Is it finally time to complete that renovation or home improvement project? Whatever goal you have in mind, Cal Coast offers flexible options for home equity and home equity lines of credit to make your dreams a reality.
Don’t put it off any longer! Build that outdoor deck, remodel your kitchen, or fix that leaking roof. It’s easy with a low introductory rate on a line of credit1 or a fixed-rate equity loan2.
Adjustable Rate, Revolving Credit Line
|Adjustable Rate Line of Credit¹||7.750%||7.750%||0.000%|
Fixed-Rate, Lump Sum Loan
Both of the loans described below have specific advantages. If you're not sure which is right for you, we suggest you reach out to one of our Mortgage Loan Officers who are happy to provide guidance for your unique situation.
Home Equity Loans (also known as 2nd mortgages or Cash-Out Refinances), allow homeowners to borrow funds using their home equity as collateral. These are one-time, fixed-rate loans where the borrower receives the full loan amount upfront as a lump sum. Borrowers can qualify for a home equity loan even if there is an existing mortgage on the property.
Home Equity Lines of Credit (HELOC) are similar to Home Equity Loans, but instead of a lump sum the funds are accessed, with a credit card or checking account, through a revolving line of credit. Another difference to keep in mind is that the interest rate for a HELOC is adjustable. Typically, HELOCs have a draw period, during which you can withdraw money, and a repayment period, during which you must payback the balance. At Cal Coast our HELOCs have a 10-year draw period, with interest-only payments, and a 15-year repayment period.1
A HELOC can be a great option if:
A Home Equity Loan can be a great option if:
APR = Annual Percentage Rate. Rates and terms effective as of 09/25/2023 based on credit history, subject to approval, and subject to change without notice. Some restrictions apply. Membership and credit subject to approval. Serving everyone who lives or works in San Diego or Riverside counties. A one-time $5 membership fee and savings account required. Restrictions apply.
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