Maybe you’ve been wanting to remodel your kitchen? Or you’ve been wondering how you’re going to cover your kid’s college tuition this fall? Or maybe you just want the peace of mind in knowing you have quick access to emergency funds if you need them? No matter what’s on your to-do list, Custom Fit Home Equity gives you flexible and smart home equity options.Learn More About Custom Fit
A Hybrid Home Equity Tool
Custom Fit takes a different approach than traditional home equity options. You no longer need to choose between a home equity line of credit (HELOC) or a home equity loan with a fixed rate and term. Custom Fit brings together the best parts of both these tools in one uniquely flexible financing solution.
You get one variable line of credit for flexible equity funds when you need them for things like home improvement projects or debt consolidation. And since there is no required minimum draw amount, you don’t have to use it right away. You can keep it as a source for emergency funds to cover unexpected expenses as they arise.
Lock in a Great Rate Whenever You Want
You also get up to five fixed-rate segments to lock in a good rate whenever you want. Moving your balance over to a fixed-rate loan segment can often get you an even better rate—and will lock in that better rate until you pay the segment off. And if you need to use your line of credit again down the line, you can roll that new balance over into another fixed-rate segment. Best of all, no matter how many loan segments you have, you always have just one simple payment.
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See how homeowners at different life stages are making use of their home equity.
Custom Fit Home Equity
|LINE OF CREDIT - VARIABLE RATE||6.99%-9.24%**||No minimum draw amount. Revolving line of credit with 10-year draw period |
15-year amortization after end of draw period.
|FIXED-RATE LOAN SEGMENTS||6.50%-10.50%***||$5,000 minimum draw amount. 5, 10, and 15-yr terms available. Fully amortized principal and interest payments.|
*APR=Annual Percentage Rate. Actual APR will be based on creditworthiness.
**Index=Wall Street Journal Prime Rate. The APR is variable and may change during the term of the loan. The minimum APR is 3.24% and the maximum APR is 18.00%.
***10-Yr Nominal Constant Maturity Treasury. EXAMPLE PAYMENT—Fixed-Rate Segment: $393.71 a month based on a 60-month term, $20,000 loan at 6.75% APR.
All loans subject to approval. Loan amount and HELOC combined loan-to-value (HCLTV) subject to occupancy status; Max. loan amount from $150,000 to $250,000 and HCLTV can range from 65%–70%. Max. LTV based on approved credit and property valuation. Homeowner’s insurance required. Residential real estate only. Subject property must be in CA, OR, or WA state and vested in borrower’s name. Should an appraisal be a loan requirement, applicants pay half of the fee (approx. $350–$450); all other application fees are covered by Salal. Credit Union membership is required. Consult a tax advisor regarding the deductibility of interest. Salal Credit Union NMLS #416045.
Rates are current as of December 6th, 2022.