Home Equity Line of Credit

Let your home do all the work.

Tap into the equity you’ve built up in your home. After all, it’s your money.

Home Equity Line of Credit

When you're not sure how to reach your dreams, a home equity line of credit (HELOC) may be the place to start. A HELOC offers a variable-interest rate and works much like a credit card with a revolving line of credit. You have access to funds as needed up to your credit limit throughout the draw period.  


Features you’ll love:

  • Borrow as needed, similar to a credit card
  • Great for periodic expenses—like tuition and emergency funds
  • Multiple draw options (check, online, telephone banking, branch)
  • Interest paid may be tax deductible2

Contact your local branch to apply for more information.


1Flagstar home equity line of credit (HELOC) annual percentage rate (APR) is variable and is based on prime rate published in the Wall Street Journal, as of June 26, 2017, plus a margin which range from 3.74% APR – 7.24% APR for line amounts of $10,000 - $1,000,000. All stated APR ranges apply to lines secured by residential property only, 1-4 unit owner occupied, modular homes, and owner occupied secondary homes. APR stated reflects a 1.25% interest rate discount for Flagstar personal deposit account customers with 750 credit scores, combined loan-to-value (CLTV) below 50% and at least $25,000 initial advance. Your APR may be higher and will be based on the variable-rate index value in effect at the time of account opening, your credit qualifications, amount of the line of credit, loan-to-value ratio, and type of property. No annual fee for first year, then $75 per year ($50 for eligible personal deposit customers). The initial advance must remain outstanding for at least 6 months to avoid payment of closing fees, including, but not limited to title, appraisal, notary and recording fees. Borrower is responsible for paying required government taxes and fees at closing. During the 10 year draw period, your minimum payment will equal the greater of $75 or the periodic finance charges, and other fees, charges and costs. Your minimum monthly payment on your unpaid account balance at the end of the draw period, plus all periodic finance charges and other fees, charges and costs will be amortized equally over the 20 year repayment period. Subject to credit approval and underwriting terms and conditions. Rates and programs subject to change without notice and the APR will not exceed 18%. Offer not valid in TX. 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. You must have verifiable income. Offer may be withdrawn without notice. Rates apply to new HELOC accounts and may not apply to existing HELOC accounts. Please consult your tax advisor regarding the deductibility of interest.

2Please consult your tax advisor for guidance.

Fair Lending Statement