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Home Equity Loan

Tap into your home's value to tackle big projects

A cost-effective way to finance large expenses

Up to
of your home's equity

100% Home Equity Loan Features

  • Financing available up to 20 years.  If you finance your loan less than 5 years, you may qualify for a lower rate
  • Loans from $5,000 up to $250,000 for qualified borrowers*
  • .25% discount if your payment is automatically deducted from your existing Coastal checking account
  • Coastal will pay a portion of the closing costs, which can be as much as $300, on any new Equity Loan opened
  • Eligible on primary residences 
  • 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 loan

90% Home Equity Loan Features

  • Financing available up to 20 years.  If you finance your loan less than 5 years, you may qualify for a lower rate.
  • Loans from $5,000 up to $250,000 for qualified borrowers*
  • .25% discount if your payment is automatically deducted from your existing Coastal checking account
  • Coastal will pay a portion of the closing costs, which can be as much as $300, on any new Equity Loan opened
  • Eligible on primary residences 
  • 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 loan

80% Home Equity Loan Features

  • Financing available up to 20 years.  If you finance your loan less than 5 years, you may qualify for a lower rate
  • Loans from $5,000 up to $250,000 for qualified borrowers*
  • .25% discount if your payment is automatically deducted from your existing Coastal checking account
  • Coastal will pay a portion of the closing costs, which can be as much as $300, on any new Equity Loan opened
  • Eligible on primary residences 
  • Closing your first and second mortgage with Coastal? We will waive your closing costs on the equity loan

Here's how a Coastal Home Equity Loan could help you bank better:

  • Borrow up to 100% of the equity you have in your house at competitive rates
  • Use money for major home improvements, college expenses or to consolidate high-interest debt
  • A lump sum loan means a fixed monthly payment, making it easier to set your family’s budget
  • Choose repayment terms that make the most sense for you, from 5 to 20 years, with the shorter term featuring a lower rate
  • Pay off your loan ahead of time without penalty
  • Interest on the loan might be tax-deductible; consult your tax advisor for full details
  • Home must be located in North Carolina, South Carolina or Virginia
  • This loan is eligible for an annual Loyalty Bonus payout, which has totaled $11.7 million paid to members since we started the program

Just the Facts

Your home could hold the key to reaching your goals.

You’ve worked hard to pay down that initial mortgage. And hopefully, the value of your home has gone up since you made the purchase. What you’re left with is called equity – the difference in dollars between what you still owe on the house and its current market value. That equity is now one of your biggest assets, and you can leverage it for a loan.

At Coastal, we offer competitive rates, flexible terms and we’ll allow you to borrow up to 100% of the equity in your house – far more than most standard banks permit. Though most people think of home equity loans as funding sources for home improvement projects, you can also buy furniture, electronics or other big-ticket items. You can pay for a vacation or college costs. You can get rid of your high-interest debt. Or there may be some other dream you want to fulfill. The truth is, you can use the money for almost anything. That’s a point we like to drive home.

Daymark Realty
Daymark Realty
Wholly owned by Coastal Credit Union, Daymark Realty offers exceptional savings and service whether you are buying or selling real estate.

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

Frequently Asked Questions

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.

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.

† - APR = Annual Percentage Rate. The APR for a Coastal Federal Credit Union Home Equity Loan is fixed and is based on Coastal Federal Credit Union's Qualified Loan Program and include the Relationship Pricing discount. Rates provided are based on loan amounts of $25,000 or greater. For rates on loan amounts below $25,000, please stop by your local branch or call our 24-hour call center at 800-868-4262. Your rate may vary and is determined by your credit qualifications, amount financed, collateral, loan terms and combined loan-to-value. The minimum APR for a Home Equity loan is 4.30% with relationship pricing. The maximum APR for a Home Equity loan is 15%. A payment example of a Home Equity Loan: As of July 1, 2017, an amount financed of $50,000 at a term of 180 months at 80% combined loan-to-value with an APR of 5.30% would result in 180 equal monthly payments of $404.20.

* - All loans are subject to approval. 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. Home values determined by appraisals. Certain restrictions may apply. To qualify for Relationship Pricing the borrower must agree to have their monthly payments automatically drafted from their qualified Coastal checking account. Quoted APR’s include the payment of third-party closing costs, which range from $10 to $2,000 depending on the loan amount. 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.

Need help with Home Equity Loan?

Call 800-868-4262 to speak with a representative