Home Equity Line of Credit

Use the equity in your home to get the money you need.

Rates as low as

6.60 %
APR 31
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Achieve your financial goals.

Unlock the potential of your home equity in North Carolina

  • High Loan-to-Value Ratio:

    Borrow up to 100% of your home's combined loan-to-value, offering you more accessible funds.32

  • Get up to Quarter-Percent Off Rate Discount

    Enjoy a 0.25% rate discount if you have a Coastal first mortgage.

  • No Servicing Fees

    Benefit from no annual fees, no draw fees, and no prepayment penalties.31

  • Closing Cost Coverage

    Coastal pays all standard closing costs on new home equity lines of credit.30

Put the equity in your home to work for you in North Carolina

  • Flexible Access to Money

    Draw money as needed, offering flexibility for ongoing projects or expenses.
     

  • Tax-Deductible Interest

    Interest on your home equity may be tax-deductible (please consult your tax advisor).

  • Versatile Use

    Ideal for home improvements, college expenses, or consolidating high-interest debt.

  • Convenient Access

    Manage and access your line of credit 24/7 through Digital Banking, our Mobile Banking App, and special checks.

Home Equity Line of Credit Rates

Enjoy a 0.25% rate discount if you have a Coastal First Mortgage. 

Product Annual Percentage Rate Variable as low as (Primary Residence)
Up to 70% of your home's combined loan-to-value 32 6.60% APR 31
Up to 80% of your home's combined loan-to-value 32 6.65% APR 31
Up to 90% of your home's combined loan-to-value 32 6.74% APR 31
Up to 100% of your home's combined loan-to-value 32 9.55% APR 31

 

How It Works

Line of Credit Limits

Available from $10,000 up to $250,000 for qualified borrowers.

Application Process

Apply online or in a branch to start the process. Once approved, you can draw from the line of credit as needed.

Flexible Use

Use your HELOC for home renovations, funding education, debt consolidation, and more.

Home Equity Line of Credit (HELOC) Loan Benefits

  • Flexible Access to Funds

    Draw money as needed, offering flexibility for ongoing projects or expenses.

  • Variable Interest Rate

    Your rate is subject to change monthly.

  • Interest-Only Option

    Manage your cash flow effectively with an interest-only payment option.

  • Revolving Credit

    As you repay the borrowed amount, your available credit replenishes.

  • No Draw Fees

    Benefit from no draw fees, no annual fees, or prepayment penalties.

Frequently asked questions about a Home Equity Line of Credit.

You may be able to borrow up to 100% of your home's combined loan-to-value, subject to loan approval and underwriting criteria.
Standard closing costs are paid by Coastal. However, additional closing costs may be required to be paid by you based on your property, location, and loan amount. For more information on which closing costs may apply to you, contact us at 800-868-4262.
Funds for your home equity line of credit will be available within four to seven business days after your loan closing is completed.
To increase your limit on your Home Equity Line of Credit, you would need to submit a new application and meet current approval requirements to request a higher credit limit.
To estimate how much equity you have in your home, first determine your home's approximate value using an estimated value tool such as Zillow, Redfin, or your home's tax assessment value. Then, use the estimated Home Value minus the balance of your First Mortgage and any other liens against your property to determine the estimated available equity in your home.
An appraisal may be required depending on your property type, property condition, loan amount, or if we are not able to obtain an automated value for your property.
Application process may vary depending on the needs to verify and complete your application. Currently, the process may take 14 to 30 days.
Yes! You can use a home equity for a variety of purposes, such as debt consolidation or large purchases.
Your loan may be eligible for a 0.25% discount on your rate if you have your first mortgage with Coastal.
To access your Home Equity Line of Credit, you can make a transfer from your HELOC via Digital Banking to your checking/savings account. You can also visit your local branch to make a withdrawal or transfer, as well as order HELOC checks to use at your convenience.
There are no annual fees, minimum draw fees, or prepayment penalties for your HELOC.
Yes! You can apply for a Home Equity Line of Credit if you have an existing mortgage with another lender.
Your Home Equity Line of Credit has a draw period of 10 years to make advances. After that, you will have a 10-year repayment period to pay off the balance owed.