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Home Equity Line of Credit

Funds as you need them.


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If you are uncertain how much you will need to borrow, or if you need access to funds over a period of time, our HELOC may be the right choice for you.

Before you begin the application process, we recommend clicking the buttons below to gather important information regarding our loan process. When you are ready, click "apply for a HELOC" to begin the application process online.

HELOC checklist what to expect

Home Equity Line of Credit (HELOC) Rates & Terms

The APR will vary based on the Wall Street Journal Prime Rate which was 7.50% as of 12/19/2024. Rates and terms are subject to change without notice.

Interest Rate Minimum Advance Closing Costs
7.50% APR* $5,000** NONE**

*APR = Annual Percentage Rate. The APR is variable and is based on the Wall Street Journal U.S. Prime Rate. The maximum APR will not exceed 18% and the minimum APR will not be reduced below 3% at any time during the term of the plan.

**If you chose to participate in our current Home Equity Line-of-Credit Plan Promotion, Eglin FCU will pay closing costs for bona-fide third party fees (except for an appraisal or costs associated with a purchase/deed) up to $3,000. Member agrees to reimburse Eglin Federal Credit Union for the bona-fide third party fees paid if the Plan is closed within 36-months of the loan origination date. A minimum advance of $5,000 will be required at closing with this promotion.

Maximum Loan Amounts & Restrictions - Home Equity Line of Credit

  1. All applicants must be a member of Eglin FCU.
  2. Loans from $5,000 to $200,000.
  3. Must be a primary residence and owner-occupied.
  4. Must be a single-family residence home (Not available on townhomes, mobile homes, or condominiums).
  5. Available for first or second mortgages (Only one Eglin FCU Home Equity Line-of-Credit is permitted on the subject property at any given time).
  6. Subject property must be located in one of the following Florida counties: Okaloosa, Escambia, Santa Rosa, Walton, Bay, Holmes, or Washington.
  7. Must have a current homeowner's insurance policy that covers the replacement cost of all improvements.
  8. If the subject property is located in a flood zone, flood insurance will be required. A flood determination will be ordered through our third-party service provider.
  9. Subject to credit/underwriting approval.
  10. Subject to loan-to-value. Loan-to-value is determined by 80% of the appraised value, or in some cases 100% of the tax-assessed value, minus the outstanding balance of the first mortgage. If an appraisal is required, an appraisal deposit (maximum $500) will be collected prior to ordering the appraisal.
  11. Must have clear title prior to closing/funding the loan. If there are any liens in second position, those liens would have to be satisfied or subordinated in order to secure this loan.
  12. Our HELOCs have a 10-year draw period followed by a 20-year repayment period.
  13. Consult a tax advisor regarding the deductibility of interest on this loan.

apply for a HELOC Mastercard Mastercard Guide to Benefits for Credit Cardholders
Buy a home.
The choice is easy. Eglin FCU members benefit from lower closing costs with NO ORIGINATION FEES and NO LENDER FEES.
learn more about home loans
Refinance with us.
Refinance your home with Eglin FCU for a lower interest rate or "cash out" and never pay ORIGINATION FEES or LENDERS FEES.
learn more about home refinancing
Get cash.
Take advantage of the equity in your home to fund home improvement projects, large purchases or consolidate debt using a Home Equity Loan or HELOC from Eglin FCU.
learn more about Home Equity Loans
Buy land.
Whether purchasing land as a long-term investment or to build your new home, Eglin FCU can help provide the funds to get you there.
learn more about unimproved property loans
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Frequently Asked Questions

What types of properties and locations does your financing cover in Florida?
We finance single-family, primary residence property located in the following Florida counties: Bay, Escambia, Holmes, Okaloosa, Santa Rosa, Walton and Washington.

What is an early disclosure?
For HELOCs, the early disclosure (HELOC early disclosure) outlines crucial terms and conditions. It covers information such as what could happen to the borrower's home if they do not repay the HELOC as agreed, under what conditions the lender can terminate or reduce the credit line, and the length of the draw period. For specific questions regarding early disclosures please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What is title insurance?
Title insurance is a policy that covers third-party claims on a property that do not show up in the initial title search and arise after a real estate closing. A third party could be someone other than the property's owner, such as a construction company that didn't get paid for its work on the home under a previous owner. Essentially, title insurance protects against unexpected ownership disputes or financial losses related to the property title. When you take out a mortgage, part of your closing costs includes title insurance, which primarily safeguards the lender. For specific questions regarding mortgage title insurance please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What is mortgage hazard insurance?
Mortgage hazard insurance is a type of homeowners insurance coverage, also known as dwelling coverage. It protects your home from natural disasters or hazards such as fire, hail, windstorms, and fallen trees. When you qualify for a mortgage, lenders often require you to secure hazard insurance before closing on the home. For specific questions regarding mortgage hazard insurance please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What is an escrow?
Mortgage escrow is a financial arrangement used in real estate transactions. During the home buying process, the Title Company will hold the earnest money deposit (EMD) until the purchase transaction closes. An earnest money deposit is a payment provided by the buyer to the seller to demonstrate their commitment to the purchase. As your mortgage lender we will establish an escrow account to pay for the property taxes and homeowners insurance after purchasing a home. Each month, a portion of your mortgage payment will go into this account, which can fluctuate annually depending on changes made to your property tax bill and insurance premium. For specific questions regarding your escrow account, please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What is private mortgage insurance (PMI)?
Private Mortgage Insurance (PMI or MIP) is a type of coverage that is required if you obtain a Conventional mortgage - one that isn't federally guaranteed - and put down less than 20% to purchase a home or have less than 20% equity when refinancing. PMI protects the lender in case you default on the home loan. This premium is paid monthly and is factored into your mortgage payment. For specific questions regarding PMI, please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What are closing costs?
Closing costs are fees associated with your home purchase. Some are paid to your lender, and others to third parties such as appraisal, inspection, and title companies, in order to finalize and fund your loan. For specific questions regarding mortgage closing costs please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What is a subordination agreement?
A subordination agreement determines the order in which outstanding liens on your property are repaid if you stop making mortgage payments. For specific questions regarding subordination agreements please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What is a mortgage rate lock?
A rate lock, or mortgage rate lock, is an agreement between a borrower and a lender that secures the interest rate on a mortgage for a specified period at the current market rate. During this time, the interest rate remains fixed, protecting you from potential increases. For specific questions about rate locks, including any associated costs or restrictions, please contact our Mortgage Services department at 850.862.0111 x3737 during business hours.

What should I expect during each phase of the process of getting a mortgage loan?
There are several stages of the mortgage process. Origination is the initial stage where your loan application is prepared and submitted. It involves gathering all necessary documents and information to start the loan process. During the origination phase, you will need to submit an application, pay the credit report fee (if applicable), sign and return the initial loan disclosures, provide supporting documentation, and pay the appraisal deposit (if applicable). Our responsibilities during origination include issuing the loan estimate and other initial loan disclosures, completing the initial review of the loan application and documentation, submitting the mortgage loan to underwriting for approval (if applicable), advising you of the approval decision, and moving your file to processing. The second stage is Processing. During processing, we review your loan file for completeness and data consistency, order necessary services from third parties, and submit your mortgage loan to underwriting for final approval. During the next stage, Underwriting, the underwriter will evaluate your supporting documentation, review your file for completeness and data consistency, and issue a "clear to close" upon satisfaction of all conditions. Your responsibility during both the processing and underwriting stages is to submit any additional documentation as requested. After underwriting and prior to closing, you will be expected to review your closing disclosure (if applicable) and wire funds to the title company (if applicable). We will verify the closing date and time with the title company, issue/balance the closing disclosure (if applicable), notify you if funds are required for closing, add Eglin FCU as a mortgagee on the insurance policies, complete your employment verification, and send the closing package to the title company. During the final step, Closing, you will sign the closing documents, pay any funds needed for closing (if applicable), and sign a notice of non-rescission/right to cancel (if applicable). We will then review the executed closing documents for funding approval and fund the loan.