PASEDENA, Calif.—For California homebuyers, upgrading or purchasing a new primary residence has become an uphill climb. With home prices nearly double the national average, rising mortgage rates, and scarce inventory, buyers are under more pressure than ever.
To address the problem, $6.1-billion Wescom Financial has rolled out HELOC Flex, a new home equity line of credit designed with more flexible terms to help Californians tap into the value of their current home when making their next move.
“Our new HELOC Flex offering is a direct result of listening to our members and seeing the need for more financial flexibility in this economy. The HELOC Flex enables them to take advantage of the equity in their current home without having to wait for their home to be sold before they can buy another one,” said Jeff Smrcka, vice president consumer lending at Wescom. “We are addressing the growing competitive landscape around homebuying through this solution.”
Wescom’ said its new HELOC Flex offers three key advantages for members looking to leverage the equity in their current primary residence:
- Flexibility in Timing: Members do not need to wait for their current primary home to sell before buying their new primary property, meaning they can act quickly in a competitive market, to ensure they do not miss out on their dream home
- Access to Funds: Members can access the funds they need for a down payment or outright purchase of a new primary home almost immediately. This immediate liquidity allows them to secure the financing needed while managing the sale of their current primary home at their desired pace
- Competitive Rates: Wescom’s competitive pricing ensures it is an attractive option in the current landscape
In 2025 alone, Wescom has financed over 1,200 HELOCs for more than $350 million throughout California. Wescom said it anticipates a record-setting year as production continues to grow based on existing HELOC programs and consumer demand.