- No application fees
- Borrow what you need when you need it
- Quick turnaround time
- Closing costs paid for by JetStream Federal**
- Interest may be tax deductible***
- As you make payments, the money is available for you to use again
A Home Equity Line of Credit (HELOC) is a variable rate loan that is secured by your home. It works similar to a credit card, as you have a revolving credit line that you can draw on as you need it. As you repay your outstanding balance, the amount of available credit is replenished.
Once you close on your Home Equity Line, you receive an order of special checks that allow you to write checks whenever you need to make an advance. You can also transfer directly from your HELOC to your checking account via online banking.
A JetStream Federal HELOC offers you a 10 year draw period with a 15-year repayment term. Your minimum monthly payments will include principal and interest. There are no application fees and JetStream Federal pays all closing costs up to $1,000**. To speak to one of our Home Equity specialists, contact us at 786-619-3279.
Homeowners and flood insurance (if applicable) is required for all types of Home Equity Loans. We also offer townhouse, condo and rental property programs.
For more information, refer to this link which is a booklet provided by the Consumer Financial Protection Bureau "What you should know about Home Equity Lines of Credit."
*The introductory rate of 2.99%APR (Annual Percentage Rate) is for a Home Equity Line of Credit (HELOC) for 12 months, offered for members with a maximum Loan to Value (LTV) of 80% of the appraised value who take an initial draw of $15,000 at closing. APR determined at application is subject to change. This program is available for primary residences in the State of Florida only. After the introductory period, your APR will vary based on the Prime Rate – margin (currently at 3.25% as of 3/16/2020). Borrowers may be offered credit at higher rates and terms as disclosed in your agreement. The floor rate will not be lower than 4.00% highest rate not more than 18.00%. Closing costs are waived by JetStream Federal up to $1,000. If HELOC is paid off before three (3) years, member is responsible to repay all closing costs to JetStream Federal. Certain restrictions and underwriting criteria apply. Rates and fees are subject to change. All loans subject to credit and property approval. Interest may be tax deductible, consult your tax advisor for details. Intro offer valid through December 31, 2020. The special “intro offer” is not applicable to any existing JetStream Federal HELOC.
JetStream Federal Credit Union’s Mortgage Loan Officers are in compliance with the SAFE Act; NMLS unique identifier numbers are available upon request.