Home Equity Loans (HELOCs)
Lock in your best rate on a Home Equity Line of Credit.
Want to create your dream home or renovate your investment property? But rather than use your own funds to pay for the work, why not use the equity you’ve already built with a Home Equity Line of Credit?
We offer a variety of HELOC products:
Primary Residence HELOC- Max 80% LTV
Why put off that home improvement project any longer? Our Primary Residence HELOC lets you access your home equity at a great rate.
- Rates as low as 9.00% APR*
- Max loan amount up to $250,000 based on 80% LTV
- No annual fee
- 10-year draw period and a 20-year repayment period
- Interest-only payments, unless you choose to lock in an amount
- .25% discount for auto pay from PMCU checking
- You can choose to lock your rate up to three times, with no minimum amount required
- Term options are 5, 10, 15, or 20 years
- If you lock in your HELOC for 5, 10, 15, or 20 years, your monthly payment will automatically adjust to pay off the entire balance and interest during that term
Purchase Money HELOC- Max 80% LTV
Your dream home is more affordable than ever with our Purchase Money HELOC – Max 80% LTV. Take advantage of interest-only payments and loan term flexibility. That way, you can focus less on financing and more on transforming your place the way you’ve always wanted.
- Max loan amount up to $250,000 based on 80% LTV
- 10-year draw period and a 20-year repayment period
- Interest-only payments, unless you choose to lock in an amount
- .25% discount for auto pay from PMCU checking
- You can choose to lock your rate up to three times, with no minimum amount required
- Term options are 5, 10, 15, or 20 years
- If you lock in your HELOC for 5, 10, 15, or 20 years, your monthly payment will automatically adjust to pay off the entire balance and interest during that term
Non-Owner Occupied (Investment) HELOC – Max 75% LTV
Now’s a great time to renovate your investment property. But rather than use your own funds to pay for the work, why not use the equity you’ve already built? See if our Non-Owner Occupied (Investment) HELOC – Max 75% LTV makes sense for you.
- Max loan amount up to $100,000
- 10-year draw period and a 20-year repayment period
- Interest-only payments, unless you choose to lock in an amount
- You can choose to lock your rate up to three times, with no minimum amount required
- Term options are 5, 10, 15, or 20 years
- If you lock in your HELOC for 5, 10, 15, or 20 years, your monthly payment will automatically adjust to pay off the entire balance and interest during that term
Bridge HELOC Loan – Max 80% LTV
If you’re in the process of buying a new home but haven’t sold your current home, chances are you’ll need specific financing. Our Bridge HELOC Loan lets you borrow up to $250,000 based on 80% LTV. Talk to an Artisan of Banking today and see if it could be an option for you.
- Primary residence only
- 12-month term with a balloon payment due at the end
- Primary residence must be listed
- Interest-only payments
- Max loan amount up to $250,000 based on 80% LTV
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. CLTV = Combined Loan to Value. WSJP = Wall Street Journal Prime. Primary Residence, Purchase Money, and Investment Property HELOCS are a variable-rate line of credit with the ability to lock in a rate and term on advances when made. Bridge HELOCs are a variable-rate line of credit that do not have the lock feature and have a balloon payment due at the end of the 12-month period. 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 September 1, 2023, WSJP 8.50% + 0.50% margin for a rate of 9.00% with a 740-credit score and 80% CLTV. After the draw period of 10 years, the loan must be repaid over a 20-year amortized repayment period. HELOCs carry 3.75% Floor. The maximum APR is 21%. Locked Rate Margins are added to members existing HELOCs active interest rate. For Locked Rate Option, as of July 30, 2021, qualifying HELOC rate varies from + 0.75% to 2.50% 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 + 2.00% Margin added to qualifying product. Bridge HELOCs have a $500 processing fee + 1.50% 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. The max CLTV for Primary Residence, Purchase Money and Bridge HELOCs is 80%, Investment Property HELOCs max 75% CLTV.