Home Equity Loans (HELOCs)
LOCK IN YOUR BEST RATE ON A HOME EQUITY LINE OF CREDIT.
Let your home pay for college, start that project you’ve been putting off, or even vacation. You can use our HELOC on pretty much whatever you want. Just by using the equity you already have in your home.
When you get a HELOC with us, there are a few things that’ll feel a little more bespoke than you may be used to. Here are our favorite features:
- No annual fee.
- Closing costs up to $400 are waived.
- 10 year draw period & 15 year repayment period.
- Interest-only payments, unless you choose to lock in an amount.
- You can choose to lock your rate in up to 3 times, with no minimum amount required. Here’s what our locking options are.
- Choose the lock term that’s right for you: 5, 10 or 15 years.
- If you lock in your HELOC for 5, 10 or 15 years, then your monthly payment will automatically adjust to pay off the entire balance and interest during that term.
You own your own piece of Colorado, so get the most out of it. Give us a call at 303.657.7000 if you have any questions, and an Artisan of Banking can help you apply over the phone, or in-branch.
*APR = Annual Percentage Rate. This product is a variable-rate line of credit with the ability to lock in a rate and term on advances when made. The rate on the line of credit is subject to change monthly on the 1st day of the month, based on the Wall Street Journal Prime Rate + your qualifying margin. For a HELOC, as of August 1, 2022 WSJP 5.50% + 0.50% margin for a rate of 6.00% with a 740 credit score and 85% CLTV. After the draw period of 10 years, the loan must be repaid over a 15-year amortized repayment period. Closing Costs are waived up to $400.00 for all HELOCs. The maximum APR is 21%. Locked Rate Margins are added to members existing HELOCs active interest rate. HELOCs carry 3.75% Floor. For Locked Rate Option, as of July 30, 2021, qualifying HELOC rate varies from + 0.75% to 2.00% margin. Locked Rate Option floor is 4.50%. PMCU will only consider single family homes as collateral on rental properties (no Condos and Townhouses). Purchase Money HELOCs-1st mortgage held elsewhere carry a $1,500 processing fee. Bridge HELOCs, $500 processing fee + 1% Margin added to qualifying product. Rates vary based on qualifying credit tiers. Homeowners insurance is required. Property must be in the State of Colorado. Membership required. 85% MAX CLTV.