request a cashier’s check. | No application or origination fee. Closing costs (except appraisal and title insurance, if needed) are paid by SELCO. |
| HELOC Conversion Loan | Financing a large project or one-time expense, like a remodel or debt consolidation. | Fixed | Convert all or part of your HELOC balance (minimum $5,000) to a fixed term loan with consistent monthly payments. | No application or origination fee. $25 conversion loan fee is waived if conversion is made at the time the line of credit is funded. |
*Home Equity Conversion Special Offer Details:
New HELOCs: Membership and credit qualifications apply. $5 one-time fee and $5 share deposit required for SELCO membership. Promotional rate applies only to advances of $5,000 or more taken and converted within 30 days after account opening; see standard HELOC rates. Requires automatic payments and continuous enrollment in eStatements. Cannot be combined with any other offer. Closing costs, excluding appraisal and title insurance (if required), are covered by SELCO. $45 annual maintenance fee applies after year 5. Offer applies to HELOCs opened after April 1 and may end at any time.
Existing HELOCs: Promotional rate applies only to balances of $5,000 or more converted within the promotional period, which begins on April 1 and may end at any time. Requires automatic payments and continuous enrollment in eStatements. $25 conversion loan fee and $45 annual maintenance fee apply.
Resources
Homeowners Can Put Equity to Work with a HELOC
While upgrades, renovations, and additions often help maintain or even boost a home’s value, these undertakings can be costly. Thankfully, homeowners have an effective tool at their disposal—their home’s equity.
Looking to Consolidate Debt? Try a HELOC.
Burdened by high-interest credit cards? A home equity line of credit can be a great way to consolidate debt and minimize monthly payments.
Buying Your First Home: A Realistic Guide
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Knowing Your Home Improvement Options
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