Frequently Asked Questions

How can I apply?
You can apply online, visit any HomeStreet Bank Branch or call our convenient Customer Service Center at 800-809-1377.

How much can I borrow?
The amount you can borrower is based on your credit history, type of property you own and the available equity in your home.

What is the loan amount you may be able to apply for?
The minimum loan amount is generally $10,000 and the maximum is $500,000 depending on the type of loan.

What type of insurance is required?
Hazard insurance is required. Flood insurance will be required for homes located in a designated flood zone.

Does HomeStreet Bank pay customary closing costs?
Yes, HomeStreet Bank pays most customary closing costs. Talk to a Loan Officer or Banking representative for details.

Can I make extra payments?
Yes. You can do so with no additional fee or penalty.

If I make a payment late, will I be charged a late fee?
Our loans have a grace period of 16 days. You will not be charged a late fee if your payment is received before the end of the grace period.

Can I set up automatic payments?
Yes, payments can be drawn automatically from a checking account each month saving you time and worry.

Will the interest be tax deductible on this loan?
Interest is generally tax deductible– consult your tax advisor.

How is APR calculated on Home Equity Loans and Lines of Credit?
When making a decision as to which loan or line is right for you, look at both the Annual Percentage Rate (APR) and other charges. Do not, however, simply compare the APRs, because the APRs on the two types of loans are figured differently.  The APR for a home equity loan takes into account the interest rate charged plus points and other finance charges.  The APR for a home equity line of credit is based on the periodic interest rate alone; it does not include points or other charges.