SuperMoney
  Washington Federal HELOC

Washington Federal HELOC

in Home Equity Lines of Credit from Washington Federal · NMLS ID #410394

Unaffiliated

Washington Federal HELOC

Unaffiliated

in Home Equity Lines of Credit from Washington Federal · NMLS ID #410394

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote
Cast your vote

Would you recommend Washington Federal HELOC to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Highlights
Highlights
Loan Amount Up to $700,000
APR  (Variable APR) 3.25% - 18%
Maximum LTV 80%

Washington Federal HELOC Review

Washington Federal HELOC is offered by Washington Federal (NMLS #410394), a bank founded in 1917 and based in Seattle, WA. Washington Federal HELOC is available in 8 states across the USA.

Washington Federal HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit 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 HELOC 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% for qualified borrowers. 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 excellent credit, you may qualify for a line of credit of up to $60k.

What are the terms for a Washington Federal HELOC?

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 HELOC offers home equity loans with terms ranging from 10 to 10 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Washington Federal HELOC offer?

Washington Federal HELOC offers APRs starting at 3.25% and up to 18%.

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 HELOC charge for a HELOC?

Washington Federal HELOC 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.

What types of property can you use as security for a HELOC with Washington Federal HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Washington Federal HELOC will consider lines of credit secured by the following property types:

  • Primary homes.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:00pm
  • Tuesday 9:00am - 5:00pm
  • Wednesday 9:00am - 5:00pm
  • Thursday 9:00am - 5:00pm
  • Friday 9:00am - 5:00pm
  • Saturday 9:00am - 6:00pm

Other Services by Washington Federal

Availability

  Available in 8 states
  • Arizona
  • Idaho
  • Nevada
  • New Mexico
  • Oregon
  • Texas
  • Utah
  • Washington

Feature Breakdown

Annual Fee $85
Cancellation Fee $500
Credit Score Range 650 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
  • Non-Residents Through Entities Incorporated in the U.S.
Intended Use Primary Home
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Social Security Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Maximum LTV 80%
Draw Period 10 years
Repayment Period 15 years
Loan Term 10 years
Loan Amount Up to $700,000
APR (Variable APR) 3.25% - 18%

Be the first to rate

 

Would you recommend Washington Federal HELOC to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

0%

-100% 0% +100%
No one recommends Everyone recommends

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.