The HELOC has a variable rate that may increase or decrease based on adjustments to the Wall Street Journal Prime Rate, which could change multiple times during the life of the loan. HELOC loan amounts can range between $10,000 and $1 million with a maximum combined loan-to-value (CLTV) ratio of 85%. The loan term is 30 years with a 10-year draw period, in which advances of credit can be taken and a 20-year repayment period, in which credit advances are no longer available. During the draw period, for lines with an outstanding balance, minimum monthly payments are due and depend on the outstanding balance, finance charges and other costs and fees. If interest-only payments are made during the draw period, making the minimum payment may not reduce the principal balance. During the repayment period the minimum payment for each billing cycle will be 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. Annual fee is $75 per year and is waived the first year. Flagstar pays customary closing fees, including, but not limited to, title fees, appraisal fees, document signing fees, and recording fees. If the HELOC account is terminated within 36 months of account opening, borrower repayment of closing fees will be required. Line amounts greater than $500,000 require borrower to pay for Lender's Title Insurance. Borrower is also responsible for paying all applicable government taxes and fees at closing as permitted by law. 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 is responsible for separate payments of property taxes and insurance. The borrower must have verifiable income. Offer not valid in, Puerto Rico, or the U.S. Virgin Islands.

Properties in Texas: Property is limited to 1-unit residential structures with a maximum CLTV of 80%. There are no annual fees nor requirement for repayment of closing fees. Use of power of attorney, closing in trust or non-occupying co-borrowers is not eligible. A draw is not required to be taken at closing; however, if a draw is taken, it must be at least $4,000.