Home Equity Solutions

Tailored to fit your goals.

If you require extra funds to help pay for big projects or unforeseen circumstances, Flagstar offers a variety of home equity options to help you reach your goals.

Home Equity Solutions

If you require extra funds to help pay for big projects or unforeseen circumstances, Flagstar offers a variety of home equity options to help you reach your goals.

Or if you’re looking for a one-time lump sum for a kitchen remodel, a home equity loan with fixed monthly payments can help you get moving.

Which is right for you?

The easiest way to decide between a home equity loan and home equity line of credit is to compare the two. Take a look.

Home Equity Line of Credit

  • Variable interest rate based on Wall Street Journal prime rate
  • No bank-imposed costs as long as line remains open for 36 months
  • 10-year draw period, 20-year repayment period
  • Line amounts of $10,000 to $1,000,000
  • Multiple draw methods
  • Interest paid may be tax deductible3

Learn more about a Home Equity Line of Credit

Home Equity Loan

  • Fixed interest rate for the life of your loan
  • No prepayment penalty
  • One-time, lump sum payout—ideal for larger expenses or purchases
  • Variety of loan terms available
  • Residential properties only
  • Interest paid may be tax deductible3

Learn more about a Home Equity Loan

1Home Equity Line of Credit (HELOC) annual fee is $75 per year. The Line must remain open for at least 36 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 $100 or the periodic finance charges, and other fees, charges, and costs. 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. Subject to credit approval and underwriting terms and conditions. Rates and programs subject to change without notice and the APR will not exceed 21%. 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.

2HELOANs allow customers the power to pay for large expenses by taking a lump sum of money now, and paying over time with a fixed-interest rate. In addition, it protects customers against payment hikes due to interest rate changes because the payment will remain fixed over the life of the loan.

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. All borrowers are subject to qualification, underwriting approval, lender terms, and conditions. Borrower must be a minimum of 18 years of age and a US citizen or permanent resident alien. This does not constitute a rate commitment. Programs available only to qualified borrowers. Rates and programs subject to change without notice.

Considerations: Fees and charges may vary by product and state. Consolidating or refinancing debt may increase the time and/or the finance charges/total loan amount required to repay debt. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing. Please consult your tax advisor regarding the deductibility of interest.

3Please consult your tax advisor for guidance.

 

Fair Lending Statement