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The Home Equity Line of Credit (HELOC) is a flexible loan that utilizes the equity in your home to fund such things as home improvements, college education and much more. The HELOC plus your existing first mortgage cannot exceed 75% of the appraised value of your home. The HELOC has a variable rate that is tied to the prime rate and may change quarterly. You can obtain credit advances for three (3) years with a payoff period of ten (10) years. No closing costs with $10,000 minimum advance if a balance is maintained for 1 year. The HELOC is only available on property located in Florida at this time. You should consult a tax advisor regarding the deductibility of interest and charges for the plan. You can apply online or contact the Jacksonville or Deerfield Beach branch for the proper application.
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