Tap Into Your Home’s Value With Florida Home Equity Loans
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Home Equity Line Of Credit Rates
Rates effective as of February 10th, 2025
6.25%*
HELOC 1st Lien (adjustable rate)6.25% APR**
At a 6.25% interest rate, the APR for this loan type is 6.25%. The payment schedule would be 1% of the outstanding balance, and the rate is adjustable based on the Prime rate index.
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 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 6.25% interest rate, the APR for this loan type is 6.25%. The payment schedule would be 1% of the outstanding balance, and the rate is adjustable based on the Prime rate index.
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 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.
6.50%*
HELOC 2nd Lien (adjustable rate)6.50% APR**
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.
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.
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.
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.
Home Equity Loan Rates
Rates effective as of February 10th, 2025
5.49%*
HE 1st Lien - 5 Year5.49% APR**
Loan Example: $75,000 at 5.49% APR with 60 monthly payments of approximately $1,432.24
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 at 5.49% APR with 60 monthly payments of approximately $1,432.24
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.
5.74%*
HE 1st Lien - 10 Year5.74% APR**
Loan Example: $75,000 at 5.74% APR with 120 monthly payments of approximately $822.90
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 at 5.74% APR with 120 monthly payments of approximately $822.90
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.
7.49%*
HE 2nd Lien - 15 Year7.49% APR**
Loan Example: $75,000 at 7.49% APR with 180 monthly payments of approximately $694.83
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.
Loan Example: $75,000 at 7.49% APR with 180 monthly payments of approximately $694.83
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.
8.24%*
HE 2nd Lien - 20 Year8.24% APR**
Loan Example: $75,000 at 8.24% APR with 240 monthly payments of approximately $638.58
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.
Loan Example: $75,000 at 8.24% APR with 240 monthly payments of approximately $638.58
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.
Tropical Financial Credit Union Florida Home Equity Programs
What is a Home Equity Loan?
A home equity loan utilizes the value, or equity, of one's home as collateral. This type of loan grants borrowers a fixed amount determined by the property's appraised value. Once received, the loan is repaid through regular monthly installments.
What is a Home Equity Line of Credit (HELOC)?
A Home Equity Line of Credit (HELOC) functions similarly to a credit card. With a HELOC, a lender approves a maximum borrowing limit based on the equity in your home, serving as collateral. Borrowers can access funds as needed, paying interest solely on the amount utilized.
Discover Your Home Equity Goals with Our Range of Programs
Thinking of using your home equity for renovations or to pay off debt? Home equity loans can be a smart move, offering lower interest rates and more cash than personal loans or credit cards. Figure out your goals, and find the perfect home equity program to match – it's all about making the most of your finances!
Consolidate Your Debt
Remodel Your House
Pay for a Major Expense
Ready to Apply Now?
Our user-friendly online application ensures a hassle-free experience, allowing you to conveniently provide essential information from the comfort of your home. With quick pre-approval decisions, you can swiftly move forward with your financial goals. Trust us to make accessing your home's equity easy and efficient. Apply now and take the first step towards unlocking the funds you need, swiftly and securely.
How Do I Prepare To Apply For My Home Equity Loan?
Getting financially prepared before applying for your home equity loan can ease the process. While individual circumstances vary, certain factors are crucial when reviewing your application.
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.
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.
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?
Simplify the application process with our Home Equity Checklist. Discover the necessary documents and essential requirements for accessing your home's equity in Florida. Streamline your loan application by ensuring you have all the necessary paperwork ready, saving time and hassle. Unlock your home's equity effortlessly with our comprehensive checklist.
Download the TFCU Home Equity Checklist for even more tips!
Florida Home Equity Loan FAQs
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Is Comparing APRs the Best Way to Decide Which Lender Has the Lowest Rates and Fees?
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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.
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What Are Closing Fees and How Are They Determined?
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A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender or broker should be able to give you an estimate of their fees, but it is more difficult to tell which lenders have done their homework and are providing a complete and accurate estimate. We take 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!
To assist you in evaluating our fees, we've grouped them as follows:
Third Party Fees
Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.
Third party fees are fees that we'll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.
Typically, you'll see some minor variances in third party fees from lender to lender since a lender may have negotiated a special charge from a provider they use often or chooses a provider that offers nationwide coverage at a flat rate. You may also see that some lenders absorb minor third party fees such as the flood certification fee, the tax service fee, or courier/mailing fees.
Taxes and other unavoidables
Fees that we consider to be taxes and other unavoidables include: State/Local Taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay it. It probably means that the lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.
Lender Fees
Fees such as points, administration fees, document preparation fees, and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.
This is the category of fees that you should compare very closely from lender to lender before making a decision.
Required Advances
You may be asked to prepay some items at closing that will actually be due in the future. These fees are sometimes referred to as prepaid items.One of the more common required advances is called "per diem interest" or "interest due at closing." All of our mortgages have
One of the more common required advances is called "per diem interest" or "interest due at closing." All of our mortgages have payment due dates of the 1st of the month. If your loan is funded on any day other than the first of the month, you'll pay interest, from the date of funding through the end of the month, at closing. For example, if the loan is closed on June 15, we'll collect interest from June 15 through June 30 at closing. This also means that you won't make your first mortgage payment until August 1. This type of charge should not vary from lender to lender, and does not need to be considered when comparing lenders. All lenders will charge you interest beginning on the day the loan funds are disbursed. It is simply a matter of when it will be collected.
If an escrow or impound account will be established, you will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the bills when they become due.
If your loan requires mortgage insurance, mortgage insurance payments may be collected at closing. Whether or not you must purchase mortgage insurance depends on the percentage of the down payment you make.
If your loan is a purchase, you'll also need to pay for your first year's homeowner's insurance premium, flood and wind if applicable, prior to closing. The policies must be purchased and paid in full prior to closing and we consider this to be a required advance.
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Where Will My Home Equity Loan Closing Take Place?
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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.
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What Is Your Rate Lock Policy?
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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. TFCU provides borrowers with the option to lock in the interest rate and points once the file has been reviewed by the underwriting area or to float the rate and points until five days prior to closing.
Lock-In Agreement
A lock is an agreement by the borrower and the lender and specifies the number of days for which a loan’s interest rate and points are guaranteed. Should interest rates rise during that period, we are obligated to honor the committed rate and points. Should interest rates and points fall during that period, the borrower, must honor the lock. Note: Any changes to the conditions of the loan locked may affect the rates and points to be charged on your loan. These conditions include, but are not limited to: Loan-To-Value based on appraised value of the property, transaction type, property type, number of units, loan program, purpose, occupancy, loan amount and if subordinate financing applies.
When Can I Lock?
Your interest rate and points can be locked once you have submitted a complete loan application with all required supporting documents and your loan has been pre-underwritten or reviewed by an underwriter and approval to lock in the loan has been granted.
Fees
We do not charge a fee for locking in your interest rate and points.
Lock Period
We currently offer a 45 day lock-in period. This means that your loan must close and disburse within this number of days from the day your lock is confirmed by us.
Lock Confirmation
Once you have requested to lock in your rate and points, a Rate Lock-In Confirmation notice will be sent to you to review and sign. The confirmation will outline the specific details regarding your lock selection. Please read this document carefully. If you have any questions, please contact your Mortgage Loan Originator.
Lock Changes
Once we accept your lock, your loan is committed into a secondary market transaction under the terms and conditions of the loan and lock. We will not be able to renegotiate the lock commitments unless the terms and conditions on your loan request change and the changes affect the rate and/or points to be charged on the loan. In addition, it is understood that if the loan funds after the expiration of the lock-in period, that the prevailing rate and points in effect five days before my closing date or the original locked-in rate and point(s) whichever is higher will apply.
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Have a Question but Don’t Want to Wait On Hold?
Disclosure
*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 – 1.25 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. 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: $25,000. 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. Available on owner-occupied detached and attached primary and secondary residences. Not available on investment properties. Consult tax advisor for deductibility. Property must be in Florida. TFCU will deposit the $1 minimum requirement to open your account. Rates, program terms and conditions are subject to change without notice. Other restrictions and limitations may apply.
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.