1 All loans 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 Loan is fixed and is based on Coastal Federal Credit Union’s Qualified Loan Program and include 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 loan is 7.19% with relationship pricing. The maximum APR for a Home Equity loan with no discounts is 10.60%. 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. A payment example of a Home Equity Loan: As of November 1, 2022, an amount financed of $50,000 at a term of 180 months at 80% of your home’s combined loan-to-value with an APR of 7.85% would result in 180 equal monthly payments of $475.14. All applicants must meet underwriting criteria. Loan amount may be less than 100% of your home’s combined loan-to-value.
3. Eligible on primary residences. All applicants must meet underwriting criteria. Loan amount may be less than 100% of your home’s combined loan-to-value. 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 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.
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.