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How do you pay when your home needs a major remodel, or your child is going to college or getting married? If you usually reach for a credit card, you might want to consider a Home Equity Line of Credit.
| Loan Type | Max LTV | Term | Rate |
|---|---|---|---|
| Home Equity Line of Credit - 1st Position 3 | 80% | 10 year draw period and 15 years payment term | Variable rate between Prime - 0.25% and Prime + 0.75%2 |
| Home Equity Line of Credit - 2nd Position 3 | 80% | 10 year draw period and 15 years payment term | Variable rate between Prime + 0.00% and Prime + 1.25%2 |
– Franciso O., Miami, Florida
The amount you can borrow is based on the amount of equity in your home. You can borrow up to 80% of that equity. To work out your home equity:
You can use your HELOC for just about anything! Common uses include:
Note that the interest you pay on your HELOC may be tax-deductible when the funds are used for substantial home improvements. That's why it's a good idea to draw on separate amounts of funds for each purpose – and keep records. Check with your tax advisor for details!
A HELOC is more like a credit card in that you get a credit limit, and you can use as much or as little of the funds as you want at any time. You can choose how much to repay each month. When you pay your balance down, you can use the funds repeatedly until the end of your 10-year draw period.
At the end of your HELOC draw period, you get a 15-year repayment period.
In contrast, a home equity loan is more like a personal loan. You get a lump sum payment and then make equal monthly payments through your loan term until the loan is paid off in full.
HELOCs do generally require closing costs. Luckily, we are offering to pay up to $1,000 of your closing costs for you! You must simply keep your credit line open for at least 48 months.
Any of our existing credit union members are welcome to apply for a home equity line of credit, or it takes just a few minutes to become a member.
Our membership consists of those who: live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties.
We're also proud to offer membership to our Select Employee Groups. Employees of Ryder System, Inc. FPL/NextEra Energy, and members and employees of Bonefish & Tarpon Trust, no matter where they're located, are always welcome to join.
Hybrid Home Equity Line of Credit (HELOC)
The Ultimate Guide to Home Equity Lines of Credit (HELOC)
Reverse Mortgage
1Credit Union pays up to $1000 toward closing costs on new lines and refinances regardless of lien position. Member will reimburse the Credit Union if loan is closed within 48 months.
2Consult your tax advisor.
3 Eligibility for the lowest rate is based on loan to value (LTV), credit worthiness, ability to repay, credit score, and term of loan. Other conditions may apply. Rates are subject to change at any time. Interest rates include a .125% discount for automatic payment from your CU account and a .125% discount for previous Power Financial Credit Union borrowers. (Interest may be tax-deductible, consult your tax advisor).
4The maximum APR that can apply over the life of the loan is 18.00%. For a Home Equity Hybrid Loan of $50,000 at 5.37% over 15 years you would make 180 payments of $406.05. Immediate usage required is $10,000. The estimated Credit Union and third party fees for a Home Equity Loan are $1,343.75.