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Get cash from your home equity

Need to finance a big expense? Get a closed-end home equity loan with flexible terms and no closing costs. Borrow a lump sum of cash from your home with an affordable, fixed monthly payment and rate.
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How it Works

Rates as low as 7.35% APR for 20 years

Pay no closing costs with a new home equity loan under $400,000.2 We offer rates as low as 7.35% APR for 20 years.

See if You Qualify

Apply online today to see what you can borrow.

  1. Share basic details about your situation, and we’ll help you understand whether you qualify.
  2. Get your personalized interest rate, loan amount, and terms for a closed-end home equity loan with no closing costs.²
  3. Once approved, receive cash as a lump sum to use for other expenses as needed.

View home equity loan interest rates and calculate your potential payment

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Features

Closed end home equity loan top benefits

As your credit union, we’re your partner in personal and financial growth. We’ll help you access home equity to afford other expenses using straightforward financing with our closed end home equity loan.

  • Receive cash up front as a lump sum.
  • Use for home improvements, large purchases, college tuition, debt consolidation, and more.
  • Get a rate and payment that will remain the same during the life of your loan.
  • Establish a specific term to know exactly when your loan will be paid off.
  • Borrow a minimum loan amount of $10,000.
  • Set your term for an affordable monthly payment with options between 10 and 20 years.
  • Get no closing costs for loans under $400,000.²
  • Interest may be tax deductible.*

If you’re uncertain what amount you want to borrow or need cash for ongoing expenses, consider a home equity line of credit.

*The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax adviser for further information regarding the deductibility of interest and charges.

HOW TO APPLY

Ready to see if you qualify?

Get started now with our online application or contact us to apply in person or over the phone. You’re just a few steps away from discovering if a closed end home equity loan is right for you.

Apply in Person: Find your nearest MIDFLORIDA branch

Get started right now: Apply Online

Apply by Phone: Call 855-560-5626

Notices & Disclosures
1
Home Equity Loan: Offer valid as of September 1, 2024, and may be canceled without notice. MIDFLORIDA Credit Union membership and eligibility requirements apply. Approval subject to application, eligibility, credit and acceptable property (must be your primary residence, manufactured homes excluded; acceptable appraisal and title required; condos or townhouses eligible only if loan pays off all other mortgages and liens). Property insurance required. Flood insurance when required. Online appraisal typically used to determine home value. Not available for refinance or consolidation of existing MIDFLORIDA loans. Loan amounts from $10,000 to $500,000. Not all homes will qualify to be mortgaged for more than their original purchase price. Other terms and conditions apply. See your loan officer for details. Home Equity Loan payment example: A 20-year fixed rate loan for $100,000 at 75% CLTV at 7.338% and an Annual Percentage Rate (APR) of 7.35% would have a monthly payment of $796.00, which includes principal and interest. Payment example does not include taxes and insurance premiums; the actual payment obligation will be greater.
2
“No Closing Costs” applies to eligible loan under $400,000 on primary residence on platted lot less than ½ acre with a combined loan to value (CLTV) of 75% or less. Does not apply to purchase transactions. Appraisal, survey, title policy and other closing costs at borrower’s expense may be required on other loans. Costs subject to recapture within 36 months. Not all homes will qualify to be mortgaged for more than their original purchase price.
3
Membership and eligibility requirements apply.