A Seacoast Bank Home Equity Line of Credit (HELOC) is a flexible line of credit borrowed against the equity in your home which can be used to update and secure your home to minimize the impact of a storm.
A Seacoast Bank Home Equity Line of Credit (HELOC) is an affordable and flexible way to pay for life’s big and often unexpected expenses. Whether fixing a fence or installing impact windows, a HELOC from Seacoast Bank is a great way to finance all of your renovations to ready your home for hurricane season.
With low interest rates and flexible payment options, a HELOC provides flexibility to meet your financial needs.
Apply Now for a Seacoast Bank Home Equity Line of Credit
What is a HELOC and How Does It Work?
A home equity line of credit (HELOC) is a type of loan in which the collateral is the borrower’s equity in their home. You can withdraw funds as you need them, and when you do use the money, you don’t need to repay immediately. Instead, you can pay incrementally as you choose until the end of the borrowing window. The amount of money in your HELOC loan depends on your home’s equity, typically under 80% of your LTV (Loan-to-value ratio).
What is the interest rate on a HELOC?
Interest rates are often lower with a HELOC; however, they are variable, meaning they can change over time. Seacoast offers a Credit Carve Out2, which allows you to lock in a fixed rate with the flexibility of a line of credit, providing you fixed monthly payments and reducing concerns about rising interest rates.
What is the draw period?
For a home equity line of credit (HELOC), the draw period is the amount of time you have to access the funds available on your line of credit. The duration of your draw period will vary based on the terms of your HELOC.
How is a HELOC paid back?
Depending on your bank, there are often several payment options available, such as interest-only payments during your withdrawal period, or you can make payments on your principal. You will begin paying back the remaining principal plus interest at the end of the withdrawal period.
Can a HELOC be paid off early?
Yes, you can pay off a HELOC early or lower the balance by applying additional amounts toward the principal. Your HELOC is an open line of credit, meaning you can borrow up to a set amount, pay it back, and then borrow more money as needed during your draw period. After the draw period, your loan converts to a repayment schedule during which principal and interest will be due every month.
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1. APR = Annual Percentage Rate. Rate effective May 4, 2023 and may change based on market conditions and borrower eligibility. The introductory APR of 6.25% is fixed for the first 6 months from account opening. Thereafter, the variable rate based on “The Wall Street Journal” Prime Rate (currently 8.25%) with a minimum APR of 8.50% and a maximum APR of 18.00%. Subject to credit approval. Your APR may be higher based on the prevailing variable rate index value, the amount of your credit line, combined loan-to-value, and/or property type. The APR referenced will require a minimum credit score of 780, minimum credit line of $50,000, and the credit line together with any other mortgage(s) cannot exceed 80% of the property value on 1-to-4 family owner-occupied properties. Primary or secondary residence only. Not available on investment property or manufactured homes. 120‐month draw period with interest only payments due monthly followed by a 240‐month repayment period, at which time regular payments will be based on an amortization of your balance. Homeowner’s property insurance is required. Flood insurance may be required. Offer does not apply to existing Seacoast Bank credit lines. Cancellation Penalty: In exchange for our agreement to pay all or a portion of your closing costs that would be otherwise paid by you, you agree that your account will remain open for at least 2 years from the date you open the Home Equity Line of Credit account. If you fail to keep this requirement, you will be required to pay an amount equal to the third party closing costs paid by Seacoast Bank. Loans subject to third party closing fees to cover Florida doc stamps and recording fees. Seacoast Bank may pay a portion of your closing costs, excluding appraisal and title policy, with an immediate draw of $25,000; other restrictions apply based upon the loan amount.
2. Carve out will reduce the availability under the line and as the loan is repaid the line availability is replenished automatically. APR is for terms up to 36 months. Minimum Carve out of $2,500 and a maximum of 3 carve outs will be permitted at any one time. Rate effective May 4, 2023, and may change based on market conditions. Monthly payments based on a $25,000 loan at 7.084% APR would be $496.02 for 60 months with a one time $50 Carve Out fee. Offers may be withdrawn at any time. Loans subject to third party closing fees to cover Florida doc stamps and recording fees.
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