Home Equity Line of Credit (HELOC)

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.

Typical Uses for a HELOC

HELOC Advantages

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.

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