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Home Equity Loan
A fixed rate closed-end home equity loan is for a pre-established amount and for a fixed term - up to 15 years. A Home Equity Mortgage loan can help you achieve your goals. You’ll be able to consolidate your loans, make home repairs, take that dream vacation or purchase a new car—the possibilities are endless! Additionally, there are no prepayment penalties on a Home Equity Closed-End 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
For Example: 
$150,000  
Appraised Value
 
$120,000  
80% of the Appraised Value
 
-$50,000  
First Mortgage Balance
 
$70,000  
Maximum Financing

South Florida Educational Federal Credit Union will pay for the following closing costs:
  • Application Service Charge
  • Mortgage Title Search
  • Appraisal
  • Termite Inspection (up to $75.00)
  • Roof Inspection (up to $75.00)
  • Recording Service Charge
Your Out-of-Pocket Expenses:
Homeowners, Flood and Windstorm Insurance – Dwelling insurance coverage must be sufficient to cover any first mortgage balance plus Credit Union’s balance.

Documentary Stamp Tax – 35 cents per $100.00.  Stamp tax is computed on the loan amount.

Click here to use the Loan Consultant and to view our rates. Once you've selected a program that meets your needs through the Loan Consultant, you'll have the option to apply for the loan.

* 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.
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