Home Equity | Woodstone Credit Union | Federal Way Washington

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For everyday improvements and vivid imaginations

The equity in your home represents all of the hard work you did to make it what it is today. There’s no better time than now to make that equity work for you, your family, and your future.

As part of our obligation to support your unique vision for your home and your life, we offer a variety of competitive home equity products powered by the collective effort of people working together.

What can home equity do?

Whether you want to remodel your kitchen, refinance your existing debts, or create a backyard oasis, our home equity loans and HELOCs help ordinary people make larger purchases with flexible terms and low monthly payments.

Home Equity Loan (Second Mortgage)

To borrow a lump sum for a one-time expense, choose a home equity loan, also known as a second mortgage. You’ll benefit from a low, fixed rate for up to 15 years and make fully amortized (interest-plus-principal) payments for the life of the loan.

Home Equity Line of Credit (HELOC)

You can choose a variable or fixed rate when you apply for our HELOC. You can also fix all or part of your variable-rate balance any time during your draw period. And, as you make your principal payments, your available credit increases again. So you can get the cash you need at a rate you can count on.
Eligible Property Types Single Family Residences
Occupancy Owner occupied properties only
Location Washington State only
Maximum Combined Loan to Value Up to 80%
  Home Equity Loan Interest-Only HELOC Fixed-Rate Option
Minimum loan/line amount $5,000 $10,000 $5,000 minimum per fixed rate advance
Term Up to 15 years 10 year draw period, 20 year repayment period Terms up to 15 years. Fixed Rate Advance may be exercised during the draw period only.
Payments Fully amortized. P+I payments for a fixed term up to 15 years. Interest-only payments during draw period; amortized payments during repayment period
  • Fully amortized, P+I payments for a fixed term up to 15 years.
  • Each FRA requires its own monthly payment.
Fees No additional fees $50 annual administration fee No additional fees
Closing costs None None None


APR = Annual Percentage Rate. Approved rate and term are based on applicant’s credit history. All loans are subject to Woodstone Credit Union’s lending guidelines. Loan amounts up to $250,000; maximum 80% LTV. Limited to owner-occupied properties in Washington. No set-up fees are charged to the member at funding. The set-up costs paid by the credit union, which range from $500 to $1,500 depending on the transaction, will be reimbursed by the member if the loan is paid off and closed within 3 years of opening. Flood/Hazard certificate and property insurance required. A full appraisal may be required for some loans. In such cases the appraisal fee is charged and collected up-front. No escrow account required. Member is responsible for property tax & insurance payments. Payment Examples: Second Mortgage Loan amount of $50,000 at 3.49% for 60 month term at 70% CLTV has an estimated Principal & Interest payment of $909.48. HELOC balance of $50,000 at 4.00% variable APR and 70% CLTV has an estimated interest-only payment of $166.67 during the draw period and $302.99 during the repayment period.