HELOCs at a Glance

Fixed and variable rate: Variable, with the option of converting to a fixed-rate HELOC.

How can I withdraw funds? You can transfer funds to your checking account through BECU online banking.

Origination fee: No

Loan to-value ratio Unknown

Uncertain Time to Fund

Boeing Employees Credit Union (Boeing Employees Credit Union) has more than 50 locations. Most of these are located in Washington, but there are also two locations within a Boeing plant in South Carolina. It was limited to Boeing employees for much of its history. However, anyone who lives, works, worships, or goes to school in Washington today is welcome to join.

BECU offers HELOCs (home equity lines of credit) and other financial products.


  • There are no upfront, origination, or application fees
  • Credit limit up to $500,000
  • You have the option to change to a fixed rate HELOC


  • Only for BECU members
  • Rates are comparable to HELOCs from other credit unions.
  • Online listing of underwriting criteria is not available

Four things you need to know about a BECU

Let’s have a closer look at the BECU HELOC’s key features.

1. Only for BECU members

BECU HELOCs can only be obtained by credit union members. However, this is not a barrier for those who are eligible. BECU membership is free.

There are many ways to qualify. You might be eligible if:

  • Washington State is a great place to live, work, worship, or go to school.
  • Select Oregon and Idaho counties are available for you to live in
  • You can join a partner organization such as the University of Washington Alumni Association or Washington State University Alumni Association.
  • You are a current, retired, volunteer, or current employee of BECU, Boeing, a credit union or credit union.

2. Advance option for fixed-rate HELOC

The variable interest rate for a BECU HELOC is the initial rate. This means that the interest rate and payments can change depending on market conditions. BECU offers borrowers, unlike other lenders, the ability to convert a portion or all of their HELOC into a fixed-interest rate loan to help with predictable budgeting.

Fixed-rate loans allow you to borrow up to $5,000 and lock in a fixed rate for the term. You can choose a term between one and fifteen years depending on your financial needs. BECU allows you to borrow money for multiple purposes. You can get up to three fixed rate loans from your BECU HELOC.

3. There are no upfront, origination, or application fees

A BECU HELOC will not charge an application fee. There are no upfront fees charged by the credit union. This means that you don’t have to budget for origination, appraisal, title insurance, document mailing fees, or escrow fees.

BECU doesn’t charge prepayment penalties so borrowers can pay off their loans early. If you pay your HELOC off early, some lenders may charge a fee. The fee is usually a few hundred dollars.

4. You can borrow up to $500,000

A BECU HELOC credit limit is $500,000 but the credit union website does not list the maximum amount homeowners can borrow. The minimum credit score required by BECU is not listed on its website. Borrowers must meet the underwriting criteria.

What is the difference between a HELOC or a home equity loan (HELOC)?

Both home equity loans and HELOCs use your home as collateral. This means that you borrow against your home’s value and the lender can take your house to pay the loan off.

A HELOC, which is similar to a credit card allows you to withdraw and repay money at your discretion up until the limit of your credit. This is a great option for those who don’t know how much money they need.

The home equity loan is different. You typically borrow a lump sum and repay it over a period of time. If you are certain you will need the money to pay for school tuition or debt consolidation, this could be an option.

What is a BECU HELOC good at?

For homeowners with equity in their home and who are eligible for BECU membership, a BECU HELOC may be an option. Fixed-rate advances may be appealing to homeowners who are looking for predictable, stable payments in a rising rate environment.

How to Apply for a BECU HELOC

The BECU Home Equity line of credit application process is very simple. Online applications can be completed in as little as 10 to 15 minutes. Or, you can apply in person at any BECU branch.

BECU members who are not BECU members will need to enroll in online banking and apply for BECU membership. Online banking is also available for members. You can also apply in person at your local branch, but make sure you schedule an appointment.

BECU recommends that you have the following documents available, regardless of whether you apply online or in person:

  • Your Individual Taxpayer Identification number (or Social Security Number)
  • Valid U.S. government-issued identification, such as your driver’s license
  • A utility bill is proof of address

Are you unsure if BECU is right to you? These are some alternatives.

  • WAFd Bank: WAFd Bank may be a good choice for those who need to borrow more than the credit limit of their BECU but want to use a local bank.
  • Bank of America This national bank’s HELOCs could be a good option if you are looking for another option that allows you to convert to a fixed rate loan.