Florida Home Equity Line of Credit - Secure financing based on the value of your home

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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, making it a popular option for various financial needs and goals.

Seacoast Home Equity Line of Credit (HELOC) Features

Financing at a Competitive Rate
  • Rates as low as 8.50% APR1
  • Enjoy the flexibility of a HELOC for many purposes, from tuition costs to home improvements to unexpected expenses and more
  • Credit Carve Out2 option 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
Fast Application Process
  • Simple and quick application and decision process
  • Expedited loan process with online document sharing and electronic signature

What You Need to Apply

  • Driver's license information
  • Income3(monthly and annual)
  • Collateral address and approximate value


 

Applying for a HELOC is Simple

  1. Gather Your Info: For your convenience, we've listed out the items you’ll need for your application in the “What You Need to Apply” section for your convenience.
  2. Begin Your Application: Submit your information in the secure account that will be created when you click “Apply Now" below. You can begin your application and save it to return later if necessary.
  3. Submit: A local Florida lender will follow up with you in one business day or less on your loan status.

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Enjoy these standard features with all of our accounts:

Quick, Easy Applications

Quick, Easy Applications

At Seacoast, applying for your loan or financing is always easy – and you’ll be done in minutes.

Fast Decisions

Fast Decisions

Typically receive a loan decision in one day or less4.

Secure Electronic Processing

Secure Electronic Processing

Know your data is safe and secure with our online document sharing and electronic signature capabilities.

Accessible Florida Loan Experts

Accessible Florida Loan Experts

With 90+ years of experience, we know what it takes to serve our community. Connect with our dependable loan experts online, in-person or over the phone.

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

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.

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.

Can I Refinance a HELOC?

  • Yes, you can refinance a HELOC. Refinancing an existing HELOC can offer extended repayment periods or a lower interest rate. However, some lenders may require that the HELOC be maintained for a set period of time before a refinancing option is available.

How Much Home Equity Can I Get?

  • 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).

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.

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).

Do I Need an Appraisal for a HELOC?

  • Yes, you are required to get an appraisal to determine the current market value of your property before approving a HELOC. The appraisal helps determine the amount of equity available in your home, which is essential in determining the credit limit for your HELOC.

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:
    1. Equity: Generally, you are required to have a minimum amount of equity in your property, often around 20% of the home's value.
    2. Residency: Depending on the lender, you may be required to have lived in the home for a certain period to qualify for a HELOC.
    3. Income Verification: Proof of stable income is required to ensure you can afford the HELOC payments. This may include recent pay stubs, tax returns, W-2 forms or other income documentation.
    4. Debt-to-Income Ratio (DTI): Lenders assess your debt-to-income ratio, typically aiming for a DTI below 45%.
    5. Property Appraisal: A professional appraisal of the property is necessary to determine its current market value and the maximum credit limit for the HELOC.
    6. Homeowner's Insurance: Borrowers must maintain adequate homeowner's insurance coverage on the property. You may be required to provide proof of insurance as part of the application process.
    7. Property Taxes: Homeowners must also be up to date on property tax payments. Lenders may verify tax payment status.

How Long Are HELOC Loan Terms?

  • HELOC loan terms have three unique aspects: the draw period, the repayment period and the total loan term.
    • Draw Period: The draw period is the initial phase of a HELOC, where you can access funds from your credit line. This period typically lasts 10-15 years, but it can vary based on policies and negotiated terms.
    • Repayment Period: After the draw period ends, borrowers enter the repayment period. During this phase, you must repay the borrowed amount and accrued interest. Repayment for HELOCs may be due in a one-time balloon payment or spread out over a term period of 10-20 years.
    • Total Term: The total term of a HELOC includes both the draw period and the repayment period. For example, if a HELOC has a 10-year draw period followed by a 20-year repayment period, the total term would be 30 years.

Be sure to carefully review the terms of a HELOC agreement, including the loan term, interest rate structure, fees and repayment requirements to understand your obligations.

Have questions? Speak with a Seacoast Banker

A local, Florida lender will follow up with you in one business day or less on the status of your loan.
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1. APR=Annual Percentage Rate. Rate effective May 5, 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. Supporting documents may be required and can be gathered by a Seacoast Bank representative if needed.

3. 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 May 5, 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.