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

Home Equity Loan Rates
TermAmount BorrowedAnnual Percentage RateMonthly 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

Milestone Mortgage Loan Rates
TermAmount BorrowedAnnual Percentage RateMonthly 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

The payments do not include amounts for taxes or insurance premiums, so your total payment obligation will be greater. Borrower will be responsible for these additional expenses separately from their payment to First Commerce Credit Union.

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 5.5%.

Home Equity Line of Credit Rates
TermAmountAnnual Percentage RateOther Rate Information
Up to 20 years $10,000 – $500,000
(up to 90% of market value)
As low as 5.5% 2% annual cap 6% lifetime cap 5.5% minimum/18% maximum