Consumer Lending FAQ
A home equity line of credit (HELOC) is a line of credit secured by your home’s equity that you can use for any large expense, such as, weddings, vacations and home renovations. A HELOC provides the following benefits:
Seacoast Bank provides the added benefit of a credit carve-out option, allowing you to lock in a fixed rate on a portion of your HELOC. Learn more details on HELOCs through our BankNote blog.
In general, you can calculate your home’s equity by subtracting the current market value of your home by your mortgage balance. For example, if your house is currently valued at $400,000 and you have a mortgage balance of $300,000 you have $100,000 in home equity. Keep in mind, this calculation will result in a rough estimate, as many factors can impact a home’s true equity value.
The amount you can borrow on a home equity line of credit (HELOC) will vary based on a few factors, such as, how much you owe on your home and your personal financial situation. In general, lenders typically allow homeowners to access up to 80% of the equity in their home.
The time it takes to get a home equity line of credit can vary, but typically, borrowers can expect two to four weeks to access funds. The timeline depends on factors such as:
Seacoast Bank offers a variety of consumer loans designed to help you reach your goals, including:
An auto loan makes it easier to purchase a car through the flexibility of a repayment schedule that fits your budget, instead of paying for your new or used car in cash up front. By securing your auto loan with a bank or credit union, you can walk into the dealership with financial leverage and be in a better position to negotiate the best vehicle deal for you.
Items needed to apply for a loan will vary by lender, but in general, you can expect to provide details on:
Connect with your local Seacoast Banker for expert guidance on applying for a consumer loan.
Expect the auto loan approval process to take anywhere from a few minutes to a couple of hours. The timeline largely depends on how much information the lender requests and details around the vehicle being purchased.
Many experts suggest spending no more than 15% of your monthly take-home salary on a car. That percentage drops to roughly 10% if you’re purchasing a used car, due to maintenance. Borrowers should also factor in regular upkeep and insurance costs into their monthly car loan budget.
Explore your estimated monthly payment using Seacoast’s Auto Loan Calculator.
In addition to helping make the goal of boat ownership possible without paying cash up front, obtaining a boat or yacht loan can provide access to lending experts to help guide your purchase.
In general, boat and yacht loans operate like any other consumer loan. Before applying, you’ll need to:
As a Florida-based community bank, Seacoast has your marine purchase covered. Apply in minutes using our secure online portal.
There are many factors that will impact a monthly loan payment, including:
Yes. Borrowers may be able to make extra payments to pay a loan off early, but it’s always best to review your loan agreement to ensure there are no costs associated with doing so.
Seacoast Bank has your consumer lending needs covered. Schedule an appointment at your nearest branch to learn more.
Consumer Lending Products & Solutions
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