Home Equity Loan
6.43% APR1
Tackle the projects you’ve been putting off.
If you’re looking to remodel your kitchen or finally add on that fourth bedroom, we’re ready to help you get started with a home equity loan. A fixed home equity loan is a one-time lump sum with fixed monthly payments, and is an ideal option for those who know the total amount they’ll need to finance their project in advance. Craft your home improvement project on a solid financial foundation by discussing home equity loan qualifications, options, and benefits with one of our loan experts today.
FEATURES YOU'LL LOVE:
- Fixed home equity rates for the life of your loan
- No prepayment penalty
- One-time, lump-sum payout—ideal for larger expenses or purchases
- Variety of fixed home equity loan terms available
- Residential properties only
- Interest paid may be tax deductible
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1HELOANs allow customers the power to pay for large expenses by taking a lump sum of money now, and paying over time with a fixed-interest rate. In addition, it protects customers against payment hikes due to interest rate changes because the payment will remain fixed over the life of the loan. Flagstar Home Equity Loan (HELOAN) is a fixed-rate and term loan for loan amounts of $10,000 - $1,000,000 with amortization options of 5, 10, 15 and 20 years and a combined loan-to-value of 80% or lower. Secured by primary residence or owner-occupied second home. Actual annual percentage rate (APR) may vary for loan purchases and loan refinances due to loan programs being offered, lien position, credit history, rates in effect at the time of consummation, loan-to-value (LTV), amortization terms, and other factors. Interest rate discount of .25% is available for HELOANs with monthly automatic payments (ACH) established and elected at the time of application 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 state and government specific charges and taxes. Loan amounts greater than $500,000 will require borrower-paid lender’s title 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. 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 TX. 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.
Rate of 6.39% / 6.43% APR effective as of 9/23/2019. The annual percentage rate (APR) calculation is based on a $65,000 loan amount, 15-year term loan in second lien position, with an 80% or lower loan-to-value (LTV), minimum credit score of 720, and 180 monthly payments of $562.30, and reflects a .25% interest rate discount for monthly automatic payments established and elected at the time of application to be paid from a borrower's Flagstar Bank deposit account.
CONSIDERATIONS: Fees and charges may vary by product and state. Consolidating or refinancing debt may increase the time and/or the finance charges/total loan amount required to repay debt. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing. Please consult your tax advisor regarding the deductibility of interest.