Home Equity Lines of Credit

HELOC stands for Home Equity Line of Credit. It’s a loan that uses your home as collateral to provide a revolving line of credit, allowing you to borrow money as needed for large expenses or to consolidate higher-interest rate debt on other loans like credit cards. A HELOC often has a lower interest rate than other common types of loans.

A Home Equity Loan is an installment loan that lets you borrow money based on your home’s value, up to a certain percentage. Unlike a HELOC, you get all of the money upfront and then pay it back in fixed monthly payments, including interest, similar to an auto loan.

Yes, only primary Florida residences with homestead are eligible for our Home Equity Loans.

Closing costs range from $300 to $1,900, with Suncoast paying up to $1,000 towards closing costs. If the home equity loan/HELOC is paid in full or the credit line closed within 25 months of the opening date, Suncoast will collect the closing costs paid on your behalf in the payoff. The loan term begins on the due date of your first payment.

LTVs from 80.01% - 100% may qualify for our High LTV Home Equity product. These loans may have a higher rate than a standard Home Equity Loan.

With 5, 10, and 15-Year Home Equity Loans, your principal and interest payments stay the same for the entire loan term. Additional advances are available during the first 36 months of the loan term and can’t exceed the original mortgage amount. The minimum advance is $100.

The interest rate and monthly payments for an adjustable rate loan can go up or down by no more than .50% at a time after the loan is finalized. The rate is reviewed quarterly and is subject to change on the first days of January, April, July, and October based on the Wall Street Journal Prime Rate. The highest rate allowed is 18% and the lowest is 5.50%.