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Home Equity Line of Credit (HELOC)

Current variable rate as low as

9.49% APR1

Rate includes a discount for automatic payments from a Flagstar deposit account.

 

Home Equity Line of Credit (HELOC)

 
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Make it happen with a HELOC.

If a goal or major expense is on the horizon, a HELOC could be just the solution you need. Because they're secured by your home, HELOCs have lower rates than most credit cards. Plus, you can use the funds any way you'd like, now or later, because once your HELOC is approved, you can draw from it for 10 years.1

Award-winning lender

Credible named us one of the best HELOC lenders of 2023.2

Flexible funds

Use your HELOC to pay for home improvements, college tuition, or whatever you need.

Consolidate debt

Spend less on interest when you pay off high-interest credit card and medical debt with your lower-rate HELOC.

HELOC funds are there when you need them.

Sometimes, a little extra cash can make a big difference. When a big project, expense, or opportunity comes your way, you can pay for it with a home equity line of credit (HELOC). It’s perfect for projects that happen in stages, such as school tuition, a home office upgrade, or other home improvements. Your available line amount can be used 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 period1
  • No bank closing fees if HELOC remains open for 36 months
  • 0.25% interest rate discount with automatic monthly payments from a Flagstar account1

Get started

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Visit a branch

We’ll walk you through it. Stop by the nearest branch to open an account in person.

 
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Speak with a loan advisor.

We'll help you find the right loan, start your application, and answer your questions.

 

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1The sample annual percentage rate (APR) is based on the Wall Street Journal prime rate (index) as of 4/14/2024, plus a margin. The sample APR reflects a primary residence combined loan-to-value (CLTV) ratio of 80% or lower, and a 0.25% interest rate discount that is available for HELOCs with monthly automatic payments (ACH) established and elected at the time of application to be paid from a borrower’s Flagstar Bank deposit account. Actual APR remains variable for the life of the loan and will be based on the published Wall Street Journal prime rate (index) in effect, plus a margin determined by the borrower's credit qualifications, the amount of the line of credit, lien position, CLTV ratio, type of property, and other factors. Effective 12/3/2023, the current variable APR will range from 9.49% to 21.00%; it will not exceed 21.00% APR. Rates apply to new HELOC accounts and may not apply to existing HELOC accounts.

Flagstar Home Equity Line of Credit (HELOC) is a variable rate, revolving line of credit secured by a primary residence (1- to 4- unit residential homes and modular homes) or secondary residence (1- unit residential homes). HELOC loan amounts can vary between $10,000 and $1 million with a combined loan-to-value (CLTV) ratio of 85.00% or lower. Annual fee is $75 per year and is waived the first year. The HELOC must remain open for at least 36 months to avoid payment of closing fees, including, but not limited to, title, appraisal, document signing fee, and recording fees. Loan amounts greater than $500,000 require borrower-paid Lender's Title Insurance. Borrower is responsible for paying all applicable government taxes and fees at closing as permitted by law. There is a 10-year draw period in which minimum monthly payments are due. If interest-only payments are selected during the 10-year draw period, only paying the minimum payment may not reduce the principal balance. During the 20-year Repayment Period, if any, your minimum payment for each Billing Cycle will equal 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. The borrower is responsible for separate payments of property taxes and insurance. 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 must have verifiable income. Offer not valid in Texas, Puerto Rico, or the U.S. Virgin Islands. For qualified borrowers. Subject to credit approval, underwriting approval, and lender terms and conditions.

2Credible named Flagstar Bank one of the best Home Equity Line of Credit (HELOC) lenders of 2023. https://www.credible.com/blog/mortgages/best-heloc-lenders/

 

1The sample annual percentage rate (APR) is based on the Wall Street Journal prime rate (index) as of 4/14/2024, plus a margin. The sample APR reflects a primary residence combined loan-to-value (CLTV) ratio of 80% or lower, and a 0.25% interest rate discount that is available for HELOCs with monthly automatic payments (ACH) established and elected at the time of application to be paid from a borrower’s Flagstar Bank deposit account. Actual APR remains variable for the life of the loan and will be based on the published Wall Street Journal prime rate (index) in effect, plus a margin determined by the borrower's credit qualifications, the amount of the line of credit, lien position, CLTV ratio, type of property, and other factors. Effective 12/3/2023, the current variable APR will range from 9.49% to 21.00%; it will not exceed 21.00% APR. Rates apply to new HELOC accounts and may not apply to existing HELOC accounts.

Flagstar Home Equity Line of Credit (HELOC) is a variable rate, revolving line of credit secured by a primary residence (1- to 4- unit residential homes and modular homes) or secondary residence (1- unit residential homes). HELOC loan amounts can vary between $10,000 and $1 million with a combined loan-to-value (CLTV) ratio of 89.99% or lower. Annual fee is $75 per year and is waived the first year. The HELOC must remain open for at least 36 months to avoid payment of closing fees, including, but not limited to, title, appraisal, document signing fee, and recording fees. Loan amounts greater than $500,000 require borrower-paid Lender's Title Insurance. Borrower is responsible for paying all applicable government taxes and fees at closing as permitted by law. There is a 10-year draw period in which minimum monthly payments are due. If interest-only payments are selected during the 10-year draw period, only paying the minimum payment may not reduce the principal balance. During the 20-year Repayment Period, if any, your minimum payment for each Billing Cycle will equal 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. The borrower is responsible for separate payments of property taxes and insurance. 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 must have verifiable income. Offer not valid in Texas, Puerto Rico, or the U.S. Virgin Islands. For qualified borrowers. Subject to credit approval, underwriting approval, and lender terms and conditions.

2Credible named Flagstar Bank one of the best Home Equity Line of Credit (HELOC) lenders of 2023. https://www.credible.com/blog/mortgages/best-heloc-lenders/

 

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. Please 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.

Flagstar Bank NMLS# 417490