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Your Home’s Value Working for You

Over the past few years, property values have increased significantly, which has provided many homeowners with thousands of dollars in equity. A Home Equity Loan from OlyFed offers a way to access those dollars and leverage them for a variety of uses.

Since many people have refinanced their home loans to historically low interest rates over the past few years, Home Equity Loans provide a way of keeping your original, or first mortgage, while providing a means to utilize your equity through a second loan that makes funds available for your next dream or big project.

What is Home Equity?

Home equity is the difference between how much you owe on your mortgage and how much your home is currently worth. With OlyFed’s Home Equity Loan Program (HELP)*, you may borrow up to 90% of your home’s value. A home equity loan utilizes the value of your home as collateral for a fixed-rate loan that’s delivered as a one-time payment directly to you.

While you can use a home equity loan for just about anything, some common uses include:
What's the Difference Between our Home Equity Loan Program (HELP) and Home Equity Line of Credit (HELOC)?
Three Key Differences Home Equity Loan Program (HELP) Home Equity Line of Credit (HELOC)
Interest Rate
Interest Rate Fixed Interest Rate Variable Interest Rate
Access to Loan Funds
Access to Loan Funds One-Time Loan Repeated Borrowing Allowed
Repayment Term
Repayment Term Set Repayment Term Can Be Repaid Repeatedly



Today’s HELOC Rates Today’s HELP Rates Apply Online: HELOC Loan Apply Online: HELP Loan

Home Improvements

Looking to remodel or make an addition to your home? Or maybe you’re considering a new outdoor living space and landscaping makeover? A Home Equity Loan is a great option for larger  home improvement projects.

When you use your Home Equity Loan for residential improvement projects, not only are you making enhancements to your property; you’re also reinvesting that money back into the overall value of your home.

Energy Efficient Retrofits

If you’ve thought of adding a ductless heating system, installing Low E windows, upgrading your insulation or sheetrock, installing a tankless water heater, placing solar panels on your roof or even purchasing energy-efficient appliances, our Green Choice Home Equity Loan is made with you in mind.

Accessory Dwelling Units

Accessory Dwelling Units or ADUs as they are commonly known, make for a great home office, guesthouse for visitors, an income producing rental, or space for multi-generational living. You can utilize an OlyFed Home Equity Loan to build the ADU that’s right for you.

Learn More

Debt Consolidation

A home equity loan can help you streamline your finances by consolidating your debt*** into a single, more manageable payment.

Financing a Large Expense

This loan is secured by your property and can be used to pay for large expenses such as an education or wedding.

Home Equity Line of Credit

A fixed-rate Home Equity Loan is a great option if you need the entire amount at one time. A Home Equity Line of Credit (HELOC)** can be useful if you expect to have expenses over time or to have available for unexpected expenses. With a HELOC, you establish a credit line up to a predetermined amount, and you can withdraw money as you need it.

At OlyFed, you have a 10-year draw period with your HELOC and a 15-year maximum repayment term. You have 24-hour access to the money via checks, online banking or in-person at any of our eight convenient branch locations. Even better, with a HELOC there are no loan fees and minimal closing costs; however, the interest rate is variable and subject to change.

We're Here to Help!

Whether it’s making home improvements, consolidating debt, paying for education or having access to funds to help support future goals, we can help make it happen with a home equity loan.

Contact one of our caring and knowledgeable Loan Officers today to get started or to get your questions answered.

Product Disclosures

*HELP DISCLOSURES: Product for owner-occupied purchases & refinances. Maximum Loan Amount is $250,000; however, the following stipulations apply:

  • If Olyfed is in 1st lien position, 90% maximum loan to value up to $150,000
  • If Olyfed is NOT in 1st lien position, 80% maximum loan to value up to $150,000
  • 75% maximum loan to value for loan amounts $150,001- $250,000.
  • ***75% maximum loan to value if the purpose of the HELP is for debt consolidation

**HELOC DISCLOSURES: $50 annual fee after the 1st year. The value of the index is based on the Wall Street Journal Prime Rate. The rate is computed by adding the Wall Street Journal Prime Rate + our margins of .125 or 1.375. The current Wall Street Journal Prime Rate is 8.500%, however, we have an Annual Percentage Rate minimum (floor) of 4.00%. The maximum Annual Percentage Rate (APR) is 18.000%.

*Maximum Loan Amount is $250,000; however, the following stipulations apply:

  • If Olyfed is in 1st lien position, 90% maximum loan to value up to $150,000
  • If Olyfed is NOT in 1st lien position, 80% maximum loan to value up to $150,000
  • 75% maximum loan to value for loan amounts $150,001 – $250,000.
  • 75% maximum loan to value if the purpose of the HELOC is for debt consolidation

HELOC FEES AND CHARGES. To open and maintain a line of credit, you must pay the following fees to us:

Maintenance: $50.00 (due annually). Note that some fees may only apply upon the occurrence of an event and have been provided for informational purposes only.

You must also pay certain fees to third parties, such as appraisers, credit reporting firms, and government agencies. These fees generally total $588.00 to $2,463.00.

The following are an estimate of third-party fees:

  • Appraisal: $0 – $1,100.00
  • Credit report: $25.00 – $50.00
  • Official: $215.00
  • Title insurance: $250.00 – $1,000.00
  • Flood Determination: $17.00
  • Tax Registration: $81.00

Olympia Federal Savings reserves the right to charge to customer a fee, as allowed by law, for any check tendered to Olympia Federal Savings that is not honored and returned to Olympia Federal Savings for any reason including, but not limited to, a stop payment order, insufficient funds or an over the limit draft. You must carry insurance on the property that secures the line of credit.