¹An introductory Annual Percentage Rate (APR) of 7.99% 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, initial draw must be the greater of 50% of the full line amount or $50,000 2. For lines of credit less than or equal to $50,000, the initial draw must be the full line amount. Offer can expire at any time. Introductory rate not available for purchase transactions or lines of credit secured by secondary residences. APR of 8.99% following the introductory period for the first 6 billing cycles reflects a primary residence combined loan-to-value (CLTV) ratio of 80% or lower, and a 0.25% interest rate discount that is available for HELOCs with monthly automatic payments (ACH) established and elected at the time of application to be paid from a borrower’s Flagstar Bank deposit account. Actual APR is variable for the life of the loan and will be based on the published Wall Street Journal prime rate (index) in effect, plus a margin determined by the borrower's credit qualifications, the amount of the line of credit, lien position, CLTV ratio, type of property, and other factors.

Effective 9/13/2024, the current variable APR will range from 8.99% - 21.00%; it will not exceed 21.00% APR. Discounts will only apply after the introductory rate expires. Rates apply to new HELOC accounts and may not apply to existing HELOC accounts. Flagstar Home Equity Line of Credit (HELOC) is a variable rate, revolving line of credit secured by a primary residence (1- to 4- unit residential homes and modular homes) or secondary residence (1- unit residential homes). HELOC loan amounts can vary between $10,000 and $1 million with a combined loan-to-value (CLTV) ratio of 85.00% or lower. Annual fee is $75 per year and is waived the first year. The HELOC must remain open for at least 36 months to avoid payment of closing fees, including, but not limited to, title, appraisal, document signing fee, and recording fees. Loan amounts greater than $500,000 require borrower-paid Lender's Title Insurance. Borrower is responsible for paying all applicable government taxes and fees at closing as permitted by law. There is a 10-year draw period in which minimum monthly payments are due. If interest-only payments are selected during the 10-year draw period, only paying the minimum payment may not reduce the principal balance. During the 20-year Repayment Period, if any, your minimum payment for each Billing Cycle will equal 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. The borrower is responsible for separate payments of property taxes and 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. The borrower must have verifiable income. Offer not valid in Puerto Rico, or the U.S. Virgin Islands. For qualified borrowers. Subject to credit approval, underwriting approval, and lender terms and conditions.

Properties in Texas: Limited to 1-unit residential properties. No annual fee or recapture of closing fees. Use of power of attorney, closing in trust or non-occupying co-borrowers are not eligible. Draw not required to be taken at closing, however, any draw taken during the draw period must be a minimum of $4,000.

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. 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.

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.

²Credible named Flagstar Bank one of the best Home Equity Line of Credit (HELOC) lenders of 2023. https://www.credible.com/blog/mortgages/best-heloc-lenders/