Your Life. Your Goals. Your Home Equity Line of Credit (HELOC).

WHAT IS A HOME EQUITY LINE OF CREDIT?

A Home Equity Line of Credit (HELOC) is type of home loan, secured by one's home equity. The HELOC provides the homeowner with a line of credit, with funds available for drawing, like a credit card, but at better rates. The homeowner may use the funds if and whenever they choose.

We Florida Financial's HELOCs provide the best loan rates, with long draw and payback periods, and flexible payoff schedules. Typically, the homeowner may payoff the HELOC as one goes along, or years later, after the loan's draw period concludes.

At We Florida Financial, we help South Florida members achieve their financial goals. Opening a Home Equity Line of Credit can help you cover a range of events including home renovations, medical expenses, education costs, a dream vacation and much more. 

Equity is the difference between the home's current market value, and the part owed on the mortgage. When the property's value rises, like in Florida's hot real estate market, the homeowner's equity rises too, providing even more borrowing power.

What is a HELOC? 
A Home Equity Line of Credit (HELOC) is a type of loan, secured by one's home equity. The HELOC provides the homeowner with a line of credit, with funds available for drawing, like a credit card, but at better rates. The homeowner may use the funds as they choose over time, such as for a home renovation, swimming pool or life event.  

How long is the HELOC term? 
The homeowner may draw money from the HELOC for a period of 10 years. From the start of the HELOC, the homeowner has up to 20 years to gradually pay back the amount borrowed, using monthly payments. 

When can I pay off my HELOC? 
The borrower can pay off the line of credit by way of monthly payments or faster, by making additional payments. 

How long is the typical Draw period? 
The homeowner may draw on the HELOC funds for a period of 10 years. 

How long is the typical Payback period? 
From the start of the HELOC, the homeowner has 20 years to continuously pay back the line of credit. 

Do I have to utilize the full HELOC line of credit available to me? 
Not at all. The homeowner does not have to utilize the full amount. At the point of opening, the borrower receives a one-time draw of $5,000 (minimum) from the HELOC. Thereafter, the borrower may draw additional funds, as desired and available within the line.  

Is there a minimum draw amount after the initial draw? 
After the initial draw, the borrower may make additional draws of $500 or more, as desired and available within the line, or choose not to draw at all. 

Do I have to pay the Closing costs when getting a HELOC? 
Nope. Closing costs are waived when the borrower keeps the line of credit open for two years or more from the start. However, if the borrower closes the HELOC within two years of the HELOC’s initial opening, the borrower will be responsible for the closing costs. 

What is an Origination fee? How is it paid? 
An Origination fee is a fee charged to the borrower to cover the cost of processing the loan. The fee is only due if and when the HELOC is approved and funded.

A processing fee of $395.00 will be made for $100,000.00 HELOCs and less. A processing fee of $595.00 will be made for $100,000.01 HELOCs and more.

This fee is assessed at the point of the initial draw and is deducted from the initial draw amount.