Freeway Convertible PrimeLine Home Equity Line of Credit
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: Prime plus 0% APR* (Prime is currently 4.75%)*
- 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 Convertible PrimeLine Pre-disclosure
- 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.
*APR = Annual Percentage Rate. All advertised rates require automatic payment deduction from a Coastway checking or savings account. Minimum loan amount to avoid closing costs is $25,000; otherwise, estimated closing costs of between $500 and $800 will apply. 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%. Other rates and terms are available and certain restrictions apply. Rates subject to change without notice.
Freeway Convertible PrimeLine – Advertised APR is based on the Wall Street Journal Prime Rate. As of March 23, 2018, the Prime Rate is 4.75%. Line of credit rates are variable and may change monthly after account is opened. Advertised rates require an active Coastway checking account (”active” is defined as a minimum of 3 transactions per month); otherwise, the rate will automatically increase by 0.50 percentage points 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.
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.