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TFCU Home Equity Loans

Tap Into Your Home’s Value With Florida Home Equity Loans

Whether you’re looking to do a big project like remodeling or need some cash for major bills, tapping into the value of your home may be the best option.
Get $15,000 to $500,000 with a Florida home equity loan, HELOC or other programs.

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Or you can call us at (888) 261-8328.

COMPARE FLORIDA HOME EQUITY INTEREST RATES AS LOW AS

Trying to find low home equity loans or the best HELOC rates in Florida can be difficult. We keep our numbers competitive so we can help save you money. Check out our most current home equity and HELOC rates.

Rates effective as of September 20, 2019.

5 Year
(fixed rate)
3.750%*

3.750% APR*

What's the rate/APR?*

At a 3.750% interest rate, the APR for this loan type is 3.750%. The payment schedule would be:

  • 59 payments of $915.20 at an interest rate of 3.750%
  • 1 payment of $914.97 at an interest rate of 3.750%

This payment stream is based on a $50,000 loan in Miami-Dade County, FL and the assumed credit score is 740.

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

10-year
(fixed rate)
4.500%*

4.500% APR*

What's the rate/APR?*

At a 4.500% interest rate, the APR for this loan type is 4.500%. The payment schedule would be:

  • 119 payments of $518.19 at an interest rate of 4.500%
  • 1 payment of $518.47 at an interest rate of 4.500%

This payment stream is based on a $50,000 loan in Miami-Dade County, FL and the assumed credit score is 740.

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

 

15-year
(fixed rate)
4.750%*

4.750% APR*

What's the rate/APR?*

At a 4.750% interest rate, the APR for this loan type is 4.750%. The payment schedule would be:

  • 179 payments of $388.92 at an interest rate of 4.750%
  • 1 payment of $388.16 at an interest rate of 4.750%

This payment stream is based on a $50,000 loan in Miami-Dade County, FL and the assumed credit score is 740.

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

 

20-year
(fixed rate)
6.000%*

6.000% APR*

What's the rate/APR?*

At a 6.000% interest rate, the APR for this loan type is 6.000%. The payment schedule would be:

  • 239 payments of $358.22 at an interest rate of 6.000%
  • 1 payment of $357.15 at an interest rate of 6.000%

This payment stream is based on a $50,000 loan in Miami-Dade County, FL and the assumed credit score is 740.

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

 

Tropical Financial Credit Union Florida Home Equity Programs

Everyone’s purpose for tapping into their home's equity is different as well as the ways to do it. We offer different programs to cater to your different needs.

What is a Home Equity Loan?

A home equity loan is a type of loan in which the borrower uses the value (also referred to as equity) of their home, which the house itself is used as collateral. Loan amounts are determined by the value of the property, which can be determined by the lender. Home Equity loans are generally a one-time fixed amount, paid to the borrower in full. Borrowers then pay off the loan with month-to-month payments.

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

A Home Equity Line of Credit or HELOC, is a type of loan that is used like a credit card. A lender will approve up to a certain amount while the equity in your home is used as collateral, which the borrower can access on an as-needed basis and only pay interest on the amount used.

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What is the Rapid Refi Program?

TFCU’s Rapid Refi Program is designed for homeowners who are close to paying off their mortgage that want to take advantage of the equity in their home. Homeowners can qualify for a lower rate and receive their equity cash at closing.

 

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What Are Your Home Equity Goals & How Can Our Different Programs Help?

People tap into their home equity for a variety of reasons, some of those being for home improvements or to pay off high-interest debt. Home equity is a great way to potentially qualify for a lower interest rate and access to more cash compared to personal loans or credit cards. Determine what your goals are so that you have an idea of which home equity programs can help you to meet your goals.

Home-Equity-Consolidate

Consolidate Your Debt

Home-Equity-Remodel

Remodel Your House

Home-Equity-Expense

Pay for a Major Expense

TFCU-Calculator

How Much Home Equity Loan Can I Get in Florida?

Home equity is based on the value of your home. If you have an idea of how much equity is in your home, quickly run the numbers to estimate what your monthly payments would be with any of our Home Equity Programs. Just plug in your numbers and let the calculator be your guide! 

RUN THE NUMBERS

What to Expect When Applying for a Florida Home Equity Loan or HELOC

Tapping into your home’s equity shouldn’t feel overwhelming. We make it simple to get the money you need to do the things you want. Here’s what to expect:

1

Compare

Determine which of our home equity products will help you meet your goals. Use our comparison chart as a guide to help you decide which option is best for you.

2

Apply

Once you decide which options are best for you, the next step is to apply. We’ve made our application easy for you so you can save time.

3

Relax

Our Trusted Home Equity Advisors will continue to answer any questions you have throughout the process so you can have peace of mind.

4

Close

Tapping into your home’s equity is finished off with a simple signature. Once you’ve done that you’re ready to complete your home equity goals.

TFCU Home Equity

How Do I Prepare For a Home Equity Loan in Florida?

Taking time to get financially prepared before applying for your Florida home equity loan helps you to feel better about the process. And while everyone's situation is different, the following are factors we consider when reviewing your home equity loan application. 
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How do I prepare to apply for my home equity loan?

Taking time to get financially prepared before applying for your home equity loan helps you to feel better about the process. And while everyone's situation is different, the following are factors we consider when reviewing your home equity loan application. 

Mortage-Credit-Score

Credit History

Your credit score is just one piece of your overall financial picture we review to gain a better understanding of how well you manage bills. And the higher your credit score is, the better rate you may get.

Take action: Get a free yearly credit report here and learn what your credit score is before applying for your home equity loan.

Refi-Mid-Equity

Your Home Value & Equity

We will assess the value of your house using independent appraisers to help determine how much you are eligible to borrow.

Take action: Click here to get a basic understanding of what your home's value might be before applying for your home equity loan.

Mid-Mortgage-Debt

Debt-to-Income Ratio

Your debt-to-income ratio is calculated from how much of your monthly income (before taxes are taken out) goes towards paying off your debt. We'll look at your income sources and determine the difference between your monthly income and the debts you owe.

Take action: Click here to learn about DTI 

Ready to Tap Into Your Home’s Equity?

Ease up the application process with our Home Equity Checklist. Know what documents to have prepared and which are even needed when tapping into your home's equity in Florida.


Download the TFCU Home Equity Checklist for more tips & tricks!
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Questions
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Florida home equity loan FAQs

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

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.

What are closing fees and how are they determined?

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.

Where will my home equity loan closing take place?

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.

What is your Rate Lock Policy?

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.

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.