Borrow against your best asset

Need money to spruce up your space or cover a large expense? Harness the borrowing power of your own home with a home equity loan or home equity line of credit (HELOC) from MIDFLORIDA.¹

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Overview

How to use the equity in your home

No closing costs with a new home equity loan or line of credit under $250,000.² Plus, enjoy an intro rate on a HELOC as low as 1.99% APR for 12 months, and 3.25% to 18.00% APR after that.³

Your home’s equity, which is calculated by subtracting any mortgages or liens from the market value of your home, is an asset you can tap into for financing what’s important to you. From major home improvements to large expenses to debt consolidation, we have options to help you meet your goal.

Home Equity Loan - receive funds as a lump sum with a fixed interest rate; sometimes referred to as a second mortgage
Home Equity Line of Credit (HELOC) - a credit line that allows you to draw funds as needed
Interest-Only Home Equity Line of Credit (HELOC) - a credit line that allows you to pay only interest during the draw period. Interest-only payments will not repay the principal that is outstanding on your line.⁴

Or, call our lending department at (863) 284-5626 or toll free (855) 560-5626, or visit any branch to discuss your home equity loan options.

View home equity loan rates

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Types of Equity Loans

Compare Home Equity products

Home Equity Loan

A fixed loan with a one-time payout that can be used for almost any purpose.

Fixed rate
Terms up to 20 years⁵
Set monthly payments

Home Equity Line of Credit

Access funds as you need them, and only make payments on the portion you use.

Low introductory rate
Ongoing use
Borrow only what you need

Notices & Disclosures

1

$5 deposit required. Must be your primary residence. Manufactured homes are not eligible for home equity line of credit. Condos or townhouses are eligible only if loan pays off all other mortgages and liens. Not available for refinance or consolidation of existing MIDFLORIDA loans. Property, and if applicable, flood insurance must be in effect at/prior to closing. Subject to credit approval, satisfactory title search and appraisal. Online appraisal typically used to determine home value. Loan amounts from $10,000 to $500,000.

2

“No Closing Cost” applies to eligible Home Equity Loan or Line of Credit under $250,000 on primary residence with a combined LTV (CLTV) of 80% or less for homes on platted lot. Appraisal and title policy at borrower's expense may be required on other loans. Closing costs subject to recapture within 36 months. Offer may be canceled without notice.

3

Variable rate is based on the Wall Street Journal Prime Rate (3.25% as of 11/1/2020) and is subject to change quarterly. APR depends on creditworthiness. Maximum APR is 18.00%. $25 fee for advances less than $100. Bridge loans have origination fee of $500 or 1% of loan amount, whichever is greater.

4

Annual Percentage Rate (APR) 3.25% to 18.00% (APR), based on creditworthiness. Variable rate is based on the Wall Street Journal Prime Rate (3.25% as of 11/1/2020) and is subject to change quarterly. Maximum APR is 18.00%. $25 fee for advances less than $100. Bridge loans have origination fee of $500 or 1% of loan amount, whichever is greater.

5

Payment example: A 20-year fixed rate loan for $100,000 at 80% LTV at 4.99% and an Annual Percentage Rate (APR) of 5.002% would have a monthly payment of $659.48. which includes principal and interest. Payment example does not include taxes and insurance premiums; the actual payment obligation will be greater.