Overwhelmed by your options? You don't have to be. We'll help you understand the benefits of each loan program, so you can choose the one that is right for you.

Fixed Rate Mortgages

There's a reason Fixed Rate Mortgages are among the most popular loans. They are the simplest. Plus, your payment will not change over the life of your loan because your interest rate cannot change.

Conventional Loans

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quickly.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • This product will pay off the loan balance the quickest and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than longer-term options.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quicker.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • This product will pay off the loan balance sooner and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than longer-term options.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay off the loan balance quicker.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.
  • Your monthly payment will be lower than shorter-term mortgages because you are extending the term longer.
  • The loan balance will decrease more rapidly than a 30-year mortgage, and you will save on interest charges.

Disadvantages:

  • Monthly payments are higher than a 30-year mortgage.

Best choice if:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like a lower monthly payment.

Advantages:

  • Level principal and interest payments for the full term of the loan.
  • No risk that changing market conditions will increase your monthly payments.

Disadvantages:

  • This product will take the longest to pay off the loan balance.
  • The total cost in terms of the interest paid is higher than shorter-term options.

Home Equity Loans and Lines of Credit

A Home Equity Loan or Line of Credit may be an excellent way to access the equity in your home for a variety of reasons. It may be utilized to make home improvements, consolidate high-interest debts, or finance a wedding, educational expenses, major purchases such as a boat, car, second home, or a once-in-a-lifetime vacation, and unexpected major medical expenses

Turn your equity into cash for repairs and renovations that will transform your home into your happy place. Get a money-saving introductory rate of 4.99% APR* for 6 months, no closing costs, and no appraisal fee on a new Home Equity Line of Credit.

These are limited-time special savings, so take advantage of this offer before it's gone!


Disclosures

*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 July 25, 2025, the APR without the discounted interest rate is as low as 7.250% and as high as 9.500%. 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 of 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.

Ready to Apply?

 

Apply now for a better mortgage experience through Floridacentral.