Second Mortgage
Home Equity Fixed Rate Loan
(Primary Residence Only)
Rates As Low As: 5.25%APR*
- 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.
- 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.
- The terms of repayment, which reflect the repayment obligations over the full term of the loan, including any balloon payment
- (i.e. a sample payment example), such as "48 monthly payments of $27.83 per $1,000 borrowed."
- Homeowners and flood insurance (if applicable) is required for all home equity loans.
- Ask about our townhouses and condo home equity programs.
- Rates and fees subject to change without notice.
* APR – Annual Percentage RATE
++ Higher Amounts may be available on a case-by-case basis.
The terms of repayment, which reflect the repayment obligations over the full term of the loan, including any balloon payment (i.e. a sample payment example), such as "48 monthly payments of $27.83 per $1,000 borrowed."
Home Equity Line of Credit
Line Of Credit (HELOC) – Variable Rate
Rates As Low AS: PRIME minus 1.00%
Max rate: 18.00% APR**
- Closing costs typically range between $900 – $3,000.
- (Currently the CU gives you a credit of $500 for loans up to $75,000 and a credit of $1,000 for loans greater than $75,000).
- A variable rate loan based on the “prime rate” as published on the Wall Street Journal 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. (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.
- Loan Repayment is interest only for the first 10 years, and Principle and Interest for the second 10 years until maturity
- Line of credit will expire after the interest only period.
How Do I Start the Process?
Whether you’re buying your first home, moving up or downsizing, or refinancing your current loan, you can take advantage of a variety of mortgage programs right here at your credit union, featuring:
- Low fixed and adjustable rates
- Lower closing costs (Call us for an estimate of closing costs so you can compare)
- No intangible tax
- Various terms to best suit your needs
- A knowledgeable, friendly staff ready to help So, if you need a home for your mortgage, you can now turn to your credit union, the place you know and trust. For more information, call our Loan Department at 305.324.4004 or stop by today.
CONTACT THE LOAN DEPARTMENT TO MAKE AN APPOINTMENT TO DISCUSS YOUR OPTIONS OR WHEN READY TO APPLY.
PLEASE TAKE INTO CONSIDERATION THAT THE LOAN PROCESS TAKES AT LEAST ONE HOUR.
If you prefer, you can begin your application online by clicking below