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EFCU Home Equity Loans and Lines of Credit

Home Equity Loan

If you know the amount you wish to borrow, we recommend our Home Equity Loan from $5k to $200k.

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HELOC

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.

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 Frequently Asked Questions

Home Equity Loan FAQs

How soon will someone contact me after I have submitted my mortgage application?

Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.

How long does the loan process typically take?

EFCU strives to close all of our loans within 45-60 days.

Is there a limit on how big my home equity loan can be?

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 $200,000.

Can I get a home equity loan on my vacation or investment property?

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.

Will I need an appraisal?

There are some cases where we can use 100% of the tax assessment. Give us a call at 850.862.0111 x.1830 to discuss your available options with a Mortgage Lending Representative.

Will the funds be available on the closing date?

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.

How do I know if my home equity loan is tax deductible?

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.

Home Equity Line of Credit FAQs

How soon will someone contact me after I have submitted my mortgage application?

Once you submit your mortgage loan application for review, EFCU will contact you within 24-48 hours, unless it is a weekend application.

How long does the loan process typically take?

EFCU strives to close all of our loans within 45-60 days.

How does a HELOC work?

A HELOC is basically a credit card with your home listed as collateral. HELOCs have a 10 year draw period before they will automatically close. You will then have 20 years to pay off any remaining balance.

Can I increase my credit limit on an existing HELOC with EFCU?

Yes, however you would have to reapply and go through the entire loan process all over again.

How is the monthly payment on a HELOC calculated?

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.

Will I need an appraisal?

There are some cases where we can use 100% of the tax assessment. Give us a call at 850.862.0111 x.1830 to discuss your available options with a Mortgage Lending Representative.