Bank / Credit Union

Wescom Credit Union releases fixed rate feature for HELOC

November 28, 2023

Wescom Credit Union released a fixed rate feature on a home equity line of credit for its members in Southern and Central California. With this feature, members can tap into their home's equity without experiencing higher interest rates, according to a press release.

Members can lock their existing HELOC balances into a fixed rate without having to apply for an additional loan.

"The debut of Wescom's fixed rate feature HELOC is our way of adding value back into our membership," Jeff Smrcka, VP of consumer lending at Wescom, said in the release. "With a 0.50% APR rate discount on converted balances, our members can plan their finances with a degree of certainty, making long-term financial planning easier and giving them greater peace of mind when it comes to preparing for upcoming projects in their personal lives."

Other features include:

• Introductory fixed rate of 3.99% APR for the first 12 billing cycles.
• Minimum conversion amount of $15,000 with 5-year term.
• No origination fees or closing costs.