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

TermAmount BorrowedAnnual Percentage RatePayment per $1,000 Borrowed
5 years or less Up to 100% of market value

4.99% – 11.74%  

$18.93 – $22.13
5-10 years Up to 100% of market value 5.99% – 12.49%   $19.13 – $22.39
10-15 years Up to 95% of market value 6.99% – 12.49%  $11.59 - $14.68
15-20 years* Up to 95% of market value 7.99% – 12.49% $9.57 – $12.39
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

TermAmount BorrowedAnnual Percentage RatePayment 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 if not paid off during first 36 months*
  • 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 +/- 1% with a floor of 4.5%.

TermAmountAnnual Percentage RateOther Rate Information
Up to 20 years $10,000 – $500,000
(up to 90% of market value)
As low as 4.5% 2% annual cap 6% lifetime cap 4.5% minimum/18% maximum