Home Equity Loans & Lines of Credit
You've put a lot into building up equity in your home. Let that money work harder for you with a home equity loan or a home equity line of credit (HELOC) from First Commerce! Home equity loans and lines of credit can be used for any purpose: home improvements, education expenses, debt consolidation and more. And First Commerce is consistently ranked Tallahassee's #1 home equity lender!
Home Equity Loans
A home equity loan allows you to borrow a set amount of money against the value of your home for a fixed period of time. Available for primary, secondary, and vacation homes located in Florida and Georgia.
- Loans up to 100% of your home's value
- Terms up to 30 years
- Fixed interest rates
- No closing costs (we'll pay them for you)*
- Maximum loan amount of $500,000
- 2nd lien positions only
Milestone Mortgage
Own your home free and clear sooner! Available for primary residences located in Florida and Georgia.
- Loans up to 70% of your home's value
- Terms up to 10 years
- Fixed interest rates
- No closing costs (we'll pay them for you)*
- Maximum loan amount of $250,000
- 1st lien position only
Residential Rental Properties
If you have residential rental properties, you can use that equity for other purposes.
- Loans up to 75% of your property's value
- Terms up to 20 years
- Available for single family and multi-family homes
Home Equity Loan Rates
| Term | Amount Borrowed | Annual Percentage Rate | Payment per $1,000 Borrowed |
|---|---|---|---|
| 5 years or less | Up to 100% of market value |
4.49% – 11.74% |
$18.65 – $22.13 |
| 5-10 years | Up to 100% of market value | 5.49% – 12.49% | $10.85 – $22.23 |
| 10-15 years | Up to 95% of market value | 5.99% – 12.49% | $8.44 - $14.57 |
| 15-20 years* | Up to 95% of market value | 6.99% – 12.49% | $7.76 – $12.30 |
| 30 years* | Up to 80% of market value | 7.99% – 9.49% | $7.37 – $8.45 |
*Minimum loan of $40,000 20 years; $75,000 for 30-year terms. Your rate will be determined after credit review, term selection and final total Loan-to-value
Milestone Mortgage Loan Rates
| Term | Amount Borrowed | Annual Percentage Rate | Payment per $1,000 Borrowed |
|---|---|---|---|
| 5 years | Up to 70% of market value | 4.24%-4.99% | $18.59-$18.94 |
| 7 years | Up to 70% of market value | 4.74%-5.99% | $14.07-$14.67 |
| 10 years | Up to 70% of market value | 5.24%-5.99% | $10.77-$11.15 |
Home Equity Lines of Credit
A home equity line of credit gives you the flexibility to use your home's equity whenever it's convenient for you instead of borrowing a set amount of money all at once.
- Lines up to 90% of your home's value
- Variable interest rate
- No closing costs with $10,000 initial advance*
- Subsequent advances at any time (minimum $500)
- Available for primary, secondary, or vacation homes located in Florida and Georgia
- Maximum amount of $500,000
Home Equity Line of Credit Rates
Rate fluctuates quarterly based on Wall Street Journal Prime rate plus a margin ranging from -0.25% to +1.0% with a floor of 4.5%.
| Term | Amount | Annual Percentage Rate | Other Rate Information |
|---|---|---|---|
| Up to 20 years | $10,000 – $500,000 (up to 90% of market value) |
As low as 4.75% | 2% annual cap 6% lifetime cap 4.5% minimum/18% maximum |
