How To Find The Right HELOC In Washington State

Welcome, class, and happy New Year to you. It is January 3rd as I'm recording this video and we're going to continue on with our series on how to find the right home equity line of credit. In the second position in this video, we're going to cover the state of Washington. You will notice in this series some states are more competitive in terms of the offers and the amount of banks where we can find attractive HELOCs versus other states. And I'll name Washington as one of those states where it's not as competitive. So if you're going through the playlist only looking at your state, you're not getting the full value of this series. You're going to want to look at some of the neighboring states that you live in, especially if you're in a state that's not as competitive like Washington. Based on my research that I've done. Keep in mind, I don't live in Washington. So when I am researching, not all of the banks are going to pop up. What you will see is my framework that is very reliable. No matter where you live in the United States, if you follow this framework throughout your journey in obtaining the right home equity line of credit, you're not going to go wrong. You're not going to feel like you missed out. In fact, you're going to have a much better, you're going to have a higher advantage than many other people out there that obtain HELOCs with the very first bank that offers them anything in the mail. There's like, boom, they go with their first option or they go with the bank that they already bank with instead of digging a little bit deeper. So taking it to the whiteboard here, left hand side, is my framework. You will notice in this entire series, this does not change. The only thing that changes is just the piece of information that I'm sharing with you, which is the current prime rate. That's our measurement. Stick to understand if we're in the right area or not as it pertains to the rate of your home equity line of credit. If, for example, it's 2026, interest rates just got cut last month, in December, another quarter point. So now it's 6.75%. Moving forward, if you obtain a home equity line of Credit At a 10% interest rate in 2026, early 2026, my friend, you obtained a very inefficient home equity liner credit based off of either the bank you went with, it's going to be a combination of the bank you went with and your standing, your Credit score, your dti, certain information about you as the customer and the bank, what they were willing to offer you. So keep that in mind. I don't want you guys messing up this. Simple easy steps. This is a checklist that I want you to go by if you're able to check all of these boxes. When you're doing your research, I'm giving you surface level research. My encouragement is for you to double check my work. Call these banks and just ask these questions. Understand that on their website, which is what I'm doing, that's where I'm getting my research from. I'm just looking at their websites. Not every bank is going to show every single detail that they're looking for. Some might not even show anything. And if that's the case, you're going to need to call and just have this ready. Just have this right in front of you. Take a screenshot, just, and just have it right there. Call the bank based on the state that you're in. Look at neighboring states if you're in a not so competitive state and see if they cover your state. Because we do have banks that cover multiple states. All right, so keep that in mind as you're going through this series with me together. Right. So I found five pretty decent banks in the state of Washington. Numerica Credit Union, Solarity Credit Union, New Vision Sound Credit Union and wecu, which I think is a very specific type of bank for specific type of individual based on their career. Sometimes you'll see this in the series as well where I am finding banks that are for government employees or for police officers, firefighters, military, government, hospital, certain industries, the teachers union. Right. You will typically find banks catered just for you guys that are in certain careers. And it may not show it on the website, but sometimes you may get an additional discount for being a veteran, for being a police officer, for being a firefighter, for being in a, in the hospital space or a teacher, you know, different specific type of careers that these credit unions really cater to. So keep that in mind as well when we're trying to find the right home equity line of credit. With that being said, I'm going to share my screen now and just show you the research that I've done. This is what I search. I do credit unions in the state that I'm looking for that offers a home equity line of credit. I tend to skip the sponsors. Right. AI tends to be really helpful in giving me a list of banks that I can look through. And then I'll even go to like page Two, see if I find anything, go from there. All right, let me check this bank real quick because I didn't look at this one. So Kitsap. I've heard of Kitsap before. I do believe I have clients that have used them. Let me see, do they. So I got home equity loan. Okay, this is solid. Yep. First lien, second lien, 75%. I'm just gonna throw that on the board because I did miss this bank. This was KIT, SAP, Kitsap Bank. And they do the 75% LTV, 6.75%. So that's right at prime 10 year term. So we got 10 year draw. Not bad. I do like the credit Limit amount Max 400k. Minimum score, 680. They give quite a bit of information which is really helpful. Some banks don't do that. See. So we got some third party fees. Closing costs. I've noticed in the state of Washington can be a little bit high on the higher end side of things. Look at that. Looks like they have an insure rate as well for six months. But we don't know what that rate is. Right. So we got Giza Credit union didn't make it to the board. I was not able to obtain much information other than we got no annual fee, credit line up to 500k. I do know they offer ELOC, as we can see, just don't know what the rate is. So it didn't make it to the board. But just showing you all the banks that I was researching, this was sound. Credit union, they did make it to the board. We got between 7 and 10%. So it's definitely gonna be based off credit score and then LTV. So it's as low as 70% LTV. We got WECU. This is a bank, I believe that's very specific to a type of career. But as you can see, we got the primary. Second, most people are doing primaries. Variable rate, 6.5%. So that's looking like a prime. Minus 0.25 interest only payments. So that did make it to the board. We have wrcu. Couldn't get any information. So it didn't make it to the board just because I couldn't get information. So again, if you live in the state of Washington, it'd be worth your time to maybe call this bank just to mark it off the list. If in fact they really don't have anything to offer compared to what I'm providing. So the goal for you as the customer looking for a home equity line of credit, you take the information that I'm Providing see if you can beat it. I'm giving you a standard, very surface level. See if you can beat it. But just know that if you go with any of my recommended options, it's hard to go wrong. Here we have Numericus Credit union rates as low as 7%. So whenever I see 7% right now, knowing that rates just decreased again and we're at the beginning of January, sometimes these bank websites, they take a little while for it to update. So the rate might in fact be as low as 6.75%. Just keep that in mind whenever you're seeing a rate that's very close to what prime is. So when it says rates as low as typically, it means prime rates as low as prime. Other than just what the rate is saying. Just keep that in mind. That's helpful. That did make it to the board. Celerity made it to the board. Rate c low as 6.75%. Rates accurate as of January 1st. So they already updated their stuff. Solarity is a little bit on top of it, whereas Numerica is a little bit slower. New vision. I threw them on the board. One of the only ones I saw with an intro rate, 4.99% for 12 months. Pretty solid. Okay. Only downside is the rate does go above prime and it looks like about a percentage. So being that prime right now, 6.75% it says rates, you know, APR range for 7.75 to 8.75. So that's prime plus 1%. Again, deciding between do I, do I take that 4.99 with the 12 month and then be at a prime plus one. It might be worth it for some of you who are not in a whole lot of debt and you can consolidate a good amount of debt and pay off a lot of debt in those 12 months. So by the time it expires really doesn't have much of an effect on you versus if you have bigger debts, you know it's going to take a little bit longer. I may opt out of an intro rate sometimes. Just depends on the situation. We have Canopy didn't make it to the board. They do the 90% LTV. I wasn't able to get much information on them. And then we have peak credit union rates as low as 6.75%. We have 80% LTV 10 year draw, 250k. Let me see. I think the reason why Let me see. I think the reason why I didn't put them on the board was I wasn't sure if they had. Oh yeah. So that's my bad. For some reason when you, when you just look at this, it looks like an online bank. Like it looked like it didn't have a physical location but then I just did that and clearly they got all this stuff so we're going to put them on the board as well. Peak Credit Union I think another reason why was that was a sponsored bank on Google. Sometimes I'm a little bit sus with banks that sponsor to be number one on Google. Sometimes they have maybe higher costs end up being a higher rate. But from what they're displaying on their site, it is worthy of the whiteboard. We could throw them on there. So you could definitely consider Peak. It's at prime. They do 90% LTV. All right now, key details, you're looking at the framework and you're seeing what I was able to capture. And then when you're looking at your own situation, you are trying to figure out which specific details best match what you're trying to solve for. Some people want a very, very high credit line. Well, immediately Kitsap is probably going to be on your on your top list as well as maybe Numerica where they're listing their max credit lines. Some people really need a low rate so they like that that intro rate for the 12 months and then they can write it out. Whatever it goes to. We're in a declining interest rate environment. I've been saying that in this series as well. So keep that in mind. All of these things really come together and what makes even more powerful is when you hold yourself accountable. Bring a second set of eyes, a professional like myself, someone else on on the Internet that is specializing in the velocity strategies, using lines of credits to accelerate debt where they can, you know, take a look at your entire financial situation, give a recommendation, give a diagnosis, say here's what we can do. Here's what you need to be thinking about. Here's what your goals are. You know, have that conversation and you try to make the best decision moving forward. So these are my picks for Washington State. To top picks I put New Vision, Numerica, wecu. I like the fact I think this was the only bank that had a prime minus rate. Everyone else was right at prime or slightly above prime. I think it was. Was it okay? Yeah, it was New Vision that was prime. Plus I will say with Kitsap and Peak you can definitely throw those in the top picks as well. It might knock off Numerica if I can get a very similar. So they both have the same draw period. We're going to assume they're both at prime. So even though it says 7 think of it as prime. So 6.75 both 10 year draw. But Kitsap has a higher credit line amount and they do have an intro rate. So Kitsap could replace Numerica on the on the top picks. So just keep that in your sights for my Washington residence wrote that terribly we're gonna rewrite that and like I said I am available for coaching consultations help you guys make the right decision. It is worth spending a couple dollars spending a couple hundred bucks on a financial coach to walk you through this. Absolutely worth your time. Because if it can save you from choosing a bank that that's going to be at a prime plus 3% prime plus 2% you miss out on intra rate. You miss out on maybe avoiding closing costs. You miss out on just a better deal altogether by spending a few hundred dollars on coaching for a session and providing all the details. And that got you two points less on your debt tool. Because obtaining the right line of credit, the right debt tool for your situation can literally mean tens of thousands of dollars in savings and interest alone over your debt free journey. Just by having the right tool, having the right frameworks and understanding. Before you implement this particular strategy, I always encourage people take your time. Don't apply with the first bank that you see. Shop around. You're the, you're the customer. Allow competition, allow these banks to compete for your business by knowing what the key details are and do yourself a favor by setting up yourself financially. DTI credit score establishment relationship with the bank that we're going to be looking at. Do all that in advance. Especially if it means delaying the velocity strategy. If it means delaying it, I'm all for that. If, if I can get you in the right position to then go fast to then increase velocity. Would love for you to experience that. Then to have a tool that's inefficient. The bank's not set up properly. The mobile banking, the portal is too slow. It's inefficient. You have to walk into the bank to do transfers instead of right from your mobile device. You're not able to link other banks easily. Like you want to avoid all that. That's headaches, that's, that's frustration. Because then you watch my videos and you're seeing well dang, that doesn't seem right. Like this bank doesn't seem the way Denzel's explaining the line of credit. Why, why does his seem so much faster when he's explaining versus why what I'm going through right now. Avoid the headache. Invest the money. Let's have some fun again. Happy New Year to you. My name is Enzo Rodriguez. For those of you who are brand new, I'm your personal finance geek of the 21st century. Happy to serve you. I'm a financial coach and consultant as well as a licensed insurance agent and I like to bring all of these different strategies together instead of being like a one trick pony or like a one size fits all. I like to actually incorporate beginner level financial strategies intermediate and advanced and just allow you to grow in that process and know when to apply a strategy, when to turn it off, when to incorporate something, when to not, how to process decisions so that you can achieve financial freedom and have financial independence sooner than you think, faster, more efficiently and intentional. With that being said, have a wonderful day, God bless and we'll be talking soon.