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Home Equity Loans

Get the Deck of your dreams! Home equity loans with rates as low as 2.99% APR*!

Spring is the Perfect Season for Home Projects! 

Take advantage of the nice weather and our special rates on Home Equity Loans, and turn your least favorite part of your home into the area you can't wait to show off. Applying is quick and easy. Just click the button below or call 1-855-575-9352.

SMCU's Home Equity Loans Make It Quick and Easy to Save Money 

Whether you are looking to borrow for home improvements or want to consolidate other debts into one payment to save money, SMCU's home equity loans and home equity lines of credit (HELOCs) are some of the best in Seattle. 

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Today's Loan Rates1

Home Equity Loans (fixed) 2.99%  -  5.74%  APR 1
Home Equity LOC (variable) 4.50%  - 9.25% APR 1
View all SMCU loan rates

Borrow up to 90% of the value of your home (minus any other amounts you owe on your home) with terms up to 15 years. You may also be able to deduct your home-equity interest payments(consult your tax advisor for details).

SMCU's home equity rates can save you hundreds of dollars a year versus loans at other lenders. Our easy online application process means that you can have an answer fast, so you can get to work on adding your new deck or consolidating all of your outstanding credit card debt into one low monthly payment.

SMCU has a number of different options in our home equity program, including:

  • Home Equity Loans
  • Home Equity Lines of Credit
  • Small Home-Improvement Loans

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Home Equity Loans

SMCU's fixed-rate equity loans are great for one-time projects, like remodeling the kitchen, or for debt consolidation. SMCU's Home Equity Loans have fixed rates and fixed terms, up to 15 years, so you can feel confident planning your monthly expenses knowing your equity loan payment won't change.

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Home Equity Lines of Credit (HELOCs)

SMCU's variable-rate home equity lines of credit are perfect for dealing with unforeseen home repairs or home improvements where you won't need the money all at once. Use your HELOC to fix a broken pipe or add a new window to take advantage of a fantastic view. As you pay down your balance, you can borrow against it again for other projects.

It's easy to access your HELOC when you need it. Just use the attached Platinum Equity VISA® to make purchases at the home-improvement store or online to get just what you need for your project.

You can draw against your HELOC for 10 years. At the end of the draw period your monthly payment will be 2% of the outstanding balance until the entire amount is repaid.

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Small Home-Improvement Loans

Just because you have little or no equity in your home doesn't mean you can't borrow to make needed repairs and improvements.

SMCU's Small Home-Improvement Loans are great for borrowers who need less than $25,000 and don't have enough equity in their home for traditional home equity loans. This special loan program requires much less paperwork than traditional home loans, so you can get to work on your project in just a couple days.

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What is a home equity loan?

Equity represents the difference between what your home is worth and how much you owe on it. A home equity loan or home equity line of credit allows you to borrow money against the equity you have in your home.

What is Loan-to-Value (LTV)?

Loan-to-Value is a ratio of the equity you have in your home, calculated by taking the total amount you owe on your home and dividing that by how much your home is worth.

What is the maximum LTV for SMCU Home Equity Loans?

The maximum LTV for SMCU Home Equity Loans is 90%. See the chart below for a detailed breakdown of how the available equity to borrow is calculated.

Home Equity Explained

Example: If your home is worth $200K, and you still owe $150K on your first mortgage.
Original Home Value $200,000
Start with 90% of the Original Value $180,000
Subtract 1st Mortgage -$150,000
Amount Available to Borrow $30,000

What is the maximum term available for SMCU Home Equity Loans?

15 years

Do I have to have a first mortgage to get an equity loan?

No. You can take out an equity loan even if you have no outstanding loans against your home.

How long does it take to get a home equity application approved?

The approval process is dependent on the number of applications received, but usually only takes a couple of days, once we receive a completed application.

How long will it take to fund my home equity loan?

We strive to have home equity loans funded within two to three weeks of approval.

Some of these steps happen quickly, but others can be subject to scheduling concerns and the volume of loans in process. Your loan representative will be able to give you a more concrete timeline as you move through the process.

Home Equity Calculators

Home Loan Disclosures

1Annual Percentage Rate. APR reflects any prepaid finance charges and is subject to change without notice. Rates and financing are offered based on applicant's credit qualifications and other underwriting criteria.

2Conditions and restrictions apply. See for more details.

* APR is Annual Percentage Rate. APR reflects any prepaid finance charges and is subject to change without notice. Rates/financing are offered based on applicant's credit qualifications and other underwriting criteria. Rate shown applies to Loan-to-Value up to 70%. You can borrow and pay as little as $17.96 a month per $1,000 based on a 5-year term with as low as 2.99%.


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