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Home < Borrow < Mortgages < Home Equity Loan


Buying a house is the biggest purchase most people will make in their lifetime. We don’t treat your real estate loan like a number — we treat it like a home. Buying or refinancing your first home, an upgrade or a home equity line of credit, USF Federal Credit Union is a lender you can trust. 

(Real Estate loans currently available in the state of Florida only)

Home Equity

Your home’s equity can be a smart financial resource.  If you are looking for ways to finance a major purchase, home improvement, medical expense, wedding or college education, a home equity loan could be your solution.   We offer two types of second mortgages – Home Equity and Home Equity Line of Credit (HELOC).  Both are secured by your property

Which Loan is Right for You?

Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is worth considering when you don’t need the entire amount of money all at once. With rates as low as 3.75% APR1 and closing cost credits of up to $5002, it can be a smart financial resource for any project or purpose.

You can establish a line of credit up to 100% of your home’s current value, less any outstanding balances, and use that line to withdraw funds as you need them (simply transfer the funds into your savings or checking through online banking). The advantage to a HELOC is that you only pay interest on the amount you are using, not the entire line of credit. This loan is perfect for paying for periodic expenses like medical costs, home improvements or college education. 

Home Equity Loan
Depending on the amount of equity in your home, you can borrow up to 100% of your home’s current value, less any outstanding balances, with up to 15 years to pay back the loan at a fixed, competitive rate which may be tax deductible3.  This loan is commonly used for debt consolidation or major purchases.


Learn more about USF FCU Home Equity Loans   


How Much Equity is in Your Home?
Here’s a simple formula to calculate your home’s equity:

Current Market Value of Your Home ($250,000) – Outstanding Balance ($150,000) = Your Equity ($100,000)

You can get a rough estimate of your home’s current market value with a comparative market analysis. Many realtors have these quick and easy to use calculators on their websites.

Rely on the Ones You Trust
We understand that your home is one of your largest investments.  You can rely on us to keep the home loan process simple and affordable offering:

  • Personal service
  • Affordable payment options
  • Flexible terms
  • Lower fees and closing costs
  • Easy access to your home’s equity

We've built a team of qualified individuals to make sure all your questions are answered - and even answer the questions you didn’t know to ask.  If you need help determining if and when a home equity loan is right for you, ask one of our knowledgeable team members at 813-569-2000.


We do business in accordance with the Fair Housing Act and Equal Credit Opportunity Act

NMLS# 469322
Loans granted on credit worthiness. Home Equity Loan Payment example:  15 year term, monthly payments of $7.98 per $1,000 borrowed at 5.15% (5.538% APR) and a 70% loan-to-value. Your actual rate may be different.

1APR = Annual Percentage Rate.  APR is variable, based on Prime, and may change after account is opened.  APR will never be higher than 6.00% above the initial interest rate, with a maximum rate of 18% APR.  The highest actual interest rate offered is based on credit history, product, term and percentage of remaining equity in your home.  Adequate property insurance must be maintained.  2Closing cost credit amount is dependent upon initial balance drawn against line and requires a minimum $10,000 draw.  If initial draw is prepaid within the first 36 months, you will be responsible for repayment of any closing costs paid by USF FCU.  3Consult your tax advisor regarding any deductibility of interest.

Home Mortgage Disclosure Act Notice: The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex and income of applicants and borrowers; and information about loan approvals and denials.  Inquire in our office regarding locations where HMDA data may be inspected.

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