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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:
  • 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: 
$150,000  
Appraised Value
 
$135,000  
90% of the Appraised Value
 
-$50,000  
First Mortgage Balance
 
$85,000  
Maximum Financing

South Florida Educational Federal Credit Union will pay for the following closing costs1:
  • Application Service Charge
  • 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, 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.

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