Compare Florida Home Equity Loan Rate Options

Loan Example: $75,000 loan at 5.89% APR with 60 monthly payments of approximately $1,446.13.

Eligibility for the lowest advertised rate is based on creditworthiness, collateral, ability to repay, credit score and terms. Other rates and terms may apply and your rate may differ based on the loan program, term of repayment and other factors. Other restrictions may apply. Rates and Offers are subject to change without notice.

Note: There are no escrow accounts available for fixed rate first lien home equity loans, those fees for taxes and insurance would need to be paid in addition to the fixed home equity payment. First lien Home Equity loan only. Other rates available for second lien loans.

Loan Example: $75,000 loan at 6.14% APR with 120 monthly payments of approximately $837.94.

At a 6.50% interest rate, the APR for this loan type is 6.50%. The payment schedule would be 1% of the outstanding balance, and the rate is adjustable based on the Prime rate index.

Note: There are no escrow accounts available for first lien home equity lines of credit, those fees for taxes and insurance would need to be paid in addition to the home equity payment. First lien Home Equity line of credit only. Other rates available for second lien lines of credit.

At a 6.50% interest rate, the APR for this loan type is 6.50%. The payment schedule would be 1% of the outstanding balance, and the rate is adjustable based on the Prime rate index.

The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term.

Also, unfortunately, the APR doesn't include all the closing fees and lenders are allowed to interpret which fees they include. Fees for things like appraisals, title work, and document preparation are not included even though you'll probably have to pay them.

For adjustable rate mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.

You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Look at total fees, possible rate adjustments in the future if you're comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.

Don't forget that the APR is an effective interest rate--not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

A home equity loan often can involve fees, such as the appraisal fee, title charges, fees and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender should be able to give you an estimate of their fees. It is more difficult to tell which lenders have done their homework and are providing a complete and accurate estimate. We take fee quotes very seriously. We've completed the research necessary to make sure that our fee quotes are accurate to the city level – and that is no easy task.

We will send the closing documents directly to your home and we'll schedule an appointment with you to review them. One of the documents will need to be signed in the presence of a notary public. We'll even help you find a notary public in your area if you'd like.

After you sign the documents, you'll return them to us in a postage paid priority envelope that we'll provide. When we receive them, we'll send you a check for any funds that you are to receive and we'll pay off any other debts that you intend to satisfy with your new loan.

The interest rate market is subject to movements without advance notice. Locking in a rate protects you from the time that your lock is confirmed to the day that your lock period expires.

What is a Rate Lock?

A lock is an agreement by the borrower and the lender and specifies the number of days for which a loan’s interest rate is guaranteed.

When Can I Lock?

Because our line of credit interest rate is based on an index, the interest rate will change anytime the value of the index changes – whether your loan has closed or not. If you apply for a fixed or balloon rate second mortgage your interest rate will be locked at the rate it was approved at, provided that the loan closes in a reasonable period of time.

Do I Have to Lock?

Since home equity rates don’t change often, your rate will automatically be locked as explained above.

Disclosures

*APR = Annual Percentage Rate. All home lending products are subject to credit and property approval. Your actual rate may vary and will be determined at the time of disbursement, based on your credit worthiness, term, collateral, and loan program. Not all applicants will qualify for the lowest rate.

**Home Equity Lines of Credit: The adjustable rate APR may increase or decrease based on the highest Prime Rate published in the Money Rates column of the Wall Street Journal. First Lien standard APR can vary from Prime – 1.00 to Prime, with a minimum APR of 2.75. Second Lien standard APR can vary from Prime -1 to Prime + 3.00 with a minimum APR of 3.50.

Rates, program terms and conditions are subject to change without notice. Other restrictions and limitations may apply

The actual interest rate offered may differ based on the available equity in your home, the amount of your loan, your credit history, and product chosen.

Minimum loan amount: $15,000

Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well.

Property must be in Florida.

Available on owner-occupied detached and attached primary and secondary residences. Not available on investment properties.

Consult tax advisor for deductibility.

Membership eligibility required with $5 minimum in savings.

Tools and calculators are provided as a courtesy to help you estimate your financial needs. The results yielded by these tools and calculators are merely estimates and they do not guarantee available credit amount, potential savings, tax benefits or the like. TFCU makes no warranty regarding the tools or calculators, nor regarding the results they produce. The estimate is not an application for credit and results do not guarantee loan approval or denial.

TAP INTO YOUR HOME’S VALUE WITH FLORIDA HOME EQUITY LOANS

HOME EQUITY RATES

HOME EQUITY LINE OF CREDIT RATES

TROPICAL FINANCIAL CREDIT UNION FLORIDA HOME EQUITY PROGRAMS

What is a Home Equity Loan?

What is a Home Equity Line of Credit (HELOC)?

What is the Rapid Refi Program?

WHAT ARE YOUR HOME EQUITY GOALS & HOW CAN OUR DIFFERENT PROGRAMS HELP?

Consolidate Your Debt

Remodel Your House

Pay for a Major Expense

HOW MUCH HOME EQUITY LOAN CAN I GET IN FLORIDA?

WHAT TO EXPECT WHEN APPLYING FOR A FLORIDA HOME EQUITY LOAN OR HELOC

COMPARE

APPLY

RELAX

CLOSE

HOW DO I PREPARE FOR A HOME EQUITY LOAN IN FLORIDA?

HOW DO I PREPARE TO APPLY FOR MY HOME EQUITY LOAN?

Credit History

Your Home Value & Equity

Debt-to-Income Ratio

READY TO TAP INTO YOUR HOME’S EQUITY?

FLORIDA HOME EQUITY LOAN FAQS

Is comparing APRs the best way to decide which lender has the lowest rates and fees?

What are closing fees and how are they determined?

Where will my home equity loan closing take place?

What is your Rate Lock Policy?