Home Equity Lines of Credit
Apply to lock in a very special rate
For a limited time, open a HELOC, draw funds, and convert your balance to a fixed loan with APRs as low as 4.99% for 4 years or 7.49% for 10 years. We’ll pay most closing costs and waive your annual fee for 5 years.*
Already have a SELCO HELOC? Contact us about converting a balance now at the same promotional rates. View special offer details for existing HELOCs 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 Contact Us | Apply Online Contact Us |
| 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. |
*New HELOCs: Applications subject to membership and credit qualifications; lowest available promotional rates assume an 80% or lower LTV (loan to value) ratio, 720 or higher FICO score, automatic payments, and eStatement enrollment. $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 HELOC opening; see standard rates for HELOC fixed rate conversion loans. Closing costs, excluding appraisal and title insurance (if required), covered by SELCO. $45 annual account maintenance fee applies after year 5. Offer applies to HELOCs opened after April 1, 2024 and may end at any time. Cannot be combined with any other offer; not valid for HELOCs on investment properties.
**Existing HELOCs: Applications subject to credit qualifications; lowest available promotional rates assume an 80% or lower LTV (loan to value), 720 or higher FICO score, automatic payments, and eStatement enrollment. Promotional rate applies only to balances of $5,000 or more converted within the promotional period, which begins on April 1, 2024 and may end at any time; see standard rates for HELOC fixed rate conversion loans. $25 conversion loan fee and $45 annual maintenance fee apply. Limit one promotional rate conversion per HELOC; cannot be combined with any other offer; not valid for HELOCs on investment properties.
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
Buying a home at any point can feel intimidating. This guide can help you consider whether it's the right time to buy your first home.
Knowing Your Home Improvement Options
Learn the difference between a home equity loan, HELOC, and refinancing, to determine the best option to reach your home improvement project goals.