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home equity loan
Cash in on your home's equity
Borrow a lump sum of cash from your home with flexible terms, no closing costs and a fixed monthly payment. From financing a big purchase to emergency expenses, your home has you covered.
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at a glance
A Smart Way to Borrow
A home equity loan gives you access to the value built into your home, offering a fixed rate, predictable payments, and a lump sum payout. It's a smart solution for major expenses like home improvements, debt consolidation, or other significant financial needs.
Receive funds all at once
Get the full amount at once, giving you immediate access to the cash you need for your next big project or major purchase.
Set Monthly payments
With terms from 10-20 years, you'll get a rate and payment that will remain the same during the life of your loan.1
No Closing Costs
Pay no closing costs on home equity loans of $400,000 or less, keeping more money in your pocket from the start.2
Features & Benefits
Loan Benefits Designed for You
Explore the features that make our loans a smart choice for managing your finances with confidence.
More Flexibility
Borrow Up to 100% of Your Home's Value
Maximize the potential of your home's equity with a loan that lets you borrow up to 100% of its value. Unlike many lenders, we provide the opportunity to tap into the full worth of your home, giving you more financial flexibility for home improvements, debt consolidation, or major purchases.
personalized support
Expert Guidance Every Step of the Way
Our experienced team takes the time to thoroughly assess your needs, ensuring you receive a loan solution perfectly tailored to you with support from beginning to end. Call (863) 284-5626 or toll free (855) 560-5626.
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Estimate Your Monthly Payment
See how much you can borrow and what your monthly payments might be.
Other Products & Services
Discover More Loan Options
We offer a range of valuable products and services designed to meet all your financial needs.
Home Equity Loan FAQs
Commonly known as a "second mortgage" or "second lien," a home equity loan uses a portion of the total value of your home to provide you with cash, with your property acting as collateral.
Your home's equity is calculated by subtracting any mortgages or liens from the market value of your home.
You can use your home equity loan for just about anything. The most popular uses are renovations, repairs and projects that add value to your home. Home equity loans are also used for bill consolidation, medical expenses, college tuition, weddings and vacations.
A home equity loan is a fixed-rate loan with a set term, meaning you borrow a lump sum of money at one time and pay it back. A home equity line of credit (HELOC) allows you to borrow against a set credit limit and you draw as needed. To determine which is better for you, consider how much you need to borrow, what it will be used for, current rates, fees and monthly payments, and be sure you understand any costs and repayment schedules.
*1. Home Equity Loan: Membership and eligibility requirements apply. Offer valid as of November 1, 2024, and may be canceled without notice. MIDFLORIDA Credit Union membership and eligibility requirements apply. Approval subject to application, eligibility, credit and acceptable property (must be your primary residence, manufactured homes excluded; acceptable appraisal and title required; condos or townhouses eligible only if loan pays off all other mortgages and liens). property insurance required. flood insurance when required. online appraisal typically used to determine home value. not available for refinance or consolidation of existing MIDFLORIDA loans. Loan amounts from $10,000 to $500,000. not all homes will qualify to be mortgaged for more than their original purchase price. other terms and conditions apply. See your loan officer for details. Home Equity Loan payment example: A 20-year fixed rate loan for $100,000 at 75% CLTV at 7.338% and an Annual Percentage Rate (APR) of 7.35% would have a monthly payment of $795.92, which includes principal and interest. Payment example does not include taxes and insurance premiums; the actual payment obligation will be greater.
2. No Closing Costs applies to eligible loan under $400,000 on primary residence on platted lot less than 1/2 acre with a combined loan to value (CLTV) of 75% or less. Does not apply to purchase transactions. Appraisal, survey, title policy and other closing costs at borrower's expense may be required on other loans. Costs subject to recapture within 36 months. Not all homes will qualify to be mortgaged for more than their original purchase price.
