Now is a great time to consider a Home Equity Line of Credit!

With rates as low as 3.75% APR* for the first 12 months for all new HELOC applications, the dream of renovations, repairs, or even funding major life events can be a reality. After 12 months, your rate will return to your original qualifying rate which is currently as low as 7.75%APR.**

A Home Equity Line of Credit (HELOC) is a variable-rate second mortgage loan that’s secured by the equity in your home. You can access as little or as much as you need at any time, up to the line limit. Some great features and benefits of a HELOC include:

  • Borrow up to 90%*** of your home’s value
  • No annual fees
  • No minimum draw is required
  • No application fee
  • Money for renovations and repairs
  • Funds available for unexpected expenses
  • Pay off high-interest debt
  • Fund major life events

The qualifying HELOC rate is guaranteed for 5 years and adjusts every 5 years after that. There is a 10-year draw period and monthly payments are calculated based on a 15-year repayment. You only pay on what you borrow.

Please contact us at 586-466-7800 opt. 2 or click below to have us contact you at a convenient time. 

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Home Equity Line of Credit
Effective Date: Saturday, December 21st, 2024
TypeAPR*
Adjusts every 5 years 7.75%
*For new Home Equity Line of Credit (HELOC) applications only. The promotional rate of 3.75% APR is offered for the first 12 months of the HELOC starting from the date the HELOC closes. Promotion excludes existing home equity products. This promotion offers a 4(four) percent discount on the member's qualifying rate for a period of 12 months. For example: A member qualifies for a 10.5% interest rate on their HELOC. With this product, that rate is now 6.5% for a period of 12 months. The qualifying criteria is the same as the existing HELOC product with the exception of a 4 (FOUR) percent discount being applied to the member’s qualifying rate of the HELOC they apply for. This promotional HELOC rate is valid for 12 months after which the rate will move to what the member would be initially qualified for during their application process. In the above example, 10.5% would be the rate that the loan gets moved to.
**APR = Annual Percentage Rate. A loan of $100,000 @ 7.5% for 180 months would have a monthly payment of $941. The promotional rate is subject to change at any time without notice. NMLS #411386
 *** Only applies on 2nd lien HELOCs when FreeStar Financial is in 1st lien position. Otherwise, 80% is the maximum.
MILITARY RATE DISCOUNT TERMS: Eligibility for a 1% rate discount on certain loan products, excluding Mortgages, Visa Cards, Business Loans, Courtesy Pay loans, and the Military Line of Credit. This offer is available to Active Duty, Veterans, and Retirees. To qualify, military members must establish direct deposits in their name totaling at least $1,100 per month into their checking account. Discount subject to qualification and can change without notice. FreeStar Financial is an Equal Opportunity Lender.
**Military Status Verification: Verification of military status is required. Acceptable proof includes Military ID, Retirement ID,  or DD214 (Certificate of Release or Discharge from Active Duty). Terms and conditions apply.

 

 

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