Competitive Annual Interest Rate
Manage your debt by consolidating higher-rate credit cards into one lower-rate equity loan.
Get started on some of the projects on your list, consolidate debt, or finance a big purchase.
Key Features
Lock Your HELOC
Option to convert your HELOC to a fixed-rate loan for the total loan amount or a portion of the loan.
Interest-only Payments
Your minimum monthly payment is equal to interest only based on the line's outstanding balance or $50, whichever is greater.*
Additional Benefits & Features Additional Benefits & Features
- Easy Access – Access your line simply by writing a check.
- Flexible Payout – Receive funds all at once or in various amounts over a period of time.
Interest Rates
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so that we can provide accurate rates for your location.
Tiers
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Promotional Rates
Bonus Rate Information for Qualifying Accounts
Requirements Requirements
The following property types are not eligible for home equity loans or home equity lines of credit from WSFS Bank: mixed-use properties, life estates, co-ops, timeshares, working farms, commercial properties and land/lots. Primary residences, secondary residences and investment properties are eligible.
LTVs may vary from those listed for out-of-market residences and investment properties.
Account Services Account Services
Q. Is there a potential tax deduction?
A. Yes, there could be a tax deduction. Please contact your tax advisor to verify if you’re eligible for a deduction.
Q. Which properties are acceptable collateral for an application?
A. Single Family Home, Town Home, Twin Home, Row Home, Duplex, Manufactured and Condominium.
Q. Does WSFS allow applications for Home Equity Loans/ Lines of Credit on Investment Properties?
A. Yes, we allow applications on investment properties. Please contact your local banking office or call Customer Support for more information.
Q. What is the difference between a loan and line of credit?
A. A loan is an amount of money that you borrow for a specified length of time. You will receive a one-time, lump sum that is then paid down with fixed monthly payments for the duration requested and agreed upon. A line of credit is a borrowing limit extended to you. The funds are available during the draw period up to the credit limit established. Monthly payments will be based upon the balance of the line of credit, and payments are variable and fluctuate with the Wall Street Journal Prime rate.
Q. Are there any origination fees or closing costs?
A. WSFS does not charge any origination fees or closing costs. **Other fees may apply such as a $375 recapture fee if any Home Equity Loan or Line of Credit is closed within 36 months and/or other state specific fees could be applicable.
Q. How do I apply for a loan?
A. There are 3 ways to apply for any loan at WSFS:
Q. Do I need to apply individually, or can I apply with a Co-Applicant?
A. Yes, WSFS will accept applications individually or with a co-applicant.
A. Yes, there could be a tax deduction. Please contact your tax advisor to verify if you’re eligible for a deduction.
Q. Which properties are acceptable collateral for an application?
A. Single Family Home, Town Home, Twin Home, Row Home, Duplex, Manufactured and Condominium.
Q. Does WSFS allow applications for Home Equity Loans/ Lines of Credit on Investment Properties?
A. Yes, we allow applications on investment properties. Please contact your local banking office or call Customer Support for more information.
Q. What is the difference between a loan and line of credit?
A. A loan is an amount of money that you borrow for a specified length of time. You will receive a one-time, lump sum that is then paid down with fixed monthly payments for the duration requested and agreed upon. A line of credit is a borrowing limit extended to you. The funds are available during the draw period up to the credit limit established. Monthly payments will be based upon the balance of the line of credit, and payments are variable and fluctuate with the Wall Street Journal Prime rate.
Q. Are there any origination fees or closing costs?
A. WSFS does not charge any origination fees or closing costs. **Other fees may apply such as a $375 recapture fee if any Home Equity Loan or Line of Credit is closed within 36 months and/or other state specific fees could be applicable.
Q. How do I apply for a loan?
A. There are 3 ways to apply for any loan at WSFS:
- Online
- Meet and discuss with an Associate at your local banking office
- Call us at 1.888.WSFSBANK
Q. Do I need to apply individually, or can I apply with a Co-Applicant?
A. Yes, WSFS will accept applications individually or with a co-applicant.
The rates and terms described above are for the Convertible Home Equity Line of Credit. Other Home Equity Line of Credit products are available. Ask a WSFS Associate for details.
*The "interest only" portion of this Convertible HELOC allows you to pay only the interest on the money you borrow for 10 years (draw period) from the date the line is established. A 20 year repayment period, during which you must pay principal and interest, follows the 10 year draw period. Interest-only payments do not build home equity. If you pay only the amount of interest that is due, once the interest-only period ends, you will still owe the original amount that you borrowed and your monthly payment will increase significantly because you must pay back the principal as well as the interest, even if interest rates remain the same.
1) During the Draw Period, the minimum monthly payment for this Convertible HELOC is interest only or $50, whichever is greater.
2) LTV is 80% for Out-of-Market properties or when the first and second mortgage balance is greater than $750,000. LTV is 70% for Investment properties. Investment properties are not eligible for Convertible HELOC.
3) Prime rate as of March 25, 2021 is 3.25% is used to calculate Home Equity Lines of Credit (rates are variable and are subject to change on the first day of each calendar month). Minimum Annual Percentage Rate is 3.00%. Maximum Annual Percentage Rate is 18%. Minimum line amount of $25,000 for the Convertible HELOC. Fees to open these lines may range from $0 to $1,365 depending on the amount of the line and the state in which the property is located. Property insurance and, if applicable, flood insurance are required. A recapture fee of $375 will be imposed if your account is closed within 36 months of opening.
4) For example, if you took an initial advance of $200,000 from a Convertible HELOC and you took no other credit advances, it would take 30 years to pay off the $200,000 at an Annual Percentage Rate of 3.00%. During the Draw Period you would make 120 interest only payments of $509.59.e Following the draw period, there will be a repayment period of 239 principal and interest payments and a final balloon payment. The monthly principal and interest payments are based on 1.250% of your outstanding balance. The highest principal and interest payment during the repayment period would be $2,500. The calculated minimum payment will not fully repay the principal that is outstanding on your Credit Line and your final payment will be a single balloon payment of $16,252.77.e Minimum APR of 3.00% will apply. Maximum APR is 18%. Offer subject to credit approvals and may be withdrawn at any time. The entirety of this payment example is based on an assumption that prime rate is 3.25% through draw and repayment periods with a -0.25% margin.
e indicates an estimated payment.
Offer subject to credit approvals and may be withdrawn at any time.
Sample monthly payment for a $200,000 advance:
$509.59e interest only payment during the 10-year draw period4
e indicates an estimated payment.
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