Home Equity Loans and Lines (HELOC)
A Home Equity Loan (also called a Second Mortgage or a Second Trust Deed) is available with a fixed or adjustable interest rate.
Introducing the 20-year fixed-rate
Home Equity Loan
Are you dreaming of remodeling your home, a long vacation, or maybe just consolidating high-interest rate debt?
A fixed-rate Star One Home Equity Loan—now repayable over 20 years—can help you realize your plans with an even lower monthly payment, and no worry of rising interest rates.
HELOC and Adjustable-Rate Home Equity Loan
More Mortgage Rates Today
- Fixed-Rate First Mortgage[2]
as low as 5.000% (5.089% APR) - Adjustable-Rate Mortgage[3]
as low as 5.125% (6.903% APR) - Investment Property Loans
as low as 5.625% (6.931% APR) - First-Time Home Buyer
as low as 3% down payment - Get more mortgage rates and details
Compare Home Equity Loans and Lines
Home Equity Line of Credit Details (HELOC)
A Home Equity Line of Credit (HELOC) allows you to obtain multiple advances of the loan proceeds at your discretion, up to a specified percentage of the equity in your home.
- No annual fee
- No closing costs on HELOCs under $250,000
- Revolving line of credit—withdraw funds as needed
- Open-ended 10-year maximum draw period and 15-year repayment period
- Interest rate adjusts quarterly: January, April, July and October on the cycle period
- Index used is the Prime Rate
- Maximum loan amount $750,000
Fixed-Rate Home Equity Loan Details
A fixed-rate Home Equity Loan allows you to borrow, in a lump sum, up to a specified percentage of the equity in your home.
- No closing costs
- Maximum loan term of 20 years
- Fixed interest rate and a fixed monthly payment
- Equity loan (cash out) and cannot be in the first position
- Maximum loan amount $750,000
- Available for 1-4 unit primary residences
Adjustable-Rate Home Equity Loan (ARM) Details
An adjustable-rate Home Equity Loan allows you to borrow a lump sum up to a specified percentage of the equity in your home.
- No closing costs
- Maximum loan term of 15 years
- Variable-rate loan adjusts annually based on loan origination date
- Index is based on weekly average yield of 1-year Treasury Constant Maturity (TCM)
- Margin is 3.00%
- Caps: 2% annual and 5% lifetime cap above the initial interest rate
- Maximum loan amount $750,000
- Available for 1- 4 unit primary residences
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Disclosures
* For a 15-year fixed-rate home-equity loan of $300,000 at the current rate of 5.824% APR, you would make 180 payments at $2,491.50 over 15 years.
** Home-equity line of credit rates are variable and the maximum APR that could apply is 18.000%. The maximum term is 25 years, which includes a 10-year draw period and a 15-year repayment period. For lines exceeding $250,000, closing and appraisal fees may apply in the range of $1,500 to $2,500. There may be an early closure fee of $500 for home-equity lines closed within the first two years of origination.
*** 15-year adjustable-rate home-equity loan rates range from 7.602% APR to 11.250% APR. The APR is variable, based on an index and margin. On a loan of $300,000 at 7.602% APR, you would make 180 payments of $2,572.50 over 15 years. Loan payments do not include taxes and insurance.
**** The amount of the equity loan and the amount of the first-trust deed may not exceed 80% of the market value of the home up to $2,000,000. You must provide adequate insurance and a clean title to the property so that the Star One equity line will appear in second position.
1. The Annual Percentage Rate (APR) for Jumbo loans assumes a loan amount of $800,000. The APR for all other loans assumes a loan amount of $100,000.
2. Fixed-rate mortgage payment examples assuming a $300,000 loan: 10-year mortgage at 5.089% APR—120 monthly payments at $3,182.10; 15-year mortgage at 5.331% APR—180 monthly payments at $2,411.70; 20-year mortgage at 5.693% APR—240 monthly payments at $2,085.00; and 30-year mortgage at 6.055% APR—360 monthly payments at $1,798.50. Loan payments do not include taxes and insurance.
3. ARM mortgage loan rates may range from 6.240% APR to 6.036% APR during the initial fixed-rate period, which may be 3, 5, 7 or 10 years. The APR is subsequently variable, based on an index and margin, for the remainder of the 30-year term. For example, on a 30-year 3/1 ARM loan of $300,000 starting at 6.903% APR, you would make 36 payments of $1,633.50 during the initial three-year fixed-rate period. Loan payments do not include taxes and insurance.