Your home holds memories...and value

You've worked hard to build the equity in your home. Now, put that equity to work for you! Whether you'd like to consolidate debt, tackle a home makeover, pay for college or cover another large expense, a Home Equity Line of Credit (HELOC) can provide you with a flexible source of funds.* Another option is a Cash-out Refinance. Either way, the application process is simple and the possibilities are endless!

Solarity also offers a bridge loan that lets you use your current home's equity as a down payment for a new home.

Or call for today's rates: 800.347.9222



Featured rate

Rates accurate as of February 23, 2024
APR as low as*
15 years
Payment per $1,000*
Washington Home Equity Loans - Remodeling

Here's the scoop

Your HELOC functions like a credit card during the draw period as a revolving line of credit. You will be able to borrow and repay a certain sum. Take out what you need when you need it. You will only be charged interest on the amount you actually use.

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Loan amount

$20,000 minimum loan amount, $300,000 maximum

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Draw amount

The minimum draw amount is $500

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The interest rate is variable, which means it can change over time

Quick pre-approval home loan decisions Quick pre-approval home loan decisions

Includes a 10-year draw period with a 15-year repayment period

How to make a HELOC work for you

  1. Borrow the amount you need, when you need it
  2. Use it to pay off higher interest debt (also called debt consolidation)
  3. Make interest-only payments for the first 10 years
  4. Ideal for substantial recurring costs like college tuition
  5. A source of funds for large, unplanned expenses
  6. A convenient way to pay for repairs or a remodel that may add value to your home
  7. Bonus: interest may be tax deductible for home improvements*


Compare home equity borrowing options

If you prefer the option to make periodic withdrawals, you might lean towards a HELOC.  If you want to lock in your rate and make one payment each month instead of two, a Cash-out Refinance might be the way to go. Either way, we've got you covered.

Compare your options HELOC Cash-out Refinance
Fixed interest rate for a set payment amount each month  
Variable rate, meaning payment amounts can fluctuate over time  
One-time, lump-sum  
Make withdrawals as you need them  
Replaces your current mortgage with a new home loan  
Interest may be tax-deductible*



Both a HELOC and a Cash-out Home Refinance let you:

  • Tap into the equity in your home
  • Use the funds to pay for whatever you want
Home Equity borrowing options

Ready to explore your home equity borrowing options?

We can help you determine the best way to borrow against the equity in your home and see how much you might be able to borrow. Get in touch with us to get started:

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It takes less than 10 minutes to apply online. Submit your application and we'll follow up with you to discuss your situation.

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Ready to talk to someone right now? Our team members are ready to talk to you, too! Call 1.800.347.9222.

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Common questions about home equity loans

“HELOC” is short for home equity line of credit – a type of second mortgage. You can take out money from the line of credit when you need it and pay it back all at once or over time. A HELOC has a borrowing limit just like a credit card, but unlike a credit card, a HELOC is established for a set amount of time called a “draw period”. Solarity's draw period is 10 years. During that draw period, you’re typically required to make interest-only payments each month on any outstanding balance.

A home equity loan is often referred to as a second mortgage, and is a common way for homeowners to tap into the equity in their home. Equity is the difference between what you owe on a home and what the home is worth, so if you owe $100,000 and your home is worth $250,000, you have $150,000 in equity. A home equity loan is a way to access a portion of that $150,000 in equity. A home equity line of credit (or “HELOC”) is a popular form of home equity loan. You can apply for one here.

Home equity loans and home equity lines of credit are similar, but there are a few key differences between the two. With both types, you will be able to borrow against the equity of your home to utilize the loan amount for other areas of improvement.

A home equity loan is often called a second mortgage and is a debt secured by borrowing against your home. Typically, you will be able to request up to 80% of the equity that you put into your home. Home equity loans come in a lump sum payment with a fixed interest rate and a term of 10 to 15 years, depending on the agreed-upon terms. Usually, the interest rate will be dependent on your credit, as well as a few other factors.

A home equity line of credit means that the homeowner will apply for a line of credit that can be borrowed against up to a fixed amount. This is done on an as-need basis, and homeowners will only pay interest on the amount that they end up using. HELOC loans have a set term, usually 10 years, after which you can begin making set monthly payments. By choosing this route, you will only pay interest on the money that you borrow, rather than paying interest on a lump sum. If you’re unsure how much money you’re going to end up using, this is usually a better choice.

It is easy! You fill out an application, online or over the phone, and then submit the following:

  • Proof of income
  • Proof of homeowner’s insurance
  • Most recent mortgage statement

Our team will connect with you to verify your identity and information. Our experts will then briefly go over the loan process and learn your goals to ensure you’re borrowing what you need. Once we have that, we send your application to underwriting. This is a team that closely looks at your information. During underwriting, the team utilizes an online appraisal tool to estimate the value of your home. If this tool has the information it needs, sometimes you can get same-day approval for your HELOC! If your home’s information is unavailable within the tool, we will have to schedule a  traditional appraisal, which can make the process take a little longer. Most HELOCs close in less than two weeks. Apply online to get started!

Anything! Many members use the equity in their home to pay off higher interest debt as well as for home renovations, college tuition, vacations or unexpected expenses. Our team is here to help you explore if a HELOC is the right fit for you. Apply online to get started. 

It varies, but typically a HELOC closing costs fall under $900 – no matter the amount borrowed. The cost could be higher if we have to order an in-person appraisal, for a professional to visit your home.

Some examples of items included in HELOC closing costs include:

  • Application fee - Application fees are standard when applying for any assistance, whether that be a home equity or conventional loan.
  • Appraisal fee - An appraisal is required when you apply for any home equity or HELOC loan program because the amount that you are awarded is based partially on the amount of money that your house is worth. The lender is going to want an accurate and recent estimate to base their calculations on, so it’s important to plan on having an appraisal done on your home.
  • Credit report fee - Depending on the lender, you may be required to pay a fee for running a credit report.
  • Title search fee - A title search is a search that is run to make sure that you are the owner of your home before awarding a loan to the borrower.
  • Attorney and notary fees - If you need a lawyer's assistance in drawing up any paperwork or need anything notarized, make sure to factor in some extra funds.

These are the customary charges that are standard across all home equity loans, but it may be useful to put some extra money aside for any unexpected costs that may occur.

It doesn’t cost anything to apply or have an initial conversation with us to find out if a HELOC is right for you. Apply online to get started.

It depends on a variety of factors, but in some cases, you can get approved the same day! Most of our HELOCs close in less than two weeks. The best way to ensure that the process moves quickly is to have all the information we request submitted at the time of your application. This includes proof of income, proof of homeowner’s insurance and your most recent mortgage statement. We can get working on your application right away. Apply online to get started!  

In addition to filling out an application, you will be asked to submit the following:

  • Proof of income
  • Proof of homeowner’s insurance
  • Most recent mortgage statement

Our team will connect with you to verify your identity and information. Our experts will then briefly go over the HELOC process and learn your goals to ensure you’re borrowing what you need. Apply online to get started.



Helpful articles and information



How does a home equity line of credit work?

A home equity line of credit (HELOC) is a type of loan that allows you to borrow against the equity in your home.


What is home equity and how can it be accessed?

Home equity is a home’s value after subtracting the mortgage from the market value. It can be accessed through a home equity loan, HELOC or cash-out refinance.


Cash-out Refinance vs. HELOC: Which is right for you?

For many Americans, the equity we have in our home – the difference between what we owe on it and what it’s worth – is our biggest asset. But how can we access that wealt...

Home equity product is available in Washington, Oregon and Idaho. The minimum loan amount is $20,000. Maximum loan to value of up to 95%. The Annual Percentage Rate (APR) is a variable rate. Initial rate is based on loan amount, loan to value and credit history. Not all applicants will qualify for the lowest rate. Your qualifying rate may adjust monthly and is based on the highest Prime Rate as published in The Wall Street Journal as of the date of any rate adjustment, plus or minus a margin. Under no circumstances will your annual percentage rate exceed 18.000% per annum. Property insurance required. Fees at account opening include a $175 processing fee and $150 document preparation fee. Closing costs range from $700-$2,200 depending on appraisal requirements. Offer subject to credit approval, which includes verification of application information and receipt of collateral documents. Not all applicants will qualify. Rates, terms, and conditions subject to change. Consult your tax advisor with any questions regarding tax advantages or deductibility of interest.