Coastal Credit Union
Coastal Credit Union

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Home Equity Line of Credit

Get the money you need with a rate as low as

8.50%APR2

APPLY NOW

HOME EQUITY LINE OF CREDIT FEATURES

Up to 100%
Borrow up to 100% of your home’s combined loan-to-value1 at competitive rates
Convenience
Money when you need it, for home improvements, debt consolidation, college expenses, and more
Rate Discount
If you have a Coastal first mortgage,
you’ll enjoy a .25% rate
discount3
Up to
of your home's combined loan-to-value1 with a rate as low as

100% HELOC Features

  • Low, interest-only payment options available
  • Lines from $5,000 up to $250,000 for qualified borrowers3
  • .25% discount if you have a Coastal first mortgage
  • All standard closing cost are paid by Coastal on new Equity Loans opened4
  • Eligible lines are available for primary residences 
  • We will waive your closing costs on the equity line if you close your first mortgage and HELOC with Coastal at the same time

90% HELOC Features

  • Low, interest-only payment options available
  • Lines from $5,000 up to $250,000 for qualified borrowers3
  • .25% discount if you have a Coastal first mortgage
  • All standard closing cost are paid by Coastal on new Equity Loans opened4
  • We will waive your closing costs on the equity line if you close your first mortgage and HELOC with Coastal at the same time

80% HELOC Features

  • Low, interest-only payment options available
  • Lines from $5,000 up to $250,000 for qualified borrowers3
  • .25% discount if you have a Coastal first mortgage
  • All standard closing cost are paid by Coastal on new Equity Loans opened4
  • We will waive your closing costs on the equity line if you close your first mortgage and HELOC with Coastal at the same time

70% HELOC Features

  • Low, interest-only payment options available
  • Lines from $5,000 up to $250,000 for qualified borrowers3
  • .25% discount if you have a Coastal first mortgage
  • All standard closing cost are paid by Coastal on new Equity Loans opened4
  • We will waive your closing costs on the equity line if you close your first mortgage and HELOC with Coastal at the same time

Bank Better With a Coastal Home Equity Line of Credit

  • Loans from $5,000 up to $250,000 for qualified borrowers3
  • No annual fees, minimum draw fees, or prepayment penalties
  • All standard closing costs are paid by Coastal on new home equity lines of credit4
  • We will waive your home equity closing costs if you close your first mortgage and home equity loan with Coastal at the same time
  • Access your line of credit 24/7 through Online Banking, our Mobile Banking App, and special checks
  • Interest might be tax-deductible (consult your tax advisor for full details)

Resource Center

How Coastal Can Help You Consolidate Your Debt

A recent survey showed that 3 in 10 Americans have more credit card debt than emergency savings. Perhaps you don’t have credit card debt, but you’re dealing with debt from student loans or auto loans.

Home Equity Line of Credit vs. Home Equity Loan

A home equity line of credit (HELOC) is a continuous, revolving credit line, while on the other hand, a home equity loan is a lump sum of money that is paid off with fixed payments. The big question is, which is right for you? Let’s weigh the pros and cons of each so you can decide which one makes the most sense for you.

Getting a HELOC was brand new to my husband and I. Our loan officers were wonderful, responsive, and helpful through the process!
A Coastal Member

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.
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.
The minimum monthly payment is 1.25% of the outstanding balance or $100.00, whichever is greater but interest-only payments may be available – consult your loan officer.
The variable rate and is 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.
All FAQs

All lines are subject to approval.

1. All applicants must meet underwriting criteria. Loan or line amount may be less than 100% of your home’s combined loan-to-value. To calculate your combined loan-to-value (CLTV), first establish the value of your home and the amount of any outstanding mortgage(s) you have on the property. Dividing the mortgage total by the home value is your loan-to-value (LTV). Your room to borrow is the amount you can add to your debt without going over your maximum CLTV. For example, if you have a $100,000 mortgage on a home that is worth $200,000, your LTV is 50%. If your lender is offering you a CLTV of 80%, that means you could borrow as much as $60,000, since ($100,000+$60,000)/$200,000 = 80%.

2. APR = Annual Percentage Rate. The APR for a Coastal Federal Credit Union Home Equity Line of Credit is variable and is based on Coastal Federal Credit Union’s Qualified Loan Program and includes the Relationship Pricing discount. Qualification for Relationship Pricing is based on having a 1st. Mortgage with Coastal Federal Credit Union. The minimum APR for a Home Equity Line of Credit is 8.50% APR with relationship pricing. The maximum APR for a Home Equity Line of Credit with no discounts is 13.70% APR. Your rate may vary and is determined by your credit qualifications, amount financed, collateral, loan terms, Relationship Pricing and combined loan-to-value. Please stop by your local branch or call our 24-hour call center at 800-868-4262 for more information. All applicants must meet underwriting criteria. Line amount may be less than 100% of your home’s combined loan-to-value.

3. Eligible lines are available for primary residences. All applicants must meet underwriting criteria. 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 line amount for a Home Equity Line of Credit 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.

4. All standard closing costs for properties located in North Carolina are paid by Coastal. Non-standard costs such as a full appraisal, title insurance, attorney fees and closing costs for properties located in Virginia or South Carolina must be paid by the borrower. To learn more about what closing costs applies to you, please contact your local branch or call our home equity team at 919-800-4750 to discuss.

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