100% home equity financing is something you can’t find with traditional banks – and it’s one more way we’re committed to offering you a better way to bank. With Coastal’s highly competitive home equity rates, you can use up to 100% of the equity in your home to help you:
- Finance large home improvement projects
- Finance large purchases
- Pay for college expenses
- Consolidate debt into one, low payment
1 - 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 July 1, 2017 and is 4.25%. As of July 1, 2017 margins range from -0.01% with Relationship Pricing to +4.49 without any discounts. Your margin will be determined by a number of factors including but not limited your credit qualifications, combined loan-to-value, and loan amount. Corresponding variable APRs range from 4.24% with Relationship Pricing to 8.74% with no discounts for primary residences. The maximum APR for a home equity line of credit is 15%.
2 - 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.
1,2 - 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.