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Personal

Home Equity

HELOCK

You can use the equity1 in your home to pay for home improvements, medical expenses, tuition, debt consolidation, and more. Your financial needs are unique. Our home equity experts would be glad to work with you to find a solution that fits your situation, with competitive interest rates to further your goals. Not sure where to start? Just ask. We’re happy to help.

HELOCK

Our home equity line of credit (HELOCK) offers a personalized solution to use the equity in your primary or secondary (vacation) residence. We offer a revolving line of credit up to 90% of the value of your home, and you can lock your balances into convenient, fixed-rate terms.3

Already a Clackamas member and want to apply for a HELOCK? Click below to get started!

Looking to become a Clackamas member and also apply for a HELOCK? Click below to get started!

RELOC

With our rental equity line of credit (RELOC) you can enjoy a revolving line of credit on up to 75% of the value of your rental property. Low, competitive, variable rates with a simple application process. Plus, you will have a two year draw period with  interest only payments and no pre-payment penalty.

Already a Clackamas member and want to apply for a RELOC? Click below to get started!

Looking to become a Clackamas member and also apply for a RELOC? Click below to get started!

That local feeling. Small town, small bank, not so many rules and red tape. It works.

Amora, member for 7 years
Clackamas Home Mortgages

Thinking about buying a home? Clackamas is in your corner.

Great rates. Low fees. Count on straightforward answers and honest service from Clackamas: let’s make sure you’re getting the best deal.

Home Loans
Equity Lines

Product

Variable APR2 as low as

Rates effective as of June 1, 2020

HELOCK (home equity line of credit): LTV up to 90%

3.49%

RELOC (rental equity line of credit): LTV up to 75%

5.49%

Answers for your questions.

A home equity line gives you access to a revolving line of credit that you can use as you need. In that sense, it works a lot like a credit card. There’s a credit limit, you make regular payments on your balance, how much credit you use is up to you, and you can spend it however you want.

How you’ve handled your finances in the past helps us understand what to expect in the future. That’s why a good score can help you qualify for a better interest rate or possibly a lower minimum down payment.

That said, your credit score is only one consideration in the lending process. Other considerations include your income, your monthly payment obligations, the loan program you select and the size of the loan compared to the value of your home or the home you want to purchase.

At Clackamas, we’ll work with you to understand your entire financial profile to ensure you get the loan and the rate that’s right for you.

Yes. Your regular monthly payment is a combination of principal and interest. If you want to make a payment exclusively on your principal balance, you can include money in addition to your regular monthly payment and designate it as a principal payment. By making extra principal payments, you can pay off your mortgage sooner and save money on interest.

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