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 our flexible repayment plans, you can get what you want, or need, without putting a big dent in your monthly budget.

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 ways to 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

Take the market value of your home and subtract the amount left on your mortgage. The difference is your home equity. When that number becomes big 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) You borrow a fixed amount and receive your money in one lump sum. The amount 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 works more like a credit card. You're allowed to borrow up to a certain amount over a certain time period. During that time, you can withdraw money as you need it. As you pay off the principal, your credit revolves and you can use it again. You only pay interest on the amount borrowed.

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

  • Pick your term: 3-, 5-, 7-, 10-, 15- and 20-year options
  • Low interest rates mean more of your money goes to pay down the principal
  • No closing costs on loans greater than $10,000
  • Make payments online or at any FCU location

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

  • No closing costs on loans greater than $10,000
  • 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.

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

Stop paying high interest charges to another lender and start putting more of your money towards principle 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.

We know that life is unpredictable. To help you cope with misfortune, Florida Credit Union offers Payment Protection services 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

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.

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