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HOME EQUITY LINE OF CREDIT
Your Home's Value, Funding Your Future
A Home Equity Line of Credit (HELOC) Offers Smart, Flexible Borrowing. Ask us about our current promos for a special low introductory APR*!
What Can You Use a HELOC For?
Home Projects and Renovations
A Down Payment on a Second Property
Larger Expenses like Tuition or Medical Bills
Debt Consolidation
Establishing an Emergency Fund
Fill out our easy, online application for:
Lower rates than credit cards or personal loans
Flexible borrowing—take what you need, when you need it
Cash for what you want—use your funds for anything you like
Our Customers Say It Best:
“We purchased a piece of land in Hansville about 5 years ago. We realized we had some equity in our personal residence to get a HELOC. We used our First Fed HELOC to build a vacation home using HiLine homes as the initial builder. This was a much easier process than a construction loan!”
- Jamie T. from Hansville
"We reached out to First Fed at the Bainbridge Branch. Within thirty minutes they had set us up with both a new HELOC account and sufficient funding to meet our needs and then some. Thank you, First Fed, for coming to our rescue and being our future banking partner.”
- Lee J. from Gig Harbor
"Our roof had sprung a leak, which could have been a horror story, but we had a hero on our side: the First Fed Home Equity Line of Credit we had opened but never used. With that HELOC we could take quick and fearless action to get a new roof installed right away. The storms never bother us anymore.”
- Richard Q. from Sequim
How do I know how much home equity I have?
Your property's value
$700,000
Minus money owed on the property
$200,000
Your Equity
$500,000
Got Questions? We've Got Answers.
How Does a HELOC Work?
A (HELOC) lets you borrow money using your home’s value as collateral. Think of it like a credit card, but with a much lower interest rate. You can take out money as needed during the draw period and only pay interest on what you use. When the draw period ends, any remaining balance turns into a fixed loan with set monthly payments.
Many homeowners use a HELOC to increase their home’s value through renovations or to consolidate high-interest debt into one manageable payment.
What factors affect my monthly payment?
Example rates are based on a primary residence with a borrower credit score of 700. This assumes the borrower has a first mortgage, and the HELOC is a second lien on the property.
- Closing costs: Estimated between $737 and $3,500.
- Variable rate: Based on WSJ Prime + a margin; may change after closing. Minimum APR is 4.25%, and the maximum is 18.00%.
- APR (Annual Percentage Rate): Depends on loan amount, interest rate, loan-to-value (LTV), and credit score.
- Payments: Example quotes include principal and interest only. Actual
payments may be higher if taxes and insurance are included.
What are the terms?
- Maximum 80% LTV.
- 10-year interest-only draw period, then converts to a 15-year fixed-rate loan with principal and interest payments based on the rate at conversion.
- $100 annual fee applies.
- Subject to credit approval
- Rates, terms, and fees may change without notice.
To learn more about the rates and fees that apply to our Home Equity Line of Credit, click to view HELOC Disclosures and What You Should Know About HELOC.
Home Equity Line of Credit (HELOC) Rates
Apply Now| Loan Type | Closing Costs | APR* | Ex: Line Amount | Ex: Interest-only Monthly Payment (10-year draw) | Ex: Monthly Payment (15-year fixed rate repayment) |
|---|---|---|---|---|---|
| Variable Line of Credit with intro rate for first 6 months | Paid by Customer | 6.490% intro for first 6 months; 8.250% months 7-120 | $100,000 | $540.83 for 6 months; $687.50 for 114 months | $970.14 |
| Non-Intro Variable Line of Credit | Paid by Bank | 8.250% | $100,000 | $687.50 for 120 months | $970.14 |
Interest Rates Effective: 05/30/2025
Example rates are based on a primary residence and borrower credit score of 700. Assumes the borrower has a first lien mortgage and the home equity line is a second lien on subject property. Closing costs may range between $737 and $3,500. Variable rate may increase after closing, as it is determined by WSJ Prime + a margin with a minimum APR of 4.25% and a maximum APR of 18.00%. Max 80% LTV. Loan terms include a 10-year interest-only draw period and converts to a 15-year fixed rate term with principal and interest payments based on current interest rate in effect at time of conversion. APR (Annual Percentage Rate) is based on loan amount, interest rate, LTV and credit score. Example monthly payments quoted include principal and interest only. Actual payments may be higher if they include taxes and insurance. There is a $100 annual fee to maintain a Home Equity Line of Credit. Rate, terms, and fees are subject to change without notice. Subject to credit approval. Ask us about additional available loan programs.
Let’s Talk!
Our team of experts are here to help you explore your options and make the most of your home equity. Request a call back in the form below or apply now!