Home Equity Line Of Credit (HELOC):

A variable rate loan based on the prime rate. It works similar to a credit card, you have a credit limit and you can draw on it. When you make your monthly payments the funds become available again. You receive a Home Equity Line Checkbook, that allows you to write checks whenever you need to make an advance. There are no application fees and no closing costs (Florida properties only) for lines over $10,000. No pre-payment penalties ( unless loan is paid off within 5 years).The maximum financing is $225,000 and up to 95% of the appraised value of the home minus the first mortgage balance.

Home Equity Fixed Rate Loan:

A fixed rate, fixed term home loan. Terms up to 12 years. The minimum loan amount is $ 10,000. No application fees and no closing costs. No pre-payment penalties ( unless loan is paid off within 5 years) and your interest rate is fixed for the term of the loan. The maximum financing is up to 95% of the appraised value of the home minus the first mortgage balance. Payments can be automatically deducted from your payroll or from your Miami Firefighters Federal Credit Union checking account.

Homeowners and flood insurance (if applicable) is required for all home equity loans. Ask about our townhouses, condo’s and rental property (4 units max) home equity programs.

Rates and fees subject to change without notice.

To apply for a home equity loan, click here