Home Equity Loans
A variable rate loan based on the prime rate as published on the Wall Street Journal (currently 3.25%) plus margin with a floor of 4.00%. 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. There are no application fees and the credit union pays $250.00 towards your closing cost. (Florida properties only) for lines over $10,000. The maximum financing is $150,000 and up to 80% of the appraised value of the home minus the first mortgage balance.
A fixed rate, fixed term home loan. Terms Up to 15 years . The minimum loan amount is $ 10,000 and maximum is $150,000.00. No application fees and the credit union pays $250.00 towards the closing cost. The maximum financing is up to 80% 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.
SECOND MORTGAGE (Non-Variable Rate)
(Primary Residence Only)*
BY APPOINTMENT ONLY
*Rental and Secondary property maximum is 50% LTV, maximum $49,999.99
** APR – Annual Percentage RATE
+ The “as low as” rates are based on 0.25% payroll deduction discount, 0.25% direct deposit discount and an additional 0.25% discount for members who meet the requirements of a Deluxe Relationship. Deluxe Relationship Requirements: Household balance of $15,000 or more (total deposit or total loan balance)
++ Higher Amounts may be available on a case by case basis.