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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 April 29, 2016, plus a margin which ranges from 2.99% APR – 6.49% APR for line amounts of $10,000 - $1,000,000. APR will not exceed 18%. 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 shown 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). Line of credit must remain outstanding for at least 6 months to avoid repayment of closing fees, including, but not limited to title, appraisal, and recording Fees. 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. 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 Offer may be withdrawn without notice.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.
2Please consult your tax advisor for guidance.