Question 1

What is a home equity loan?

Accepted Answer

A home equity loan is a fixed-rate second mortgage that gives you a lump sum upfront. You receive the entire amount at closing and repay it with fixed monthly payments over a set term (typically 10-20 years). The rate and payment never change.

Question 2

How much can I borrow with a home equity loan in Florida?

Accepted Answer

You can typically borrow up to 85% of your home's value minus your existing mortgage balance. For example, if your home is worth $400,000 and you owe $200,000, you could borrow up to $140,000 ($400,000 x 85% = $340,000 - $200,000 = $140,000).

Question 3

What is the difference between a home equity loan and a HELOC?

Accepted Answer

A home equity loan gives you a lump sum at a fixed rate with fixed payments — you know exactly what you'll pay each month. A HELOC is a revolving line of credit at a variable rate — you draw funds as needed and only pay interest on what you use. Loans are for one-time needs; HELOCs are for ongoing access.

Home Equity Loans in Florida

Home equity loan vs HELOC

Common uses

Qualification

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