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Home Equity Solutions

Need some cash to pay for a house project, tuition, or a recent setback? Your home equity could be the perfect way to take care of things. 

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Should you get a home equity loan or line of credit?

The answer comes down to timing. If you'll use the funds over a period of months or years, choose a home equity line of credit (HELOC). If you need the entire amount all at once, get a home equity loan. 

Borrow as you need

Home equity line of credit

Introductory APR

6.75% APR1

for the first 6 billing cycles

As low as

9.99% APR2

current variable rate thereafter

Tap into your home's equity as needed with a HELOC. Continue to draw off of the available line amount throughout the draw period.

  • Line of credit amounts from $10,000 to $1 million
  • Variable interest rate based on The Wall Street Journal prime rate
  • 10-year draw period, 20-year repayment period
  • 0.25% interest rate discount with automatic monthly payments from a Flagstar account
Apply now
Learn more

Home equity loan

 

We do not currently offer this product in your area.

 

Borrow as you need

Home equity line of credit

Introductory APR

6.75% APR1

for the first 6 billing cycles

As low as

9.99% APR2

current variable rate thereafter

Tap into your home's equity as needed with a HELOC. Continue to draw off of the available line amount throughout the draw period.

  • Line of credit amounts from $10,000 to $1 million
  • Variable interest rate based on The Wall Street Journal prime rate
  • 10-year draw period, 20-year repayment period
  • 0.25% interest rate discount with automatic monthly payments from a Flagstar account
Apply now
Learn more

Lump-sum loan

Home equity loan

8.30% APR3

If you’re looking for a one-time sum for, say, a kitchen or bathroom remodel, a home equity loan could be the way to go. It features fixed monthly payments for the life of the loan.

  • Loan amounts from $10,000 to $1 million
  • Fixed home equity rate for the life of your loan
  • Terms available for 10, 15, or 20 years
  • One-time, lump-sum payout for large expenses or purchases
  • 0.25% interest rate discount with automatic monthly payments from a Flagstar account2
Apply now
Learn more
 

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Mortgage Refinance

With a mortgage refinance, you could lower your payments, get a better rate, or free up cash. 
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Flagstar Visa® Credit Cards

Choose a credit card with the perks you want, like cash back, rewards, bonuses, and more.
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Checking Accounts

Explore our personal checking account options to find the right fit for you. 

1For new Home Equity Line of Credit (HELOC) accounts, an introductory Annual Percentage Rate (APR) of 6.75% is available for the first 6 billing cycles after the account open date when the initial draw at closing meets one of the following criteria: 1. For lines of credit greater than $50,000, the initial draw is the greater of 50% of the full line amount or $50,000; or 2. For lines of credit less than or equal to $50,000, the initial draw is equal to the full line amount. Introductory rate is not available for purchase transactions or lines of credit that are not secured by a 1-4 unit primary residence. After the introductory period ends, the actual APR and payments will be variable for the life of the loan and will be based on the published Wall Street Journal Prime Rate Index in effect at that time, plus a margin. The margin will be based upon the specific characteristics of the credit application, including credit history, line amount, property type, lien position, Combined Loan to Value (CLTV), geographic location and other factors. Effective 2/24/2025, the current variable APR will range from 9.99% to 21.00%; it will not exceed 21.00. Introductory rate is available for new HELOC accounts only and promotional rate is not eligible for refinancing existing Flagstar loans. This offer can expire at any time.

2This is an example of an APR based on the Wall Street Journal prime rate (index) as of 2/24/2025, plus a margin. Rate is for illustrative purposes only and is subject to change without notice. It reflects a primary residence transaction (outside the states of CA, or NY) with the following characteristics: qualifying credit score of 760 or higher; loan amount of $75,000 or higher; CLTV of 60% or lower and includes a 0.250% interest rate discount for setting up automated monthly payments from a Flagstar deposit account prior to closing and continuing to maintain automated payments after closing. The discount will only apply after the introductory rate expires.

3Flagstar Home Equity Loan (HELOAN) is a fixed-rate and term loan for loan amounts of $10,000 to $1 million with amortization options of 10, 15, and 20 years secured by primary residence; specifically, 1- to 4-unit residential homes and modular homes. The annual percentage rate (APR) of 8.30% APR is effective as of 3/25/2025. The APR calculation is based on a $75,000 loan amount, 20-year term loan in second lien position, with an 80% or lower combined loan-to-value (CLTV), credit score of 760 or higher, and 240 monthly payments of $639.05. The actual APR may vary due to loan programs being offered, lien position, credit history, rates in effect at the time of closing, loan-to-value (LTV), amortization terms, and other factors. The APR is based on loan amount, loan term, interest rate, and includes an estimated 15 days of prepaid interest. The APR may change if the loan amount, interest rate, loan term, or number of days of prepaid interest changes. Interest rate discount of 0.25% is available for HELOANs with monthly automatic payments (ACH) established and elected at the time of closing to be paid from a borrower’s Flagstar Bank deposit account. APR is subject to change at any time prior to consummation. No bank-imposed closing costs. Borrower will be responsible for prepaid interest and all applicable state and government specific charges and taxes. Borrower will be responsible for title insurance fees for refinance land contract transactions or loan amounts greater than $500,000. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. Borrower will make monthly principal and interest payments. Borrower is responsible for paying separate property taxes and insurance. Rates apply to new HELOAN accounts and may not apply to existing HELOAN accounts. Borrowers must have verifiable income. Offer not valid in Texas, Puerto Rico, or the U.S. Virgin Islands. Not a commitment to lend. Programs available only to qualified borrowers. Subject to credit approval, underwriting approval, and lender terms and conditions. Programs subject to change without notice. Some restrictions may apply.

 

1For new Home Equity Line of Credit (HELOC) accounts, an introductory Annual Percentage Rate (APR) of 6.75% is available for the first 6 billing cycles after the account open date when the initial draw at closing meets one of the following criteria: 1. For lines of credit greater than $50,000, the initial draw is the greater of 50% of the full line amount or $50,000; or 2. For lines of credit less than or equal to $50,000, the initial draw is equal to the full line amount. Introductory rate is not available for purchase transactions or lines of credit that are not secured by a 1-4 unit primary residence. After the introductory period ends, the actual APR and payments will be variable for the life of the loan and will be based on the published Wall Street Journal Prime Rate Index in effect at that time, plus a margin. The margin will be based upon the specific characteristics of the credit application, including credit history, line amount, property type, lien position, Combined Loan to Value (CLTV), geographic location and other factors. Effective 2/24/2025, the current variable APR will range from 9.99% to 21.00%; it will not exceed 21.00. Introductory rate is available for new HELOC accounts only and promotional rate is not eligible for refinancing existing Flagstar loans. This offer can expire at any time.

2This is an example of an APR based on the Wall Street Journal prime rate (index) as of 2/24/2025, plus a margin. Rate is for illustrative purposes only and is subject to change without notice. It reflects a primary residence transaction (outside the states of CA, or NY) with the following characteristics: qualifying credit score of 760 or higher; loan amount of $75,000 or higher; CLTV of 60% or lower and includes a 0.250% interest rate discount for setting up automated monthly payments from a Flagstar deposit account prior to closing and continuing to maintain automated payments after closing. The discount will only apply after the introductory rate expires.

3Flagstar Home Equity Loan (HELOAN) is a fixed-rate and term loan for loan amounts of $10,000 to $1 million with amortization options of 10, 15, and 20 years secured by primary residence; specifically, 1- to 4-unit residential homes and modular homes. The annual percentage rate (APR) of 8.30% APR is effective as of 3/25/2025. The APR calculation is based on a $75,000 loan amount, 20-year term loan in second lien position, with an 80% or lower combined loan-to-value (CLTV), credit score of 760 or higher, and 240 monthly payments of $639.05. The actual APR may vary due to loan programs being offered, lien position, credit history, rates in effect at the time of closing, loan-to-value (LTV), amortization terms, and other factors. The APR is based on loan amount, loan term, interest rate, and includes an estimated 15 days of prepaid interest. The APR may change if the loan amount, interest rate, loan term, or number of days of prepaid interest changes. Interest rate discount of 0.25% is available for HELOANs with monthly automatic payments (ACH) established and elected at the time of closing to be paid from a borrower’s Flagstar Bank deposit account. APR is subject to change at any time prior to consummation. No bank-imposed closing costs. Borrower will be responsible for prepaid interest and all applicable state and government specific charges and taxes. Borrower will be responsible for title insurance fees for refinance land contract transactions or loan amounts greater than $500,000. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. Borrower will make monthly principal and interest payments. Borrower is responsible for paying separate property taxes and insurance. Rates apply to new HELOAN accounts and may not apply to existing HELOAN accounts. Borrowers must have verifiable income. Offer not valid in Texas, Puerto Rico, or the U.S. Virgin Islands. Not a commitment to lend. Programs available only to qualified borrowers. Subject to credit approval, underwriting approval, and lender terms and conditions. Programs subject to change without notice. Some restrictions may apply.

 

The HELOC has a variable rate that may increase or decrease based on adjustments to the Wall Street Journal Prime Rate, which could change multiple times during the life of the loan. HELOC loan amounts can range between $10,000 and $1 million with a maximum combined loan-to-value (CLTV) ratio of 85%. The loan term is 30 years with a 10-year draw period, in which advances of credit can be taken and a 20-year repayment period, in which credit advances are no longer available. During the draw period, for lines with an outstanding balance, minimum monthly payments are due and depend on the outstanding balance, finance charges and other costs and fees. If interest-only payments are made during the draw period, making the minimum payment may not reduce the principal balance. During the repayment period the minimum payment for each billing cycle will be the greater of $100 or the amount sufficient to repay the account balance in full by the maturity date in substantially equal payments plus the finance charges that accrued for that billing cycle and other fees, charges, and costs. Annual fee is $75 per year and is waived the first year. Flagstar pays customary closing fees, including, but not limited to, title fees, appraisal fees, document signing fees, and recording fees. If the HELOC account is terminated within 36 months of account opening, borrower repayment of closing fees will be required. Line amounts greater than $500,000 require borrower to pay for Lender's Title Insurance. Borrower is also responsible for paying all applicable government taxes and fees at closing as permitted by law. Property insurance is required. If the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. The borrower is responsible for separate payments of property taxes and insurance. The borrower must have verifiable income. Offer not valid in, Puerto Rico, or the U.S. Virgin Islands.

Properties in Texas: Property is limited to 1-unit residential structures with a maximum CLTV of 80%. There are no annual fees nor requirement for repayment of closing fees. Use of power of attorney, closing in trust or non-occupying co-borrowers is not eligible. A draw is not required to be taken at closing; however, if a draw is taken, it must be at least $4,000.

CONSIDERATIONS: The annual percentage rate (APR), fees and charges may vary by product and property state. Consolidating or refinancing debt may increase the time and/or the finance charges/total loan amount required to repay the debt. Consult your tax advisor regarding the deductibility of interest. Important information will be provided to you in the disclosures you receive after we have received your application and within the loan documents you are provided at loan closing.

Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan to value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.

Fair Lending Statement

Flagstar Bank NMLS# 417490