A Home Equity Line of Credit (HELOC) is a variable rate loan that is secured by your home. It works similar to a credit card, as you have a revolving credit line that you can draw on as you need it. As you repay your outstanding balance, the amount of available credit is replenished.
Once you close on your Home Equity Line, you receive an order of special checks that allow you to write checks whenever you need to make an advance. You can also transfer directly from your HELOC to your checking account via online banking.
A JetStream Federal HELOC offers you a 10 year draw period with a 15 year repayment term. Your minimum monthly payments will include principal and interest. There are no application fees and JetStream Federal pays all closing costs up to $1000**. To speak to one of our Home Equity specialists, contact us at 786-619-3279.
Homeowners and flood insurance (if applicable) is required for all types of Home Equity Loans. We also offer townhouse, condo and rental property programs.
For more information, refer to this link which is a booklet provided by the Consumer Financial Protection Bureau "What you should know about Home Equity Lines of Credit."
*Annual Percentage Rate (APR) will be a variable rate based on the Prime Rate as published in the Wall Street Journal, currently at 5.25% as of 9/27/2018. Rates and fees are subject to change. Home Equity Lines are only eligible for properties located in the State of Florida. The maximum Loan to Value (LTV) accepted is 80% of the appraised value of the home minus the first mortgage balance. Based on borrower’s credit, maximum LTV may be lower. **Closing costs are waived up to $1,000 on primary residence only. If HELOC is paid off before three years, member is responsible to repay all closing costs to JetStream FCU. At time of closing, a minimum of $5,000 initial draw is required. Certain restrictions and underwriting criteria apply. Member must meet credit requirements.
JetStream Federal Credit Union’s Mortgage Loan Officers are in compliance with the SAFE Act; NMLS unique identifier numbers are available upon request.