in Home Equity Lines of Credit from Washington FederalUnaffiliated
|Loan Amount||Up to $700,000|
|APR (Fixed APR)||Starting at 4.5%|
Washington Federal Review
Where does Washington Federal do business?
Washington Federal is based in Seattle, WA. The company was founded in 1917 and offers home equity lines of credit (HELOCs) to borrowers in 7 states across the USA.
How much can you borrow with a HELOC?
Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.
Washington Federal allows borrowers to apply for lines of credit of up to $700,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
This lender's maximum loan to value rate is 80%. That means the total debt secured by the property cannot exceed 80% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $60k.
What are the terms for a HELOC via Washington Federal?
HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan.
Washington Federal offers home equity loans with a draw period of up to 10 years and a repayment period of 15 years.
Is there a minimum draw requirement?No, there isn't a minimum draw requirement.
What range of rates does Washington Federal offer?
Washington Federal offers home equity loans with APRs starting at 4.5% .
Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.
What fees does Washington Federal charge for a HELOC?Washington Federal may charge a loan origination fee. There is also an annual fee of $85. Another fee you should factor in is a cancelation fee of up to $500.
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