EFCU Home Equity Loan
Extra cash at a great rate.
If you know the amount you wish to borrow, we recommend our Home Equity Loan from $5k to $150k. A home equity loan can be a great way to obtain a low-rate loan and possibly earn a federal tax deduction. Prior to applying for a Home Equity loan, we recommend you click the buttons below to gather and read important information regarding our loan process. When you are ready, click "Apply Now" to begin the application process online.
Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.
It normally takes 30-45 days to close on a home equity loan. Eglin Federal Credit Union will do everything we can to close the loan as soon as possible.
The maximum amount for a home equity loan will depend on the value of your home and the balance of any other mortgages. That maximum loan to value is 80 percent, and the loan cannot be greater than $150,000.
Eglin Federal Credit Union will only finance primary residences. However, if there is enough equity on your primary residence, there are some cases where we can use your primary residence as collateral and do a cash-out refinance instead.
There are some cases where we can use 100% of the tax assessment. Please call EFCU’s Mortgage Department at 850.862.0111 x.1837. A mortgage lending representative will help discuss your available options.
No, a refinance has a required rescission period. A rescission period gives a borrower the right to cancel their loan transaction with the new lender within three days of closing.
You can consult with your tax advisor regarding which purposes may be permissible for tax deductions. Typically, mortgage interest payments are tax deductible, and your advisor will be able to tell you whether your home equity payments also qualify.
EFCU HELOC
Funds as you need them.
If you are uncertain how much you will need to borrow, or if you need access to funds over a period of time, our HELOC may be the right choice for you. Before you apply, we recommend clicking the buttons below to gather important information regarding our loan process. When you are ready, click "Apply Now" to begin the application process online.
Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.
It normally takes 30-45 days to close on a home equity loan. Eglin Federal Credit Union will do everything we can to close the loan as soon as possible.
A HELOC is basically a credit card with your home listed as collateral. HELOCs have a 9 year draw period before they will automatically close. You will then have 20 years to repay off any remaining balance.
Yes, however you would have to reapply and go through the entire loan process all over again.
Your monthly payment can be determined by taking your current balance and multiplying it by 1.5%. (Example: 150,000 x 1.5% = $2,250). As your balance decreases, so will your monthly payment.
There are some cases where we can use 100% of the tax assessment. Please call our office to see if this could be an option for your current situation.
