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Home Equity Loans Florida — Fixed-Rate Second Mortgage

Home Equity Loans Florida

Tap your Florida home's equity with a fixed-rate lump sum while keeping your first mortgage. A home equity loan gives you a predictable payment for renovations, consolidation, or a big expense. NMLS# 1859012.

Fixed
Rate & Payment
85%
Max CLTV
Lump Sum
At Closing
Get Pre-Approved📞 (561) 300-0380
By Onias Derilus, NMLS# 1859012 · Licensed FL Mortgage Broker · Last Updated: May 2026
Home Equity Loans Florida

Fixed-Rate Home Equity Loans in Florida

A home equity loan turns the value you have built into a fixed-rate lump sum, without disturbing the first mortgage you already have.

If your current mortgage rate is low, you do not want to replace it with a cash-out refinance. A home equity loan sits behind it as a second mortgage, so you keep your good rate and still get the cash.

Who is it for? Florida homeowners with equity who want one fixed payment for a renovation, debt payoff, or a large planned cost.

Eligibility & Requirements

✓Equity in your home (typically 15%+ remaining)
✓660+ credit score on most programs
✓Up to 80–85% combined loan-to-value
✓Manageable debt-to-income ratio
✓Proof of income or qualifying alternative
✓Primary, second home, or investment property

Official resource: CFPB — Home Equity Loans.

Why Choose a Fixed Lump Sum
Fixed ratePredictable
One-time fundsAll at once
Keep your 1st mortgageUntouched
Set paymentEasy to budget
Terms vary by lender and equity.
Equity Example — Illustration
Home value$400,000
First mortgage owed$250,000
Max at 85% CLTV$340,000
Available equity~$90,000
Rate typeFixed
Min FICO660+
Illustration only — not a rate quote. Limits vary by lender.
Rates & Costs

What Home Equity Loans Cost

A home equity loan usually carries a rate above a first mortgage because it sits in second position. Your rate depends on your credit, how much equity stays in the home, and the loan amount. The fixed rate is the appeal here, since your payment never moves.

Equity Cushion
More equity left in the home means a lower rate.
Credit Profile
A higher score earns better second-mortgage pricing.
Fixed Forever
Your rate and payment stay locked for the full term.

We do not post a fixed rate — your number depends on your equity and credit. Request a personalized quote for real terms.

Pros & Cons

Home Equity Loan Pros and Cons

Advantages
✓Fixed rate and payment
✓Lump sum at closing
✓Keep your low first mortgage
✓Good for a known cost
✓Potential tax-deductible interest
Trade-offs
✓Adds a second monthly payment
✓Rate above a first mortgage
✓Your home secures the loan
✓Less flexible than a HELOC
✓Closing costs apply

Consult a tax advisor on interest deductibility for your situation.

How to Qualify

How Homeowners Get Approved

1. Estimate your equity
Home value minus what you owe shows how much you can tap.
2. Pick your amount
Borrow a fixed sum sized to your project or payoff.
3. Lock a fixed rate
Your rate and payment stay the same for the full term.
4. Close as a second
Keep your first mortgage untouched and get funds at closing.
Florida Notes

Home Equity for Florida Owners

Years of rising values have left many Florida homeowners sitting on real equity. A home equity loan lets you put that equity to work without giving up the low first-mortgage rate you locked in earlier.

It is a common move for funding a renovation, consolidating higher-rate debt, or covering a down payment on a second home in markets like Tampa, Orlando, and Fort Lauderdale, all while keeping the original mortgage intact.

Compare Options

Home Equity Loan vs. HELOC & Cash-Out

How a fixed-rate home equity loan compares with a HELOC and a cash-out refinance.

FeatureHome Equity LoanHELOCCash-Out Refi
PayoutLump sumDraw as neededReplaces 1st mortgage
RateFixedUsually variableFixed or variable
First MortgageStays in placeStays in placePaid off
Best ForOne-time needOngoing accessBig cash-out
PaymentPredictableVariesNew full payment
Home Equity Loan FAQ

Home Equity Loan Questions, Answered

What is a home equity loan?
A home equity loan is a second mortgage that gives you a lump sum at a fixed rate, repaid over a set term. You keep your first mortgage as it is and add a separate loan against the equity you have built. Mortgage Capital (NMLS# 1859012) arranges home equity loans for Florida homeowners.
How is a home equity loan different from a HELOC?
A home equity loan hands you the full amount at once with a fixed rate and a fixed payment. A HELOC is a revolving line you draw from as needed, usually at a variable rate. If you want predictability and a one-time need, the fixed lump sum often fits better.
How much can I borrow?
Most lenders let you borrow up to 80 to 85 percent of your home's value minus what you still owe on the first mortgage. So if your home is worth $400,000 and you owe $250,000, you might access around $90,000 to $110,000, depending on the program.
What can I use a home equity loan for?
Anything, though common uses are renovations, debt consolidation, a down payment on a second property, tuition, or a large one-time expense. Because the rate is fixed, it is popular for projects with a known cost.
What credit score do I need?
Most home equity loans want a 660 or higher score, though some programs go lower with strong equity. Your debt-to-income ratio and the amount of equity in the home also weigh into approval.
Will I keep my current first mortgage?
Yes. A home equity loan sits behind your existing mortgage, so you do not touch your current rate. That matters a lot when your first mortgage rate is lower than today's market, since a cash-out refinance would replace it.
Explore Related Programs
HELOC FloridaCash-Out RefinanceAll Florida Loan ProgramsMortgage Calculators

Put Your Florida Equity to Work

Fixed rate · Keep your first mortgage · Licensed FL mortgage broker NMLS# 1859012

📞 (561) 300-0380

Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.