Home Equity Line of Credit Special Offer
4.99% APR* for 6 Months + No Closing Costs + No Appraisal Fee
Access your home's equity without giving up your low mortgage rate! A Home Equity Line of Credit is a flexible and convenient way to turn your home's equity into cash for the things you need. You can use it to pay off your high-interest credit cards, fix up your home, plan a wedding or vacation, or cover an unexpected expense.
Enjoy a money-saving intro rate
Get a money-saving introductory rate of 4.99% APR* for 6 months! Without this special discount, the variable rate would be as low as 7.750% APR.
No closing costs or appraisal fees
We're sweetening the deal by covering your closing costs and the appraisal fee.**
Tax benefits
Your interest payments may be tax deductible.^ Consult your tax adviser.
There is no annual fee or pre-payment penalty. You can use your Smartline Home Equity Line of Credit for whatever you need. It's a line of credit, so you can use it again and again with no need to re-apply. You only pay interest on what you use, and accessing funds is as easy as writing a check or transferring through Online Banking, telephone banking, or in person.
These are limited-time special savings so take advantage of this offer before it's gone!
*4.99% Annual Percentage Rate (APR) is the initial discounted interest rate during the Introductory Period through 6 billing cycles. This offer, including the rates and terms, is subject to change or be discontinued at any time without notice. After the Introductory Period ends, all remaining balances will automatically convert to a variable APR based on Wall Street Journal Prime plus a margin. The variable rate is based on loan-to-value, term, and creditworthiness and can change quarterly on the first day of January, April, July, and October. As of September 20, 2024, the APR without the discounted interest rate is as low as 7.750% and as high as 10.000%. Financing is available on loan amounts up to 80% of the appraised property value minus the outstanding first mortgage balance. Draw period of 10 years with a repay term up to 15 years. The minimum initial draw is $5,000.
**Closing costs paid by Floridacentral do not include prepaid interest. If you close the Home Equity Line of Credit within 36 months of the opening date you may be required to reimburse the credit union for all fees paid on your behalf. You must be a member of Floridacentral Credit Union or meet membership eligibility requirements. Other restrictions apply.
^Consult your tax advisor regarding the deductibility of interest.
Home Equity Loans
A Home Equity Loan is another way to tap into your home's equity for whatever you need without giving up your low mortgage rate.
We offer competitive rates on 5-year, 10-year, and 15-year Home Equity Loans.
There are many benefits of a Home Equity Loan. While a HELOC is a variable rate line of credit that you can use over and over again, a Home Equity Loan has a fixed rate and term. This makes it easy to budget your monthly payment, and after you pay off the loan, you're done! Plus, there is no annual fee or pre-payment penalty, and your interest payments may be tax deductible. (Consult your tax adviser.)
Your Annual Percentage Rate is a fixed rate and is based on loan-to-value, term, and creditworthiness. The minimum loan amount is $5,000. Financing for up to 15 years is available on loan amounts up to 80% of the appraised property value minus the outstanding first mortgage balance.
Understanding the Home Equity Lending Process
This part is easy. We will help you decide which home equity product is best for your personal circumstances based on how much you owe, the amount of equity in your home, and how much flexibility you have with your monthly payments.
Complete an online application to get the process started. You'll provide essential information about yourself, the property, your income, assets, liabilities, and declarations.
We will send you preliminary loan disclosures within 3 business days of when you submit your application. We may also ask for additional documentation to complete processing your loan request.
When we process your loan we verify the information you've provided us on your loan application. We will request minimum documentation to verify assets and income. The property will be reviewed and may require ordering an appraisal, title report, and flood certification on the home.
We will contact you to discuss any additional documentation required and to let you know if an appraisal is needed. Once we have completed our review, we will contact you to schedule a convenient time and location for signing loan documents.
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Why Choose Floridacentral?
Floridacentral has been part of the central Florida community for decades, and we've proudly earned a reputation as a financial institution you can trust.
Experience Personalized Service
You'll work with locally-based, attentive staff with experience in the local market who will guide you through the entire process. We'll help you choose from a variety of financing options, including Conventional, VA, FHA, and more.
Save Money
Lock in a competitive interest rate and save on your closing costs as a result of our not-for-profit status.