Home Equity Line Of Credit (HELOC)

Financing your home needs – inside as well as out.

The appearance of a home plays an important role in our lives. It’s where we want to feel most comfortable and secure. To do so, we constantly look at ways to improve it such as attractive landscaping, more lighting, better roofing, room additions, new furniture, modern electronics or a remodeled kitchen. While you might not mind spending more to beautify your home, you might prefer spending less money in the process. Please note that we do not provide stand alone HELOC’s, first position must be obtained.

Home Equity Line Of Credit (HELOC): A HELOC is a revolving line of credit that allows you to borrow at any time for as much as you need simply by writing a check or transferring the funds into your checking account up to an approved amount. As you pay off the principal, you can use the credit again (like a credit card). An initial advance of $25,000 is required and minimum payment requirements for the first ten years are interest-only.

To discuss which option is best suited for your needs, please call (800) 917-1595 to speak to one of our trained specialists.

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Primary Residence – 80% Combined Loan to Value 

Primary Residence – 80.01 – 85% Combined Loan to Value

Primary Residence – 80%/10%/10% Program for Purchase Only 

Primary Residence – 80%/15%/5% Program for First-Time Homebuyer Purchase Only

Primary Residence – 75%/15%/10% Program for Purchase Only

Vacation Home – 80% Combined Loan to Value 

*Home Equity Line of Credit

Variable annual percentage rate (APR) is calculated based on the Prime Rate, as posted in The Wall Street Journal, as low as the Prime Rate plus a margin of 0.000% or as high as the Prime Rate plus a margin of 2.500%. Margins are set based on the risk associated with the loan and an individual’s or joint credit history. The minimum interest rate is the Index plus your Margin; maximum interest is 18%. Advertised rate assumes an 80% loan to value ratio for primary residence and a 80% loan to value ratio for second homes. Minimum line of credit is $25,000. An additional margin of 0.25% will be added for loan balances over $250,000. Rates for loans over $500,000 will be determined on a case by case basis. NORTHSTAR FUNDING INC Financial Home Equity Line of Credit (HELOC) is available for one to four family structures including second homes and condominium units, excluding co-ops and investment properties. Finance charges begin to accrue from the day of the initial advance. Initial draw period is for ten (10) years. Initial draw must be a minimum of $25,000 and a minimum of $500 for additional draws. Minimum payments are interest only during the draw period, up to twenty (20) years of principal plus interest thereafter. Homeowner’s insurance is required; flood insurance is required where applicable. Consult a tax advisor regarding the deductibility of interest. Rates are subject to change.

Have less than 20% down-payment?

Increase your buying power by combining one of our Jumbo Loans with a Home Equity Line of Credit or Fixed HE-Loan to Purchase a New Home at up to 90% Combined Loan to Value (CLTV) by combining an 80% first mortgage with a10% Home Equity Line of Credit or Fixed HE-Loan. Contact your NORTHSTAR FUNDING INC Mortgage Lending Team for more details at
800-917-1595