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Home Equity Line of Credit (HELOC)

Get going with a special introductory rate.

Introductory APR

6.75% APR1

for the first 6 billing cycles

As low as

8.49% APR2

current variable rate thereafter

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.

Award-winning lender

Best HELOC Lenders of 2024
USA Today Blueprint3

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 period
  • 0.25% interest rate discount with automatic monthly payments from a Flagstar account

Get started today

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Ready to apply online?

Start your home equity application here. Don't worry—if you get stuck, we're just a phone call away.

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Speak with a loan advisor.

We'll help you start your home equity application, and answer all your questions.

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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 3/28/25, the current variable APR will range from 8.49% 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 3/28/25, 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.

3USA Today has named Flagstar one of the best HELOC lenders of 2024 https://www.usatoday.com/money/blueprint/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. 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.

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.

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