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Personal Home Equity Solutions Home Equity Loan (HELOAN)

Home Equity Loan (HELOAN)

Current HELOAN fixed rates as low as

8.04% APR1

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

Apply now
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Turn your goal into a reality with a home equity loan.

Tackle your kitchen remodel, roof replacement, or other project you’ve been putting off with a home equity loan (HELOAN). With a HELOAN, you receive the entire loan amount at once, making it ideal if you know your project costs in advance. A fixed-rate home equity loan means predictable monthly payments that fit nicely into your budget.


Our simple online application makes it easy to apply for a fixed home equity loan at your convenience. Or stop by a branch so our experienced bankers can help you find the right home equity solution for you.

HOME EQUITY LOAN FEATURES:

  • Loan amounts from $10,000 to $1 million
  • Fixed home equity rates for the life of your loan
  • HELOAN terms available for 10, 15, or 20 year
  • 0.25% interest rate discount with automatic monthly payments from a Flagstar account1
  • One-time, lump-sum payout—ideal for larger expenses or purchases

It’s easy to apply for a HELOAN.

Apply online anytime.

Answer a few questions about yourself, your income, and your mortgage.

Work with an experienced lender.

We're here to guide you through the process.

Access your funds fast.

We'll schedule your HELOAN closing as soon as it's approved.

Apply Now

Home Equity Calculators

Calculate how much home equity you have and what your payments could be.

What you can pay for with a HELOAN

Home Improvements

Pay for a new addition, kitchen remodel, or home office upgrade.

Consolidate Debt

Spend less on high-interest debt.

Tuition Payments

Invest in someone’s future. Find out how much college really costs.

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Cover business, medical, or emergency expenses.

Home equity resources

Use these money management tools to learn which home equity solution is right for you.

Improving your Financial Future: The Advantages of Home Equity

Home Equity Lending & How It Works

Using Home Equity to Pay Off Debt

FAQs

What is a home equity loan?

A home equity loan uses the equity in your home as collateral. (Equity is the home’s value after subtracting the mortgage balance and any other debts that use the home as collateral.)
 
You can apply for a specific loan amount or ask one of our experienced bankers to help you find the maximum amount to apply for. The total amount of the home equity loan and your mortgage balance can be up to 89.99% of the home’s value.
 
The loan approval and amount are based on income, debt, credit history, home equity, and other factors.
 
Once the loan is approved, you’ll receive the entire amount at once. You can use the funds however you’d like. Many of our customers use their home equity loans to pay for home renovation, weddings, supporting a new child, school, emergencies, and other significant expenses.
 
HELOANs have a fixed interest rate, so you’ll make the same monthly payment until the loan is repaid.

What are some common reasons to open a HELOAN?

There are no rules that dictate how to use your home equity loan, but many people apply for a HELOAN to pay for large expenses like these:

 

  • Remodel and renovate—Bring your home to life with a sparkling new kitchen, bigger bathroom, home gym, professional landscaping, or technology upgrades.
  • Home maintenance—Keep the bones of your house in good shape with a new roof, energy-efficient furnace, updated windows, and modern plumbing.
  • Debt consolidation—Potentially lower your monthly bills and boost your credit score by paying off high-interest credit cards, medical bills, and other debt.
  • Emergencies—Cover your expenses during a major life event so you can focus on what’s important.
What’s the difference between a home equity loan and a home equity line of credit (HELOC)?

There are a few significant differences between HELOANs and HELOCs:

 

  • The funds
    A home equity loan gives you the entire loan amount as a lump sum.
    A home equity line of credit lets you draw funds as needed.
  • The interest rate
    A home equity loan has a fixed interest rate with predictable monthly payments.
    A HELOC has a variable interest rate based on Wall Street Journal prime rate, so the monthly payment can fluctuate.
  • The payment period
    A home equity loan can be for 10, 15, or 20 years.
    A HELOC has a 10-year draw period and a 20-year repayment period. During the draw period, you can make payments on interest only or interest and principal.
How can I save on my Flagstar Bank HELOAN?

There are several ways to keep costs down on a home equity loan:

 

  • Receive a 0.25% interest rate discount by setting up automatic monthly payments from a Flagstar checking or savings account when you apply for the loan.
  • The interest on your loan may be tax-deductible. Ask your tax advisor if that’s the case for your specific situation.
How do I make payments on my home equity loan?

You have several convenient ways to make payments on your HELOAN:

 

  • Sign up for MyLoans to set up automatic payments.
  • Pay at a nearby Flagstar branch. Find the closest branch to you here.
  • Pay by phone at (866) 837-4539. You may have to pay a convenience fee for this option.
  • Mail a check to the address below. Please put your loan number in the memo section.

    Flagstar Bank

    P.O. Box 660263

    Dallas, TX 75266-0263
Can I apply for a home equity loan if I’ve paid off my mortgage?

Yes. You need to have equity in your home to apply for a HELOAN, but you don’t need a mortgage.

What if I need to move before I’ve paid off my home equity loan?

Your HELOAN uses your home equity as collateral. When you sell your home, you’ll need to pay back the loan before or during closing. It’s common for people to use the proceeds from the sale to pay off their HELOAN at closing.

Get started

Apply online
Apply Now
Apply at your local branch

You may also be interested in:

Refinance
Learn more
Home Equity Line of Credit
Learn more
Credit Cards
Learn more

For qualified borrowers. Subject to credit approval, underwriting approval, and lender terms and conditions. Programs subject to change without notice. Some restrictions may apply. Not a commitment to lend.

 

1Flagstar 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 8.04% APR is effective as of 1/28/2023. The APR calculation is based on a $50,000 loan amount, 20-year term loan in second lien position, with an 80% or lower combined loan-to-value (CLTV), and 240 monthly payments of $418.22, and reflects a 0.25% 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. The actual APR may vary due to loan programs being offered, lien position, credit history, rates in effect at the time of application, 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 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. 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. HELOANs are only offered through a Retail Banking Branch. Some restrictions may apply.

 

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 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.

 

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