Home Equity LOC
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 (85%)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 may obtain credit advances for three (3) years with a payoff period of ten (10) years. No closing costs with $10,000 minimum loan amount, a $5,000 initial advance, and a balance maintained for the first year.
The HELOC is only available on property located in Florida, Georgia, Alabama, South Carolina, North Carolina or Missouri at this time.
You should consult a tax adviser regarding the deductibility of interest and charges for the plan
You may apply online or contact the Jacksonville or Deerfield Beach branch for the proper application.
A detailed disclosure of information regarding the JMAFCU Home Equity Line of Credit may be obtained at the Jacksonville or Deerfield Beach branches or by calling 800-581-2256.