Home Equity Loans
A home equity loan, commonly referred to as a second mortgage, may be an excellent way to utilize the equity in your home for a variety of reasons. It may be utilized to finance:
- Educational expenses
- Big ticket purchases such as a boat, car, second home, or a once in a lifetime vacation
- Unexpected major medical expenses
- Consolidate credit card debt into a lower interest rate loan
What types of home equity loans are there?
We offer two different options with a variety of terms to choose from.
Home Equity Line of Credit
Borrow what you need, when you need it. You can draw up to the limit of your line for five years. As you pay the line down, the funds become available to use again. Consult your tax advisor regarding interest deductibility.
Home Equity Loan
Receive a lump sum for large expenses. Use a home equity loan for big-ticket purchases or debt consolidation. We offer 5 year, 7 year and 10 year fixed home equity loans with low, fixed interest rates. A longer term means lower payments. A shorter term means quicker payoffs.
All We Florida Financial Home Equity Loans feature:
- Fast closing
- No closing costs1
- Competitive rates
What is a second mortgage?
A second mortgage is a home equity loan or home equity line of credit. A second mortgage uses your home as collateral, similar to a loan you might have used to purchase your home. It is referred to as a second mortgage because your purchase loan is typically the first loan that is secured by a lien on your home.
Or call us at 954-745-2400 or 800-230-0200 and select option 4.
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1Estimate of customary fees imposed/charged by the Credit Union or third parties is up to $1,300; We Florida Financial pays these costs, except for the $295 origination fee (up to $495), provided the loan is not paid off within 24 months.