A Home Equity Line of Credit Mortgage works similar to a credit card. You have a revolving line of credit to draw against. As you make your payments,
those funds become available again. The main advantage is you can borrow again whenever you need to without
submitting another application. Additionally, there are no prepayment penalties on a Home Equity Line of Credit
Mortgage. Features include:
- Limits between $5,000 and $300,000
- Loans up to 80% of the property value less any outstanding first mortgage balance
- Property value is determined by an appraisal
South Florida Educational Federal Credit Union will pay for the following closing costs:
|80% of the Appraised Value
|First Mortgage Balance
Your Out-of-Pocket Expenses:
Homeowners, Flood and Windstorm Insurance
- Application Service Charge
- Mortgage Title Search
- Termite Inspection (up to $75.00)
- Roof Inspection (up to $75.00)
- Documentary Stamp Tax (Stamp tax is computed on the loan amount.)
- Recording Service Charge
– Dwelling insurance coverage must be sufficient to
cover any first mortgage balance plus Credit Union’s balance.
To apply for a Home Equity Line of Credit, please visit a loan representative at any Credit Union branch.
A mortgage is recorded against the property. SFEFCU’s position may be subordinate only to a recorded first mortgage. All other outstanding mortgages or liens must be paid from the proceeds of the loan, which would reduce the actual cash to you. Must be members primary residence, located in Florida and owner occupied. No portion of your home can be under construction. Eligibility for the lowest rate and loan approval is based on credit worthiness, ability to repay, credit score and repayment period.