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Home Equity Line of Credit FAQs

Get answers about a Home EquityCHOICE Line of Credit.

 

How much can I qualify for?

The maximum loan amount you may qualify for depends on a number of factors including the available equity in your home. This is determined by taking a percentage (eg. 80%, 90% or 100%) of your home’s appraised or fair market value, and subtracting the balances on any outstanding mortgages on the property.

How does the application process work?

Complete an online application and click Submit. Or,

  • Call 1-888-7-DAY-BANK for a friendly BankAtlantic customer service representative to assist you and/or answer any questions you may have -- 7 days a week.
  • Stop by your local BankAtlantic branch now open 7 days a week
  • Within one business day of receiving your request, BankAtlantic will contact you with a decision.

If you are conditionally approved, and accept the terms for a Home Equity Line of Credit, a title search and flood certification will be ordered. At that time, BankAtlantic will ask you to provide proof of home insurance, including flood insurance if your property resides in a flood zone. Final approval may be subject to a property evaluation or appraisal, title search and income verification.

Schedule your closing to close your Home Equity Line of Credit at a BankAtlantic branch of your choice.

 

How quickly can I close?

You can close as quickly as four business days. If you have provided all of the necessary documentation, such as proof of insurance.

What are the tax benefits of having an equity line attached to my property?

In most cases, your interest payments may be tax deductible. Consult your tax advisor about your specific financial situation. IRS Publication #936, “Home Mortgage Interest Deduction” provides more information.

 

Who changes the Prime Rate?

BankAtlantic's Prime Rate is based on the Wall Street Journal Prime Rate. When the Federal Reserve adjusts the Targeted Federal Funds Rate, the Wall Street Journal Prime Rate usually adjusts accordingly.

Does filling out this certificate or applying online obligate me to complete a loan with BankAtlantic?

No.Even after closing and signing your loan documents, you have three days to think it over and change your mind.

What is the difference between a Home Equity Line of Credit (HELOC) vs. Home Equity Loan

A line of credit is a revolving line that allows you to borrow only as much as you need, up to your credit limit, when you need funds. As you repay the principal amount, those funds are available to borrow again, similar to a credit card. The interest rate is variable and tied to the Prime Rate. This option is ideal if you have both a current need to borrow funds, and would like the flexibility of a line of credit for future uses.

With a fixed home equity loan, the funds are dispersed in one lump sum. The monthly payments and the interest rate are fixed. This option is best for customers who want to know exactly what their monthly obligation is, and have current borrowing needs but do not foresee future ones.

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