Special Offer
Enjoy no closing costs on your Home Equity Loan.*

Home Equity Options

If your home is worth more than you owe on it, you can borrow against the equity in your home to finance home improvements, consolidate debt, pay for college tuition, and more. Choose from a revolving Home Equity Line of Credit (HELOC)1 or a Fixed-Rate Home Equity Loan2.

Benefits of Home Equity Loans and Lines of Credit

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Lower rates
Home Equity2 loans and lines have lower rates than credit cards and personal loans.
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Many different uses
You can use your loan or line for renovations, debt consolidation, education, and other major purchases.
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Borrow more
Eligible applicants can borrow up to 90% of their home's value and up to $250,000.
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Easy access to cash
Access your Home Equity Line of Credit1 when you need to within the 10-year draw period.

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FAQs

Am I eligible for membership at Community First Credit Union?

Community First Credit Union membership is open to anyone who lives, works, or attends school in one of the following Florida 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 employees of Brooks Rehabilitation, Miller Electric Company, and Web.com. Not sure if you qualify? Contact us.

How can I use a Home Equity Loan or Line of Credit?
A Home Equity Loan or Line of Credit can be used for a variety of purposes, including home improvement projects, debt consolidation, paying off high-interest debt, or even funding college tuition.
What's the difference between a Fixed-rate Home Equity loan and a Home Equity line of credit?
A Fixed-rate Home Equity loan offers a single lump sum at the outset of your loan with a predetermined repayment term and interest rate. A Home Equity line of credit (HELOC) acts like a revolving door for funds, allowing you to draw from it as needed, make payments, and access additional funds up to an agreed-upon limit with an adjustable interest rate.
How can I request a Mortgage Pay Off Statement?
There are three easy ways to request a Mortgage Pay Off Statement at Community First. Choose the one that’s best for you below:
  1. Contact our Automated Payoff System at 877-772-9633 
    • There is no fee for faxed payoff requests.
  2. Reach out to our Member Service team at 866-843-2513
  3. Log into our Online Banking or Mobile Banking app.
    Then, navigate to your mortgage account and select “Download Payoff Statements.”

1Home Equity Line of Credit (HELOCs) – No Closing Cost. The Annual Percentage Rate (APR) is a variable rate and is based on Wall Street Journal Prime plus an applicable margin. All Home Equity Loans and Lines of Credit are secured by a lien on your home. Full appraisal, paid by applicant, may be required in certain circumstances. All rates and terms are subject to change without notice; please contact the Credit Union for current rates and terms. The cost of the appraisal can range from $575 to $800 and is the responsibility of the borrower. The min. APR is 4.00%, the max is 18%. Certain restrictions and limitations apply. Subject to credit approval. New members must open a share account with a minimum $5 initial deposit (share account is required for membership). This offer may end at any time.

Community First will pay the closing cost associated with HELOCs, excluding the cost of a full appraisal if required. Minimum loan amount is $10,000. Maximum loan amount is $250,000. Maximum loan-to-value is 90% of the property value. Minimum payments during the draw period is 1% of the outstanding balance. All Home Equity Lines of Credit are subject to credit approval. Some other restrictions may apply.

2Home Equity Loan – Terms are 10, 15 and 20 years. Minimum loan amount is $10,000. Maximum loan amount is $250,000. Credit and other restrictions apply. Title insurance may be required and is paid by borrower on home equity loans and HELOCs. Property insurance is required, and flood insurance may be required depending upon the location of the property. The amount of a home equity loan is based upon the current market value of the property, minus the amount of any current mortgages and other liens on the property. New members must open a share account with a minimum $5 initial deposit (share account is required for membership).

Community First will pay the closing cost associated with home equity loans, excluding the cost of a full appraisal if required. Fixed rate equity loan terms are 10, 15 & 20 years. Home Equity Loan payment example: $50,000 borrowed for a 10 yr. term at 7.720% APR would equal a payment of $599.27 a month. Minimum loan amount is $10,000. Maximum loan amount is $250,000. Maximum loan-to-value is 90% of the property value. All home equity loans are subject to credit approval. Some other restrictions may apply.

All offers may end at any time without notice.

*Special Offer - No Closing Cost - Community First's No Closing Costs Mortgage Offer is available on primary and secondary residences only. Community First will pay up to $5,000 of the actual closing costs associated with this new mortgage excluding appraisal fees, origination fee, discount points, prepaid interest, private mortgage insurance, funds needed to establish the member's escrow account and non-lender fees. Maximum loan amount $726,200. This special offer is not available for First Time Home Buyer products. Some exclusions and restrictions apply. All mortgage loans subject to credit approval. This offer may end at any time.