Home Equity Line of Credit
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:
  • Fixed rate Home Equity Line of Credit offers a five-year draw period and repayment terms of 5, 7 and 10 years.

  • Variable rate Home Equity Line of Credit offers a ten-year draw period and a repayment term of 10 years.

  • Limits between $10,000 and $300,000
  • Loans up to 90% of the property value less any outstanding first mortgage balance
  • Property value is determined by an appraisal
For Example: 
Appraised Value
90% of the Appraised Value
First Mortgage Balance
Maximum Financing

South Florida Educational Federal Credit Union will pay for the following closing costs1:
  • Mortgage Title Search
  • Appraisal/Property Valuation
  • Termite Inspection (up to $75)
  • Roof Inspection (up to $75)
  • Documentary Stamp Tax (computed on the loan amount.)
  • Recording Service Charge
Your Out-of-Pocket Expenses:
  • Homeowners Insurance
  • Flood Insurance
  • Windstorm Insurance
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, apply online or contact your local branch to schedule an appointment.

* 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.

APR=Annual Percentage Rate. All Credit Union loans are subject to approval. Home Equity Fixed Rate Loan rates range from 3.79% to 10.99% APR. Home Equity Fixed Rate Line of Credit Loan rates range from 8.49% to 11.99% APR. A Home Equity Variable Rate Line of Credit Loan has a maximum APR of 18%. All Home Equity and Line of Credit Loans are subject to an average minimum daily loan balance of $10,000 during the first 12 months; otherwise, the member will be responsible for reimbursing the Credit Union for closing costs incurred.

1Subject to average minimum daily balance requirement of $10,000 during first 12 months.
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