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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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.
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) The Annual Percentage Rates (APR) are effective as of December 1, 2020 and are subject to change. Prime rate is determined as published in the Money Rates table of The Wall Street Journal. Prime rate as of December 1, 2020 of 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).
As an example, if you took an initial advance of $100,000 from a Convertible HELOC and you took no other credit advances, it would take 20 years to pay off the $100,000 at an Annual Percentage Rate of 3.59%. During the Draw Period you would make 120 payments of $299.17 followed by a Repayment Period of 240 payments of $619.23. Minimum APR of 3.59%. Maximum APR is 18%. Minimum line amount of $25,000 for the Convertible HELOC.
4) Annual fee is $50. 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.
Offer subject to credit approvals and may be withdrawn at any time.
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