*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 is current as of January 1, 2016 and is 3.50%. As of January 1, 2016 margins range from -0.01% with Relationship Pricing to +4.24 without any discounts. Your margin will be determined by a number of factors including but not limited your credit score, combined loan-to-value, and loan amount. Corresponding variable APRs range from 3.49% with Relationship Pricing to 7.74% with no discounts for primary residences. The maximum APR for a home equity line of credit is 15%. The quoted APR includes the payment of third-party closing costs, which range from $10 to $2,000 depending on the loan amount.
Lending area located in North Carolina, Virginia, and South Carolina. Coastal membership must be established prior to scheduled closing. To qualify for Relationship Pricing the borrower must agree to have their monthly payments automatically drafted from a qualified Coastal checking account owned by them. The minimum loan or line amount is $5,000. No refinances of purchase money seconds within 12 months of the closing date. All lending services are subject to credit approval. Property insurance is required. Flood Insurance may be required. Closing costs vary. 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)