Get off to a great start with a special introductory HELOC rate

Important Information. A HELOC is a revolving line of credit secured by a 1-4 unit residential or modular home. After any introductory period ends, the APR and payments will be based on the WSJPR Index plus a margin. Since the WSJPR Index may change periodically, the APR and payments are variable and may increase or decrease multiple times over the life of the HELOC. The margin is fixed and is based on specific characteristics of the credit application, including credit score, line amount, property type, lien position, CLTV and geographic location. The APR will never exceed 21% or be less than the margin. For lines with an outstanding balance during the draw period, minimum monthly payments are due and depend on the outstanding balance, finance charges and other costs and fees. If interest-only payments are made during the draw period, making the minimum payment may not reduce the principal balance. During the repayment period the minimum payment for each billing cycle will be the greater of $100 or the amount sufficient to repay the account balance in full by the maturity date in substantially equal payments plus the finance charges that accrued for that billing cycle and other fees, charges, and costs. Fees to open a HELOC generally range between $0 and $10,000. A fee of $75, waived for the first year, will be charged annually thereafter. Flagstar pays customary closing fees which does not include additional required fees for loans over $500,000 or some government taxes and fees. If the HELOC account is terminated within 36 months of account opening, borrower repayment of closing fees will be required. Borrower is also responsible for making separate payments for property insurance and flood insurance (if loan is in a flood zone). HELOCs are offered in all 50 states and the District of Columbia.

Properties in Texas. Property type is limited to 1-unit residential structure with a maximum CLTV of 80%. There are no annual fees nor requirement for repayment of closing fees. For properties in Texas, an initial draw is not required; however, if a draw is taken it must be for at least $4,000. (All promo rate HELOCs must meet the initial draw requirement regardless of the property state.)