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.
- 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
South Florida Educational Federal Credit Union will pay for the following closing costs1:
|90% of the Appraised Value
|First Mortgage Balance
Your Out-of-Pocket Expenses:
- 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
- Homeowners Insurance
- Flood Insurance
- Windstorm Insurance
Dwelling insurance coverage must be sufficient to
cover any first mortgage balance plus Credit Union’s balance.
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.
1Subject to average minimum daily balance requirement of $10,000 during first 12 months.