Home Equity Loans

happy couple looking at paint swatches

Home Equity Loans and Lines of Credit


The loan amount you qualify for is based on your home’s loan-to-value ratio, your mortgage payment term, your verifiable income and your credit history.

  • No annual fee
  • Fixed or variable interest rates available 
  • Lines or loans available
  • Flexible repayment options
Open video in a modal Home Equity Video

What is Home Equity?

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 a low-interest home equity loan or line of credit. Understand the difference between a home equity loan - borrow a fixed amount and receive your money in one lump sum, or a line of credit - you can withdraw money up to a credit limit, by watching this video.

Home Equity Line of Credit

  • Works like a revolving line
  • Variable interest rate tied to Prime
  • Payments vary over time based on interest rate and amount borrowed
  • Up to 100% financing 
  • No closing cost on loans over $10,000¹

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Home Equity Loan

  • One low fixed rate over the life of the loan
  • Get the full amount borrowed in one lump sum
  • Payments do not change
  • Up to 100% financing 
  • No closing cost on loans over $10,000¹

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5 or 7-Year HELOC Fixed Loan

  • Use up to the approved amount during a one-year or two-year draw period
  • Low fixed interest rate 
  • Payments vary during draw period, then are fixed for the balance of the term
  • Up to 100% financing 
  • No closing cost on loans over $10,000¹

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Home Improvement Loan

  • Works like a personal loan 
  • The equity of the home is not used for collateral
  • Not limited by the amount of equity in your home
  • Loan amounts from $3,000 to $50,000
  • Offer a competitive fixed rate, fixed term and fixed monthly payment
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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 home²
  • Affordable payments
  • Property insurance is required

family in front of a home

Home Equity home improvement

What Can I Use a Home Equity Loan or Line For?

When it comes to utilizing the equity in your home, the opportunities are endless. A home equity loan is not only used for home improvements, but many members also use home equity loans to:

  • Make home improvements 
  • Consolidate loans and credit cards into one low monthly payment
  • Finance a child’s education
  • Take a dream vacation
  • Fund major life events, like a wedding
  • Buy expensive items, such as furniture, artwork, or antiques
  • Assist with a large medical expense

Do You Have a Home Equity Loan Somewhere Else?

Stop paying high interest charges and start putting more of your money toward 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 answer all your questions about switching to FCU.

Get Started Today!

Online Loan Application

Complete an application online to get started

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Call 800-284-1144

Get connected with a FCU service representative

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Visit Us!

We have 12 locations in north and central Florida

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Home Equity Loan and Line of Credit Calculators

Home Equity Loan and Line of Credit FAQs

There are many convenient and safe options for you to make a payment on your FCU loan. View your available payments options here.

You can borrow a minimum of $10,000, with a maximum depending on your credit history, available equity in the property and your current monthly debt.

The borrowing limit is determined by several factors, including the debt-to-income ratio, credit score, credit history, and financial profile.
A home equity loan is a one-time lump sum paid back in monthly installments. A home equity line of credit, or HELOC, allows you to continually borrow money up to a certain amount. As you pay off the balance, your credit revolves, allowing you to use it again. Unlike a loan, payments are based on amount advanced and not the full loan amount.
To determine the value of your home accurately, you can use one of these methods: use an online home valuation tool, hire a professional appraiser, or consult a realtor.
Home equity loans can take up to 30 days to fund.
The interest from both may be tax deductible if it meets the IRS guidelines.
FCU pays all closing costs for loans less than $250,000. If the loan is greater than $250,000, then the borrower pays for a title search. If loan is paid off within 24 months of the loan consummation, then the borrower is required to reimburse FCU for any closing costs paid by FCU.


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.

1. No closing cost for loans $10,000 or greater.  Title insurance for loans $250,000 and greater paid by member.

2. Maximum unsecured portion cannot exceed $40,000.

Terms are 5, 7, 10, 15 and 20 years. Minimum loan amount is $10,000.  Maximum loan amount determined by home equity and creditworthiness. Credit approval 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 equity available in your home 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 for loans $10,000 or greater. Maximum loan amount determined by home equity and creditworthiness. 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. 

The calculators found on this page are for information purposes only. While the results of the calculators may be generally accurate, the results do not reflect any specific credit union accounts, loans or other products or services and may not exactly match the calculation methods used by the credit union (or any third party) for accounts, loans or other products or services. These calculators should be used only for general informational purposes and should not be relied on for any specific transaction.