Home Equity Lines of Credit or HELOCs | Woodstone Credit Union | Federal Way Washington

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Home Equity Line of Credit (HELOC)

With a Woodstone Interest-Only HELOC, you now have the ability to choose a variable or fixed rate when you borrow money, or 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. 

A HELOC might be right for you if:

  • You want to ensure you have access to funds when you need it, for up to 10 years. This access is the draw period.
  • You want the lowest monthly payments possible with interest-only payments during the draw period and principal-and-interest payments during the 20-year repayment period
  • You want the flexibility of either keeping your rate variable or fixing your rate if interest rates start to rise.

Why choose a Woodstone HELOC?

  • Borrow at a fixed or variable rate—it’s your choice. 
  • Use it only when you need it—pay interest only on what you use. 
  • Interest-only payments during the 10-year draw period and fully amortizing payments during the 20-year repayment period give you more flexibility and lower monthly payments.
  • Fix your rate and term at any time during the draw period. 
  • Get convenient access to your money with a check, cash advance, or online transfer. 

The Details

Eligible Property Types Single Family Residences
Occupancy Owner occupied properties only
Location Washington State only
Maximum Combined Loan to Value Up to 80%
  Interest-Only HELOC Fixed Rate Option
Minimum loan/line amount $10,000 $5,000 minimum per fixed rate advance
Term 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 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.
Closing costs 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.