Home Equity Line of Credit (HELOC)

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With our affordable HELOCs, you can use the equity in your home to establish a revolving line of credit that you can use for anything that comes up. The line is available for you to draw on anytime, and you can continue to use it up to your available limit.

Unlock the cash
in your home.

What is a HELOC?

A Home Equity Line of Credit (HELOC) uses the equity in your home to establish a line of credit for immediate and future lending needs. Unlike a home equity loan, a HELOC allows you to borrow up to a certain amount during your draw period, instead of receiving all of the money upfront. You can borrow as little or as much as you need and only pay for what you borrow. Another advantage of a HELOC is it typically has lower interest rates than most other loans.

How it Works

In order to receive a HELOC, you must have available equity in your home. This means you owe less than what your home is worth. Once you receive a HELOC, you will have a draw period to use funds as needed for any expenses that may come up. Similar to a credit card, as you pay the outstanding balance on your line of credit, your available funds are re-established.

Borrow up to $200,000

Up to 90% loan-to-value

No Closing Costs

Access to cash as you need it

Typical Uses for a HELOC

Home Improvement

Home Improvement

Major Purchases

Major Purchases

Medical Expenses

Medical Expenses

Education

Education


HELOC Advantages

Lower Rate

Lower Rate

Often has a lower interest rate than other loans

 

Revolving line of credit

Revolving line of credit

A 10 year revolving line of credit

 

No annual fee

No annual fee

No annual fee

Secured by home

Secured by home

Secured by home

Ready to get started?

To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.

Apply Now

Still have questions? We’ve got you covered. Our Mortgage Champions are here to help you anytime, day or night. To learn more about our Home Equity Lines of Credit, click here.

Federally insured by NCUA. Membership is open to anyone who lives, works, or attends school in one of the following counties: Baker, Brevard, Broward, Clay, Duval, Flagler, Indian River, Lake, Martin, Nassau, Orange, Palm Beach, Putnam, Seminole, St. Johns, St. Lucie, or Volusia. Membership is also open to any relative of an existing or eligible Community First Credit Union of Florida member. We also offer membership to Select Employer Groups, including all employees of Brooks Rehabilitation and Web.com.Community First will pay the closing cost associated with a home equity line of credit, excluding the cost of a full appraisal, if required. View rates by clicking here. Minimum loan amount $10,000. Maximum loan amount $200,000.  The HELOC is a line of credit that allows you to make draws against the line for ten years. Monthly payment is based on 1% of the outstanding principal balance. Payment example: Line amount is $50,000. Outstanding balance is $25,000, payment is $250. Minimum payment is $50. Maximum loan-to-value is 90% of the property value. APR = Annual Percentage Rate. Rates may vary daily. All home equity lines of credit are subject to credit approval. Some other restrictions may apply.