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Routing number 267080355

Home Equity Line
of Credit – HELOC


Limited time offer.

Why use a Home Equity Line of Credit (HELOC)?

  • Emergency funds
  • House renovation projects (get that pool!)
  • A wedding
  • College/Medical bills
  • A special vacation

Typically, a HELOC offers a lower interest rate than any other form of loan.

What is a Home Equity Line of Credit (HELOC)?

With every mortgage payment, you build equity in your home. Equity is the difference between your home value and the remaining balance on your mortgage.

During the draw period, you can use your HELOC funds and as you make payments, those funds are available to use again. You only pay interest on what you withdraw from the line and it may even be tax-deductible3 (consult your tax advisor).

Why choose JetStream versus any other bank?

Low Rates

Intro rate of 2.99% APR1 for 6 months!

10-Year draw period

Access to your line for 10 years.

15-Year repayment term

Spread your payments out up to 15 years for comfortable monthly payments.

Skip the fees!

That's right — no application fee, origination fee or annual fees!

Up to $1,000 in closing

Closing costs are waived, up to $1,000!2

Flexible payments

Make interest-only or principal plus interest payments as you need.

Repayment Options

When it comes to taking out a home equity line of credit (HELOC), there are two different repayment options available: principal plus interest or interest only.

The main difference between these two options lies in how your payments are structured.

Principal plus interest HELOC

With a principal plus interest HELOC, your monthly payments will go towards both the interest and the principal balance of your loan. As you pay down the principal, the amount of interest you owe each month will decrease, meaning that your payments will gradually become smaller over time.

Interest Only HELOC

On the other hand, an interest only HELOC requires you to only pay the interest accrued on your loan for a set period of time, typically between 5 and 10 years. This means that your payments will be lower at first, but once the interest-only period ends, you'll need to start paying both principal and interest, leading to larger monthly payments.

Ultimately, the choice between a principal plus interest or interest only HELOC will depend on your financial situation and goals. If you're looking to keep your monthly payments low in the short term, an interest only HELOC may be a good choice. However, if you're looking to pay off your loan as quickly as possible, a principal plus interest option may be the better choice.

Frequently Asked Questions

If you're looking for more information on home equity loans, be sure to check out for valuable insights and resources.

Describe the HELOC.

Home equity line of credit, or HELOC, is a credit line you can use based on the equity you've accrued in your house. A HELOC essentially functions as a second mortgage and gives you the option to borrow money using the equity you currently have in your primary house.

How do HELOCs function?
You can borrow up to a set amount with a home equity line of credit, pay back the money you borrowed, and then repeat as necessary. This lets you borrow only the amount you need, when you need it.
How can I apply for a HELOC?
Applying for a HELOC loan is similar to applying for a mortgage loan. Your approval is contingent upon your debt-to-income ratio, credit history, equity in your house, credit score, and credit history (also called your DTI). You can submit an application for a Credit Union HELOC at JetStream either online or in person with a friendly staff. Low HELOC rates are available in Florida from Jetstream.
What equity must I have to qualify for a HELOC?
Before approving a home equity line of credit, the majority of lenders demand that you have at least 15 to 20 percent of the appraised value of your property in equity. That proportion, however, may change based on your credit history, credit score, and debt-to-income ratio. Make important to keep up good credit practices if you wish to obtain a HELOC.
Can I calculate a HELOC payment?
It might be challenging to estimate a HELOC payment in advance because, in most situations, your interest rate will change from a fixed rate to a variable rate after a predetermined amount of time. You must comprehend your HELOC rates, the point at which the rate becomes variable, and if you will be able to make solely interest payments for a specific period of time in order to compute your home equity line of credit payment. Also, you need to be aware of the ceiling (the highest interest rate that can be charged), the floor, and the duration of your line of credit (the lowest your HELOC rates will ever go). Although you can't predict with certainty how the market and your HELOC rates will behave, you may roughly predict what your peak and lowest monthly payments will be during the course of the loan.
How much money can I get a HELOC for?
Your credit score, credit history, and debt-to-income ratio all play a role in determining the maximum loan amount you're permitted to take out on your home equity line of credit. Your financial institution needs confirmation that you will make your repayments on schedule. From there, your ability to borrow money will rely on how much equity you have in your house as well as how much it was evaluated for. Your combined loan-to-value ratio is what is known as this. You might be eligible to borrow the maximum amount, or loan amount up to 100 percent of the value of your property, depending on your credit history, debt-to-income ratio, and combined loan-to-value ratio.
Need to know more?
Our specialists on home loans can help. To get going, schedule an appointment at the neighborhood Jetstream branch that is closest to you.

If you're looking for more information on home equity loans, be sure to check out for valuable insights and resources.

Apply for a JetStream Federal HELOC

The application process only takes about 10 minutes!

In Miami-Dade County, Florida, look no further than JetStream Federal Credit Union
for a Home Equity Line of Credit on your terms.

Apply 24/7 online or visit one of our branch locations today to get started. Free to call one of our home equity specialists at 786-619-3279 for more information.

The JetStream Federal Credit Union Home Equity Line of Credit is only available in Florida. Homeowner’s insurance and flood insurance (if applicable) is required. We also offer townhouse, condo, and rental property programs.

APR = Annual Percentage Rate. The Home Equity Line of Credit (HELOC) introductory rate of 2.99% APR is subject to change without notice. Introductory HELOC APR is for a 6-month period of time from the date of the HELOC account opening. Available for primary residences in the State of Florida only; maximum Loan to Value (LTV) of 80% of the appraised value. Initial draw of $15,000 required at closing. Introductory offer is not applicable to existing JetStream FCU HELOCs. After the introductory rate, the advertised regular rate applies. The advertised regular HELOC rate will be variable based on the Prime Rate as published in the Wall Street Journal (currently
 as of October 1, 2023) plus or minus a margin with a floor of 4.00%. Maximum rate of 17.00%. For interest-only payment HELOCs the rate can be adjusted on the first of each month following the change in the Prime Rate. For interest and principle payment HELOCs the rate can be adjusted on the first of the calendar quarter following the change in the Prime Rate. Introductory offer is subject to credit approval and property valuation; applicants may be offered credit at higher rates and other terms. Offer valid through June 30, 2024.

HELOCs are available for properties located in the State of Florida only. Maximum Loan to Value (LTV) of 80% of the appraised value. Certain restrictions and underwriting criteria apply. All loans subject to credit and property approval. For non-members, you’ll be required to join JetStream FCU. Ask an associate for details.

Property Insurance including flood insurance, where applicable, is required.

For primary residences, JetStream FCU will pay all closing costs up to $1,000; if your HELOC is paid in full and closed within three (3) years, the member is responsible to repay all closing costs to JetStream FCU.   For secondary or investment properties, the borrower is responsible for all closing costs.

Interest may be tax deductible, consult your tax advisor for details.

JetStream Federal Credit Union’s Mortgage Loan Officers are in compliance with the SAFE Act; NMLS unique identifier numbers are available upon request.

Miami Lakes

Phone: (305) 821-7060
Fax:     (305) 819-8072


Phone: (305) 821-7060
Fax:     (305) 418-4922

Mercy Hospital

Phone: (305) 821-7060
Fax:     (877) 233-6283

Puerto Rico

(305) 821-7060 ext. 8799
(800) 426-3556
(877) 213-2954 Fax

Shared Branch Locations

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