Florida Home Equity Line of Credit (HELOC) Loans

Q: What is the approval process for acquiring a HELOC?

Application Process: Initially, you will need to fill out an application form and provide the necessary documentation, including income verification and other financial details. Underwriting and Approval: Once the application is submitted, the financial institution will conduct a thorough review of your financial information and assess the risk associated with offering a loan. Property Appraisal: In many cases, lenders will require an appraisal of the property to determine its current market value and the amount of equity available. Approval and Funding: After completing the underwriting process and property appraisal, the lender decides whether to approve the loan. Funding the HELOC typically takes 1-3 business days once an approval is made.

Q: How Long Does It Take to Get a HELOC?

The time it takes to secure a Home Equity Line of Credit depends on your lender's process, your financial situation and the complexity of your application. Generally, the process of gaining approval on a Seacoast HELOC can take anywhere from 3-4 weeks.

Q: What are the requirements for obtaining a HELOC?

The requirements can vary, so you should consult with your lender to understand their specific requirements and qualifications. Some of the standard requirements include:

Q: Is a HELOC a Second Mortgage?

If you currently have a mortgage, yes, a Home Equity Line of Credit is a type of second mortgage. It uses your home as collateral, similar to a traditional mortgage. But instead of receiving a lump sum, you gain access to a revolving line of credit that you can borrow against as needed. If you do not have a mortgage on your home, a HELOC may be used as a primary first-line loan.

Q: Can I Use a HELOC as a Down Payment?

In some cases, you may be able to use a HELOC as a down payment for a new home purchase. However, it's important to consult with your lender and understand the terms and outcomes of using a HELOC in this way, as it can impact your mortgage approval process. At Seacoast Bank, we offer simultaneous closings on home purchases up to 80% of the maximum loan-to-value ratio (LTV).

Get funding for life’s planned and unplanned expenses. Unlike a mortgage designed to purchase property, a Home Equity Line of Credit (HELOC) helps secure financing with the equity you already have in your home.

With a Seacoast HELOC, you can borrow just the money you need instead of taking out a loan with a higher lump sum. Because you decide what you borrow, a HELOC can be an excellent solution for funding home improvements, debt consolidation, educational expenses, emergencies, or other financial goals.

With low interest rates and flexible payment options, a HELOC from Seacoast Bank provides homeowners with a flexible and convenient way to access funds based on their home equity with low interest rates starting at 8.50% APR¹, making it a popular option for various financial needs and goals.

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Seacoast Home Equity Line of Credit (HELOC) Rates & Features

Quick Application. Flexible Funds.

Lock In Fixed Rates: - Credit Carve Out² lets you convert part of your balance to a fixed-rate loan while keeping the flexibility of a line of credit
Low or No Closing Costs³ - Take advantage of up to $1,500 in closing costs when you make an immediate draw on your line of credit
Flexible Access to Funds - Easy access to credit allowing you to borrow only what you need, when you need it, up to your credit limit.

How Does a HELOC Work in Florida?

A Home Equity Line of Credit (HELOC) operates as a revolving line of credit secured against the equity in your home.

When you apply for a HELOC, your bank assesses the property's value, your creditworthiness and your ability to repay. If approved, you are granted access to a credit line with a predetermined limit during a draw period.

During the draw period, which typically lasts a few years, you can withdraw funds as needed, like using a credit card. During this time, you only need to pay the interest on the amount you've borrowed.

Once the draw period ends, any principal borrowed and accrued interest transition into the repayment period. Some HELOCs will require payment in full, while others allow installment payments over a fixed term.

FAQs about HELOCs in Florida

Frequently Asked Questions

What is the approval process for acquiring a HELOC?

How long does it take to get a HELOC?

What are the requirements for obtaining a HELOC?

Is a HELOC a second mortgage?

Can I use a HELOC as a Down Payment?

1. APR=Annual Percentage Rate. Rate effective June 2, 2025 and may change based on market conditions and borrower eligibility. Variable rate based on “The Wall Street Journal” Prime Rate (currently 7.50%) 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 and automatic payment deductions from your Seacoast Bank deposit account, minimum credit line of $25,000, 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. 180‐month draw period followed by a 0‐month repayment period, at which time the balance will be due in full. Homeowner’s property insurance is required. Flood insurance may be required. Offer does not apply to existing Seacoast Bank credit lines. Cancellation Penalty. At closing, the Disbursement Request and Authorization form may disclose that certain fees payable to third parties (“Third-Party Fees”) are being paid by Seacoast National Bank (instead of you, as may be disclosed above). In consideration of our payment of any Third-Party Fees, you agree that your Credit Line will remain open for at least two (2) years from the date you open your Credit Line. If you fail to keep the Credit Line open for at least two (2) years, you agree to pay a cancellation penalty in the amount equal to any Third-Party Fees paid by us.

2. Carve Out will reduce the availability under the line and as the loan is repaid the line availability is replenished automatically. Minimum Carve Out of $2,500 and a maximum of 3 Carve Outs will be permitted at any one time. A $50 setup fee will apply for each Carve Out. APR is for terms up to 60 months. Rate effective June 2, 2025 and may change based on market conditions. Monthly payments based on a $25,000 loan at 6.824% APR would be $492.96 for 60 months requires automatic payments from a Seacoast Bank deposit account and 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.

3. Cancellation Penalty. At closing, the Disbursement Request and Authorization form may disclose that certain fees payable to third parties (“Third-Party Fees”) are being paid by Seacoast National Bank (instead of you, as may be disclosed above). In consideration of our payment of any Third-Party Fees, you agree that your Credit Line will remain open for at least two (2) years from the date you open your Credit Line. If you fail to keep the Credit Line open for at least two (2) years, you agree to pay a cancellation penalty in the amount equal to any Third-Party Fees paid by us.

4. Supporting documents may be required and can be gathered by a Seacoast Bank representative if needed.