Home Equity Line of Credit

Making money accessible exactly when you need it

Turn the value of your home into a smart financing option

Up to
of your home's equity1 with a rate as low as

100% HELOC Features

  • Lines from $5,000 up to $250,000 for qualified borrowers
  • Interest only option available
  • Monthly payment is 1.25% of the outstanding balance of the loan
  • .25% discount if you have a Coastal first mortgage
  • Coastal will pay a portion of the closing costs, which can be as much as $300, on any new Line of Credit opened
  • Eligible lines are available for primary residences 
  • Closing your first and second mortgage with Coastal? We will waive your closing costs on the equity line

90% HELOC Features

  • Lines from $5,000 up to $250,000 for qualified borrowers
  • Interest only option available
  • Payment is 1.25% of the outstanding balance of the loan
  • .25% discount if you have a Coastal first mortgage
  • Coastal will pay a portion of the closing costs, which can be as much as $300, on any new Line of Credit opened
  • Ideal for purchases to avoid Private Mortgage Insurance which means more of your monthly payment  goes towards your principal payment each month
  • Closing your first and second mortgage with Coastal? We will waive your closing costs on the equity line

80% HELOC Features

  • Lines from $5,000 up to $250,000 for qualified borrowers
  • Interest only option available
  • Payment is 1.25% of the outstanding balance of the loan
  • .25% discount if you have a Coastal first mortgage
  • Coastal will pay a portion of the closing costs, which can be as much as $300, on any new Line of Credit opened
  • Closing your first and second mortgage with Coastal? We will waive your closing costs on the equity line

Here's how a Coastal Home Equity Line of Credit could help you bank better:

  • A line of credit gives you flexibility to access money when you need it
  • Access your line of credit 24/7 through Digital Banking and special checks
  • No annual fees, minimum draw fees or prepayment penalties
  • Use for major home improvements, big-ticket items, college expenses, debt consolidation and other purposes
  • Interest might be tax-deductible; consult your tax advisor for full details
  • Property must be located in North Carolina, South Carolina or Virginia
  • This line of credit is eligible for an annual Loyalty Bonus payout

Just the Facts

Sometimes you need a lot of money. Sometimes you just need a little.

That’s how things work in life, especially if you have ongoing expenses like a major home repair project or several years’ worth of college bills. With that in mind, Coastal offers a way for you to borrow just as much as you need at any moment without incurring unnecessary interest costs. It’s called a Home Equity Line of Credit, or HELOC.

The concept is simple: Over the years, as you’ve made mortgage payments on your home, it’s likely that your house’s current market value is far greater than what you owe on your mortgage. That difference in dollars is called equity, and it’s a powerful asset. We offer lines of credit that let you borrow as much as 100% of your home’s equity. Once approved, you can access money at a moment’s notice through digital banking. Or you can write a check – for a lot of money, or just a little.

100% HELOC
100% HELOC
Consolidate your debt into one low payment by financing up to 100% of the equity in your home.

I was able to buy my first home on my own without using all of my savings.
Margaret H.

Frequently Asked Questions

The primary savings is considered the membership account which provides our members with voting rights at the credit union and will always need to remain open and active as long as there are share products or loan products listed under the housing account.

There are two options to make principal only payments. (Excludes first mortgages and VISA Credit Cards)

You can pay an extra amount at the same time you make your regularly scheduled payment. The extra amount paid will automatically be applied to the principal balance. The regular payment and the extra amount must be applied on the same date with this option.

You can make principal only payments at other times as long as your loan is current. Please note, a principal only payment will not advance your due date, and will not take the place of normal monthly payments.

When mailing a check for principal only payments, clearly indicate in the memo section of the check, "PRINCIPAL ONLY" and the account number. Any payment applied as principal and interest, that is not notated "PRINCIPAL ONLY", cannot be reversed and reapplied later.

Please email loanservicing@coastalfcu.org with any questions.

Yes, if you wish to add more funds to your loan or increase it in anyway a new application will need to be submitted

You do not need to have a first mortgage with Coastal to obtain a HELOC.

Coastal only issues 1098 Mortgage Interest Statements for accounts that paid $600 or more in interest during the calendar year. The exact amount of interest paid on your mortgage loan is listed on your December statement.

1 - All applicants must meet underwriting criteria.  Loan or line amount may be less than 100% of your home’s equity.

* APR = Annual Percentage Rate. The APR for a Coastal Federal Credit Union Home Equity Line of Credit is variable and based on Prime Rate as published in the Wall Street Journal, ten days before the end of the prior month (called the "Index"), plus a margin. The index as of October 31, 2019 is 4.75%.  As of November 15, 2019, margins range from -0.76% with Relationship Pricing to +5.49% without any discounts. Your margin will be determined by several factors including but not limited to your credit qualifications, combined loan-to-value, and loan amount. Corresponding variable APRs range from 4.24% to 10.24% for Primary residences. The maximum APR for a home equity line of credit is 15%. All applicants must meet underwriting criteria. Loan or line amount may be less than 100% of your home’s equity.

† All loans are subject to approval. All applicants must meet underwriting criteria. Loan or line amount may be less than 100% of your home’s equity. Rates are subject to change daily. Lending area located in North Carolina, Virginia, and South Carolina. Coastal membership must be established prior to scheduled closing. No refinances of purchase money seconds within 12 months of the closing date. Property insurance is required. Flood Insurance may be required. The minimum loan amount for a Home Equity Line of Credit or Home Equity Loan is $5,000. All lending services are subject to credit approval. Contact a Coastal representative for specific rates and terms. Certain restrictions may apply. To qualify for Relationship Pricing the borrower must have a Coastal first mortgage or close this loan simultaneously with a new Coastal first mortgage. If your loan requires a full appraisal, title insurance, or attorney fees they must be paid at the borrower's expense. To learn about what closing costs may apply to you, please stop by your local branch or call our 24-hour call center at 800-868-4262.

Home Equity Early Disclosure (pdf)

Interest Only Home Equity Early Disclosure (pdf)

Need help?

Send us a secured message: