Freeway Convertible PrimeLine Home Equity Line of Credit
12 Month Introductory Rate: 2.99% APR | 5.00% APR Variable Rate Thereafter*
Homeowners can benefit from the financial flexibility that a line of credit can provide when there is a need for additional cash. The equity in your home can be used to afford home improvements, bill consolidation, vacation, a new car, a wedding, and more. This lending option allows you to use funds as needed, so you will only need to pay back what you use.
- Line of Credit Rate (after 12 month introductory rate): Prime plus 0% APR (Prime is currently 5.00%)*
- Option to convert to a Home Equity Loan at any time
Before applying for a home equity line of credit, you must read the disclosures linked below. Please click on the links to read. Once you've finished, print or save a copy of the disclosures for your records, and then click "Apply Now" to proceed to the application.
- FreeWay PrimeLine of Credit Pre-Disclosure
- Home Equity Line of Credit Pre-Disclosure
- “What You Should Know About Home Equity Lines of Credit” Online Booklet
I have read and understand the corresponding disclosures and am ready to proceed with the application process.
*Freeway Convertible PrimeLine –APR = Annual Percentage Rate. The advertised introductory APR is a discounted rate and is fixed for the first 12 months. After the first 12 months, the rate will adjust to the Wall Street Journal Prime Rate plus a margin of 0.00 percentage points. As of 6/15/18, the Prime Rate and corresponding APR is 5.00%. Line of credit rates are variable and may change monthly after introductory period ends. Advertised rates require an active Coastway checking account (“active” is defined as a minimum of 3 transactions per month) and automatic payment deduction from a Coastway account; otherwise, the rate and APR will automatically increase by 0.50 percentage points (after the introductory fixed-rate period), and an annual fee of $100 will apply. Maximum APR is 21%. A pre-payment penalty of up to 1.0% of the balance due at the time the line of credit is paid off and closed will apply during the first two years. For this promotion, the minimum loan amount is $25,000 and only new loans/new money are eligible. 1 – 4 family owner occupied primary residences only. Property insurance (including flood insurance, if applicable) is required. All advertised rates are the lowest available, and are subject to individual creditworthiness, including a maximum loan-to-value ratio of 80% and a minimum credit score of 700. Other rates and terms are available. Rates subject to change without notice.
Home Equity Loan – Repayment examples: If you borrowed $20,000 for 5 years at 4.00% APR, your monthly principal and interest payments would be $368.38. If you borrowed $20,000 for 10 years at 4.49% APR, your monthly principal and interest payments would be $207.23. If you borrowed $20,000 for 15 years at 4.99% APR, your monthly principal and interest payments would be $158.11. Payment examples do not include taxes and insurance. Your actual payment obligation may be greater than shown in the examples.