Home Equity Loan & Line of Credit

Borrow against your home with no pre-payment penalties. Apply for a Loan Today!

Home Equity Loan & Line of Credit

 

  • No Closing Costs
  • You can use the funds for any purpose
  • Fast, reliable service from a lender your know and trust
  • Tax Advantages – Interest Payments may be tax-deductible. Consult your tax advisor for details.
Home Equity Loan (Fixed Rate) Home Equity Line of Credit
Key Benefit Fixed rate and payment Payment adjusts based on value
Funds Received Receive the entire amount borrowed at one time. Receive the money when you need it.
Payment Amount Payments are based on a 5 to 20-year payback. Payment is based on 1.5% of the outstanding balance.
The length of Loan Up to 20 years. 20 years (8-year draw period and up to 12-year payback period)
Loan to Value (LTV) Up to 90% financing Up to 90% financing
Loan Amounts Minimum $10,000 Minimum draw $5,000 / $10,000 line
Disadvantages Can only draw on money one time. Variable rates
Availability Primary residences in Northern Florida and Southern Georgia only. Primary residences in Northern Florida and Southern Georgia only.

A Home Equity Loan is a fixed-rate loan that allows members to borrow against the equity in their home.

  • Monthly payment never changes
  • Cover a single, large purchase – funds are disbursed to you in one lump sum
  • Use for any purpose
  • Fixed interest rate

A Home Equity Line of Credit (HELOC) is a revolving credit line with a variable interest rate and payments.

  • Provides an accessible source of cash
  • Variable rates are lower than a credit card
  • Member controls monthly payment based on outstanding balance
  • Funds can be advanced with convenience checks or through online banking

Ready to get started?

Apply online, visit a branch or call 904-475-8000.
Not a Jax Federal member yet? Non-member home equity loan & line of credit applications are fast and easy!

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