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).
Intro rate of 2.99% APR1 for 6 months!
Closing costs are waived, up to $1,000!2
Make interest-only or principal plus interest payments as you need.
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.
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.
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.
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.