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 borrowers3
  • 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 borrowers3
  • 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 borrowers3
  • 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

70% HELOC Features

  • Lines from $5,000 up to $250,000 for qualified borrowers3
  • 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.

Adjustable-Rate Mortgage
Adjustable-Rate Mortgage
Apply for this flexible home loan if you plan on paying it off, refinancing or moving before the rate adjusts.

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

Frequently Asked Questions

A home equity line of credit is a revolving line of credit secured by your home and is the most flexible type of home financing available. As payments during the draw period are applied to the outstanding principal balance on the credit line, your available credit increases.

Property must be a primary residence located in North Carolina, South Carolina, or Virginia.  Eligible property types are single family detached, Townhouses and Condominiums only.

You do not need to have a first mortgage with Coastal to obtain Home Equity Line of Credit (HELOC).

Because of the competitive interest rates and potential tax advantages of home equity lines, they are convenient ways to finance home improvements/repairs, education, purchasing a vehicle, buying a second property or consolidating higher interest rate balances.  Member should consult a tax advisor for additional information.

You can borrow as little as $5,000 or up to $250,000 depending on your credit history, available equity in the property and your current monthly debt up to 100% of the Loan to Value (LTV).  Higher loan amounts may be available if your first mortgage with Coastal.

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

2. 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 July 20, 2020 is 3.25%. As of July 20, 2020, margins range from .25% with Relationship Pricing to +2.80% without any discounts. Qualifications for Relationship Pricing is based on having a 1st. Mortgage with Coastal Federal Credit Union. Your margin will be determined by several factors including but not limited to your credit qualifications, combined loan-to-value, Relationship Pricing and loan amount. Corresponding variable APRs range from 3.50% to 8.20% 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.

3. 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)

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