Not all Home Equity Loans Are Equal

When you’ve invested in your home, you want to be certain when you access your equity for any reason that you’re not exposing yourself to any unneeded risks or hidden costs. At Miami Firefighters Federal Credit Union, we’ve got you covered. Before you commit to a deal like the popular programs available to everyone, make sure you understand all the details.

  • Some of these programs will add a special assessment to your property tax and will stay on your tax bill for the length of time you have chosen, which can be up to 30 years in some states.
  • Some programs may offer deferred payments for up to one year or longer. You need to decide if this is your best option.
  • If you sell your property, payments may be transferred to the new owner but keep in mind that while property taxes are legally transferable, mortgage lenders or home buyers may require full repayment of your remaining tax obligation as a condition of a refinance or sale.
  • If you need a home equity loan later, Miami Firefighters FCU or other financial institutions may not be able to finance your loan due to the tax lien on your property. Additionally, if you decide to pay off early, there may also be prepayment costs.

If you’re looking at a home equity loan to free up cash for whatever need you have today, let us help you ensure you’re getting not only the best deal today, but the best terms and rate to meet your needs.

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