home equity line of credit

Take on the world one project at a time with a SunWest Home Equity Line of Credit (HELOC) that gives you the flexibility to use what you need, when you need it. Put your equity to good use…like updating your outlets to avoid electric shock.

features you can appreciate

DIRECT DEPOSIT
overdraft protection
mobile banking
zelle + mobile wallet

what is a heloc?

A SunWest Home Equity Line of Credit (HELOC for short) shows you the value of home ownership by allowing you to borrow money from the equity in your home.

how does a heloc work?

A SunWest Home Equity Line of Credit (HELOC for short) shows you the value of home ownership by allowing you to borrow money from the equity in your home.

1

the starting point

When you apply, we'll add up all debts that use your home as collateral, subtract this from your homes value to calculate your available equity, and determine your HELOC limit.

2

draw period

Withdraw up to your limit whenever you want, as many times as you want for up to 5 years, and use those funds toward anything you want without having to submit estimates or get approval.

3

draw period ends

Once your 5-year draw period ends, your limit is removed, and you no longer have access to withdraw funds, and you enter your repayment period.

4

repayment period

During your repayment period, your monthly payments will be calculated over a 120-month (10-year)term during which you’ll pay back the principal balance + interest of your HELOC.

throw yourself a line

You’re not limited to using HELOC funds just on home improvements. Once your home equity line is available on your account, you can use the funds just like a credit card but at a much lower interest rate than most cards. Use your HELOC for crown molding, a dental crown, a diamond crown - whatever helps you feel like the king of the castle.

buy now, pay later

Withdraw funds for up to 5 years + pay the balance back over a 10-year repayment term once your draw period ends.

low variable rates

Rates starting at 7.50% thatcan increase or decrease according to the market.

accelerate your payoff

Prepayment penalties don’t live here. When you pay your loan off early, you’ll save on interest + we’ll high five you for being a financial savant.

low monthly payment

During your draw period, your monthly payment is only 1.5% of your balance to give you flexibility in your monthly budget.

easily access funds

Through online banking, you can view your balances + move money right into your checking. Need a large cash withdrawal? Give us a call + we’ll get it ready for a quick, safe pickup.

make dreams happen

Use your home equity for anything you can dream up. Consolidate credit cards? Nice! A llama farm? Different, but we love that for you!

check out rates + estimate your home equity line of credit payment

home equity line of credit

15-year max term
10-Year repayment period
APR* as low as 5.62%
draw period payment of $5.21 per $1,000
repayment period payment of $11.23 per $1,000

estimate your home equity line of credit payment

apply for a heloc
arizona style

Give us a call and speak to one of our home loan extraordinaires. They can go into more detail and even take your application over the phone. You can also apply online from the comfort of your own home.

try it on, see how it fits

A second mortgage is great for those who have a specific budget in mind, but what if you need more flexibility? See how a second mortgage and home equity line of credit match and where they differ.

you man be asking...

second mortgage

HOME EQUITY LIne OF CREDIT

HOW DO I ACCESS MY EQUITY?
funds dispersed as a lump sum
best for mid-term savings
HOW DO RATES DIFFER?
fixed rate
6 months

12 months

24 months
HOW DO PAYMENTS DIFFER?
fixed monthly payment
MINIMUM MONTHLY PAYMENT IS A PERCENTAGE OF TOTAL BALANCE DURING WITHDRAWAL PERIOD, THEN FIXED DURING REPAYMENT PERIOD
HOW MUCH CAN I BORROW?
UP TO 80% LTV
MAX OF $150,000
UP TO 80% LTV
MAX OF $100,000
WHAT ARE THE BEST USES FOR
EACH HOME EQUITY LOAN?
BEST FOR PROJECTS AND PURCHASES WHERE YOU KNOW HOW MUCH YOU’LL BE PAYING AND WANT TO PAY IT BACK WITHIN A SPECIFIC TIMEFRAME
BEST FOR MULTIPLE PROJECTS OR PURCHASES THAT WILL BE BROKEN UP OVER TIME OR TO HAVE EMERGENCY FUNDS AVAILABLE WITH A LOWER MONTHLY PAYMENT
WHAT ARE THE DOWNSIDES OF
EACH HOME EQUITY LOAN?
IF YOU NEED MORE THAN THE ORIGINAL AMOUNT YOU APPLIED FOR, YOU’LL NEED TO APPLY FOR A NEW LOAN
THE VARIABLE RATE + ONLY MAKING THE MINIMUM MONTHLY PAYMENT COULD COST YOU MORE IN INTEREST
WHAT ARE THE BEST FEATURES OF
EACH HOME EQUITY LOAN?
- YOU KNOW EXACTLY HOW MUCH YOU’LL PAY WHEN YOU TAKE OUT THE LOAN

- LOWEST INTEREST RATE FOR A HOME EQUITY LOAN
- FLEXIBILITY OF HAVING FUNDS AVAILABLE FOR 5 YEARS

- LOWER MONTHLY PAYMENTS

*APR = Annual Percentage Rate. See a representative for details.**Please keep in mind we always pull credit for any new member as part of our identity verification process.

second mortgage

HOW DO I ACCESS MY EQUITY?
funds dispersed as a lump sum
HOW DO RATES DIFFER?
fixed rate
HOW DO PAYMENTS DIFFER?
FIXED MONTHLY PAYMENT
HOW MUCH CAN I BORROW?
up to 80% LTV
max of $150,000
WHAT ARE THE BEST USES FOR EACH HOME EQUITY LOAN?
BEST FOR PROJECTS AND PURCHASES WHERE YOU KNOW HOW MUCH YOU’LL BE PAYING AND WANT TO PAY IT BACK WITHIN A SPECIFIC TIMEFRAME
WHAT ARE THE DOWNSIDES OF EACH HOME EQUITY LOAN?
IF YOU NEED MORE THAN THE ORIGINAL AMOUNT YOU APPLIED FOR, YOU’LL NEED TO APPLY FOR A NEW LOAN
WHAT ARE THE BEST FEATURES OF EACH HOME EQUITY LOAN?
- YOU KNOW EXACTLY HOW MUCH YOU’LL PAY WHEN YOU TAKE OUT THE LOAN
- LOWEST INTEREST RATE FOR A HOME EQUITY LOAN

HOME EQUITY LIne OF CREDIT

HOW DO I ACCESS MY EQUITY?
WITHDRAW FUNDS AS NEEDED
HOW DO RATES DIFFER?
VARIABLE RATE
HOW DO PAYMENTS DIFFER?
MINIMUM MONTHLY PAYMENT IS A PERCENTAGE OF TOTAL BALANCE DURING WITHDRAWAL PERIOD, THEN FIXED DURING REPAYMENT PERIOD
HOW MUCH CAN I BORROW?
up to 80% LTV
max of $150,000
WHAT ARE THE BEST USES FOR EACH HOME EQUITY LOAN?
BEST FOR MULTIPLE PROJECTS OR PURCHASES THAT WILL BE BROKEN UP OVER TIME OR TO HAVE EMERGENCY FUNDS AVAILABLE WITH A LOWER MONTHLY PAYMENT
WHAT ARE THE DOWNSIDES OF EACH HOME EQUITY LOAN?
THE VARIABLE RATE + ONLY MAKING THE MINIMUM MONTHLY PAYMENT COULD COST YOU MORE IN INTEREST
WHAT ARE THE BEST FEATURES OF EACH HOME EQUITY LOAN?
- FLEXIBILITY OF HAVING FUNDS AVAILABLE FOR 5 YEARS
- LOWER MONTHLY PAYMENTS
how do i calculate how much equity i have available?
what is the max loan-to-value (ltv) i can go up to?
are there limits to the dollar amount i can borrow on a heloc?
what’s the difference between a second mortgage and a first mortgage?
what’s the difference between a second mortgage
home equity loan and a heloc?
how much can my rate change?
what happens to my rate after the 5-year draw period ends?
should I get a second mortgage or a heloc?