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
Find detailed answers to our most frequently asked questions.
Ask the Realtor: What are some simple home improvements that can attract more buyers? If you want to get top dollar for your home, you need to compete with other similar homes on the market. If your home may be lacking some updates, you may need more than a simple...read more
Introducing No Closing Costs and No PMI* on First Mortgages. We are also introducing No Closing costs on Home Equities. Call Umesh Patel at 904-475-8084 for details! “Mr. Umesh Patel is a Mortgage Originator who worked with us at the Orange Park office. He is an asset...read more