Currently have a mortgage with a low rate and do not want to refinance? Fidelity Home Group offers two types of Home Equity Loan Solutions – Home Equity Loan [ HELOAN ] and a Home Equity Line of Credit [ HELOC ]. These solutions allows homeowners to borrow against their home’s built-up equity up to 90% of the homes value.

A Home Equity Line of Credit [ HELOC ] offers a flexible line of credit based on your home’s equity, letting you borrow as much or as little as needed—up to your approved limit. It functions similarly to a credit card, but instead of being based on your credit type, your borrowing power is determined by your home’s equity.

HELOC’s also feature a draw period, typically lasting several years, during which you can access funds as needed. Once this period ends, the loan transitions into the repayment phase, where you begin repaying the borrowed amount along with interest.

A Home Equity Loan [ HELOAN ] is a fixed-term loan secured by the equity in your home. Borrowers receive a one-time lump sum for a specified loan amount, with a fixed interest rate and predictable monthly payments throughout the loan term. Also known as a home equity installment loan or an equity loan, this option provides stability and structure for financing major expenses.

Florida Home Equity Loan Requirements:

• Minimum credit score 640
• Maximum Debt-to-Income to 50%
• Up to 90% Loan to Value / Combined Loan to Value
• Loan amounts up to $500,000 
• Available Loan terms from 5-Years to 30-Years; options featuring 10 years of interest-only payments
• Available property types include single-family homes, condos, and townhomes
• Minimum Documentation Required
  • Income Documents
  • Homeowner’s Insurance
  • Mortgage Statement [ if applicable ]
  • Photo ID
• AVM [ Automated Value Model ] and Exterior Drive-By Appraisals are commonly utilized to minimize costs and expedite the closing process in most scenarios
• Fast Closings in as little as 20 days
• No Prepayment Penalty

Florida Home Equity Solutions