Home Equity Loans

Fix up your home, pay down your bills or live out your dreams.

Lump sum loans
Revolving credit lines
Low interest rates
Flexible repayment periods

Nearly everyone has a vision of how their lives would be better if they just had a little more money. Well, it's time to stop dreaming and start doing. At Florida Credit Union, we offer flexible home equity loans and lines of credit that put those extra finances at your fingertips. And with no annual fee, fixed or variable interest rates available, and flexible repayment options, you can get what you want, or need, without putting a big dent in your monthly budget.

Uses for a Home Equity Loan

When it comes to utilizing the equity in your home, the opportunities are endless. While you might want to use that money on home improvements like remodeling, there are lots of other ways you could benefit from a home equity loan. Here are some other common uses:

Consolidate your bills into one low monthly payment
Finance your child’s education
Take that dream vacation
Fund major life events, like a wedding
Buy big-ticket items like furniture, artwork or antiques

Home Equity Loan vs. Home Equity Line of Credit

Take the market value of your home and subtract the amount left on your mortgage, the difference is your home's equity. When that number becomes large enough, it can be used as collateral for either a low-interest home equity loan or line of credit. Here are the differences between the two:

Home Equity Loan (HEL) Borrow a fixed amount and receive your money in one lump sum. The credit limit you qualify for is based on your home’s loan-to-value ratio (equity), your mortgage payment term, your verifiable income and your credit history. Typically, it is repaid over a set amortization schedule and the interest expense may be tax deductible.
Home Equity Line of Credit (HELOC) This option works more like a credit card. You'll be able to borrow up to a certain amount over a certain period, commonly known as a draw period. During that time, you can withdraw money as you need it. As you pay down the principal balance, your credit revolves and you can use it again and you only pay interest on the amount borrowed.

Personalized Home Equity Loan

Florida Credit Union offers a flexible, money-saving way to make your home work for you.

Variety of term options available to fit your budget
Low interest rates mean more of your money goes to pay down the principal
Up to 100% financing
Make payments online or at any FCU location

Home Equity Line of Credit

Apply for just one loan, but borrow time and again any time you need some extra money.

Up to 100% financing
Link your HELOC to a Visa credit card
Low rates and with a variety of affordable payment options
Monitor your account and transaction details online
Easily transfer loan money into checking account with online banking.

Financial Freedom Loan

Florida Credit Union will let you borrow more than your home is worth.

Receive up to 130% of the value of your home
Affordable payments
Property insurance may be required

Do You Have a Home Equity Loan from Somewhere Else?

Stop paying high interest charges and start putting more of your money towards the principal balance by transferring your home equity loan to Florida Credit Union. Our loan officers are available by phone 24/7, and they'll happily tell you everything you need to know about switching to FCU.

Payment Protection Plan

We know that life is unpredictable. To help you cope with misfortune, Florida Credit Union offers Payment Protection for your home equity loan. If you die, become disabled, or lose your job, your monthly loan payments can be cancelled without penalty or added interest. That means your finances and your credit rating will be protected during a trying time. The premium for your protection policy can be included in your loan, meaning you won't have to make additional monthly payments.

Calculators

Calculate a home equity loan payment

Consolidating debt with home equity

The equity in your home

Home equity loan or line of credit?

Home Mortgage Disclosure Act Notice

The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this Web site.

FCU is an Equal Housing Lender.

Fixed Rate Second Mortgage - No Closing Cost. Terms are 5, 7, 10, 15 and 20 years. Minimum loan amount is $10,000. Maximum loan amount is $200,000. Credit and other restrictions apply. Title insurance may be required and is paid by borrower on home equity loans and HELOCs. Property insurance is required, and flood insurance may be required depending upon the location of the property. The amount of a home equity loan is based upon the current market value of the property, minus the amount of any current mortgages and other liens on the property.

Home Equity Line of Credit (HELOCs) - No Closing Cost. The Annual Percentage Rate (APR) is a variable rate and is based on Wall Street Journal Prime plus an applicable margin. All home equity loans and lines of credit are secured by a lien on your home. Full appraisal may be required in certain circumstances. All rates and terms are subject to change without notice; please contact the Credit Union for current rates and terms. Credit subject to approval. Other restrictions may apply.

Calculators

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