Home Equity Loans

HOME EQUITY LOANS

Use the equity in your home to pay for the things you need, and get a tax write off:¹

  • Access your home’s equity with a revolving credit line that can be used over and over.

  • Finance up to 80% of the combined loan-to-value (CLTV) up to a maximum of $250,000.

  • We offer a low start rate; a low lifetime rate cap and our loan adjusts only once per year.

  • Put your house to work for you with low rates and lower payments.

  • Use it for 15 years, with an additional 10 years to repay the loan.

  • Loan advances can be taken as needed, and interest is charged only on the funds in use.

¹Consult your Tax Advisor for complete deductibility and possible tax savings.

Loan term:
25 years (300 number of payments)
First 15 years Draw period
Followed by 10 years amortized Repayment period 
 
Payment term:
Monthly payment due date is 25th of every month
Monthly payment is calculated based on Loan balance, remaining number of loan payments, and current interest rate or $125.00 whichever is greater.

MINIMUM PAYMENT EXAMPLE: If you make only the minimum payment of $125.00 and took no other credit advances it would take you 9 years to payoff a credit advance of $10,000 at an ANNUAL PERCENTAGE RATE of 6.99%. During that period, you would make 108 payments of $125.00 and one final payment of $ 7.60.

The APR* Annual Percentage Rate is based on the value of the Prime Rate as published in the Wall Street Journal plus (+) margin of 0.750% to the value of the index. If the rate is not already rounded, then we round up to the next 0.125%.

Initial discounted rate is 6.99% APR up to 1 year from loan origination date. Annual Percentage rate can change annually on the first day of July.

*ARM – Adjustable-Rate Mortgage The rate cannot increase or decrease more than 2.00% at each annual rate adjustment but may exceed that for the single adjustment at the end of a promotional discounted rate period. In no event will the APR be less than 6.99%, the floor rate.

Subject to loan approval and secured by owner-occupied single-family, condominium, or townhome in San Diego and Riverside Counties.

Maximum Home Equity Line of Credit (HELOC) line $250,000 or 80% combined loan-to-value (CLTV). Introductory rate offer is valid on new HELOC applications. After the introductory period rate may adjust annually in July.

All interest rates are subject to change. A homeowner’s insurance policy with San Diego Firefighters Federal Credit Union as loss payee and maximum $1,000 deductible is required at the borrower's expense. San Diego Firefighters FCU charges no credit union closing cost; however, you will be required to pay certain fees to third parties at closing that may range from $500 - $1,500. These fees if required include, but are not limited to, title insurance, escrow fees, recording fee, trust review and trust documentation, mortgage or other document preparation fees, and property evaluation. May inquire for more details on the listed services. We will use a property evaluation to determine the property value. If the value is not sufficient, an appraisal will be required at your expense with the estimated cost varying from $500 to $1,500 depending on the property.

All terms and conditions subject to change without notice. Certain restrictions apply, on approved credit. Certain restrictions may apply.

~Effective as of October 13, 2023


APPLY ONLINE-HELOC

Member Testimonials

"I financed the purchase of my home with SDFFCU.  I was so impressed by the honesty and sincerity of the staff during the entire real estate process.  I knew then I wanted to be a part of helping the credit union assist other firefighters.  I volunteered and was elected as a Board Member.  I was able to add custom features in my home with the help of a HELOC from the credit union, I am happy with all the improvements."

Robert L.

Battalion Chief SDFD/SDFFCU Board Member.

" SDFFCU was wonderful to work with during our loan application for a home equity line of credit.  Sheila made the experience extremely easy and fast.  She was very responsive and our loan was approved in the blink of an eye!  She answered all of our questions and gave us updates along the way which made the process very smooth.  I would highly recommend SDFFCU for all banking needs as they are one of a kind in customer service and friendliness.

Thank you to Sheila and the entire SDFFCU Team!"     

Jennie P. & Corey P.

 “I want to thank you. I’ve never had a real estate loan process go so smooth and swiftly before. You proceeded with trust, honor, Integrity, efficiency and most importantly just plain common sense.  Like when all it took was a handshake is all you needed to conclude your business THANK YOU!!!!!” 

Louie V.