Home Equity Loans
If you need cash to remodel your kitchen or bath, a home equity loan or home equity line of credit (HELOC) might be your best bet. These loans let you borrow money using the equity in your home as collateral.
A HELOC is much like a credit card or any other type of open-ended credit. You can easily borrow money as needed, up to the credit limit your lender assigns. A HELOC is a variable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the prime rate.* We offer low rates on all of our home equity programs, in addition to no closing costs.**
Rates
Home Equity Line of Credit (HELOC) APR*
10 Year Draw As Low As Prime*
Fixed Home Equity APR^
5 Year Term As Low As 6.25%
7 Year Term As Low As 6.75%
10 Year Term As Low As 7.25%
15 Year Term As Low As 7.50%
EZ Refinance Equity Loan APR^^
(Primary Residence)
5 Year Term As Low As 5.500%
10 Year Term As Low As 5.750%
15 Year Term As Low As 6.000%
For the current Prime Rate, please call our Mortgage Team at (561) 625-2406.
Apply now for a home equity loan with Velocity Community. Shortly after you have submitted your application, a member of our Mortgage Team will follow up with you to help you proceed with the home equity loan process.
* APR =Annual Percentage Rate. The APR for a Home Equity Line of Credit is variable and based on Prime Rate as published in The Wall Street Journal, plus margin. Rates range from as low as 7.75% APR to 10.25% APR and will not exceed 16% APR over the life of the loan. Rates are valid as of 11/20/24. Max CLTV 90%. Membership at Velocity Community CU is required to open a HELOC. There is a $5 membership fee to join.
** The Credit Union may pay closing costs to third parties when the loan closes and disburses. Should the loan application be canceled by the member, declined, or credit cannot be granted, the member will be responsible for reimbursement to the Credit Union of all expenses incurred by the Credit Union on the member’s behalf prior to the point of cancellation. The Credit Union may require the loan to maintain a minimum balance for up to 36 months from the date of closing. If your loan requires an appraisal, you will be responsible for this fee. Should evidence of possible termites and/or termite damage be found during the appraisal inspection, the member will be responsible for the payment of all termite inspection, treatment, and/or repairs recommended prior to closing and funding the loan.
^ APR=Annual Percentage Rate. Rates valid as of 11/01/24. Max CLTV 90%. For $10,000 closed end Home Equity Loan with a term of 60 months at 6.25% APR and an LTV of 80% or less, the monthly payment is $195.03.
^^ APR=Annual Percentage Rate. Rates are valid as of 11/01/24. A minimum loan amount of $10,000 and a maximum loan amount of $200,000 applies. Must be primary residence within the State of Florida. Rates are subject to change without notice. For a $50,000 closed-end EZ Refi Home Equity Loan with a term of 60 months at 5.500% APR, the monthly payment is $957.38. Monthly payments shown are principal and interest only. Borrower is responsible for taxes and insurance. Credit Union reserves the right to cancel this program at any time. In-house refinances are excluded.
Rates are subject to change without notice. Velocity reserves the right to restrict LTV limits. Individual rates will be determined by creditworthiness, ability to repay, loan to value (LTV), property type, and term. Contact the Credit Union for complete details. Adequate property insurance must be maintained. Contact the Credit Union for complete details.