High Loan-to-Value Ratio
Borrow up to 100% of your home’s combined loan-to-value, giving you access to more funds.27
Home Equity
Turn the value of your home into a powerful financial tool.
Pay for major expenses with a home equity loan or line of credit.
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Achieve your financial goals.
Put the equity in your home to work for you in North Carolina.
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Closing Cost Coverage
Coastal pays all standard closing costs on new home equity loans and home equity lines of credit.
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Tax-Deductible Interest
Interest on your home equity may be tax-deductible (please consult your tax advisor).
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Versatile Use
Ideal for home improvements, college expenses, or consolidating high-interest debt.
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No Servicing Fees
Benefit from no annual fees or prepayment penalties.28
Home Equity Loan Benefits
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One-time Lump Sum
Paid over a set period of time.
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Fixed Interest Rate and Monthly Payments
Enjoy the predictability of the same payment each month.
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Flexible Terms:
Choose repayment terms from 5 to 20 years to match your financial plan27
Home Equity Line of Credit (HELOC) Loan Benefits
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Flexible Access to Funds
Draw money as needed, offering flexibility for ongoing projects or expenses.
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Variable Interest Rate
Your rate is subject to change monthly.
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Interest-Only Option
Manage your cash flow effectively with an interest-only payment option.
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Revolving Credit
As you repay the borrowed amount, your available credit replenishes.
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No Draw Fees
Benefit from no draw fees, no annual fees, or prepayment penalties.
How It Works
Evaluate Your Needs
Determine whether a fixed loan or a flexible line of credit aligns with your financial goals.
Apply Online or in a Branch
Start your application process online or at your local branch. Our team will guide you through each step.
Receive Funds
If approved, access the funds from your Home Equity Loan or draw from your HELOC as needed.
Frequently asked questions about Home Equity.
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.
You may be able to borrow up to 100% of your home's combined loan-to-value, subject to loan approval and underwriting criteria.
Each product is unique; therefore, you would choose the one specific to your needs. Please visit our Home Equity page to learn more.
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.
Yes! You can use a home equity for a variety of purposes, such as debt consolidation or large purchases.
Funds for your home equity loan or line of credit will be available within four to seven business days after your loan closing is completed.
Yes! You can apply for a Home Equity Loan or Line of Credit if you have an existing mortgage with another lender.
Application process may vary depending on the needs to verify and complete your application. Currently, the process may take 14 to 30 days.
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.
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.
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.
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.