Home equity loans - First Florida Financial Group, LLC

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Home equity loan

Do you need to tap into your home’s equity to pay for a home remodeling project or to pay off a credit card? A home equity loan is a fixed or adjustable rate loan that is secured by the equity in your home. With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage. The terms home equity loan and second mortgage are often used interchangeably.

The process for a home equity loan is similar to your first mortgage. The closing costs (often 2-3 percent of the loan amount) are usually lower and, although the interest rate is higher on a home equity loan, the interest paid is tax deductible.

To qualify for second mortgage, your credit must be in good standing and you must be able to document your income. An appraisal will be required on your home to determine the home's market value.

First Florida Financial Group, LLC makes no warranty or guarantee of a loan approval, credit score increases, loan closings, foreclosure prevention, nor is such inferred or implied. Borrower qualification is required and program availability & guidelines is/are subject to change without notice. Other terms and conditions may apply.

(*) 4.875% interest rate 5.630 APR, on a 5 year fixed-rate term. Assume 180,000 loan, on a purchase transaction, primary residence, full doc, 720 mid credit score, 20% down payment plus all closing costs. resulting payments equal $952.57 monthly, principle & interest. Ins & taxes may be additional, and not necessarily included. Annual Peercentage Rate 5.630% .

First Florida Financial Group, LLC 7519 Sika Deer Way Fort Myers, FL 33966

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