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HELOC Loans in Calhoun County, Florida

Calhoun County, Florida, is a beautiful place to live, with its white sand beaches and clear blue waters. It’s no wonder that many people are interested in buying a home here. If you’re one of those people, you may consider a HELOC loan.

A HELOC loan is a home equity line of credit that allows you to borrow against the equity in your home. This can be a great way to finance a home purchase, giving you the flexibility to pay off the loan over time.

However, there are some things you need to know about HELOC loans before you apply for one. Please keep reading to learn about the benefits and how they work.

Understanding HELOC

A home equity line of credit (HELOC) is a type of loan that uses the value of your home as collateral. It’s a second mortgage with a variable interest rate and flexible payment terms.

Your home’s equity determines how much money you can borrow. Higher home equity increases your borrowing power. A HELOC could be an excellent option if you’re looking to consolidate debt or make home improvements.

How Does it Work?

The home equity line of credit (HELOC) allows you to borrow money against the value of your home. Equity is the difference between your home’s appraised value and the balance owed on your mortgage, and it represents the portion of your home’s value you own outright.

You can borrow as much or as little money as you need, up to your available equity. You decide how much time between payments works for you, from six months up to 10 years, depending on the lender. This means you can pay off debt more quickly or set aside funds for future expenses like college tuition or medical bills.

A HELOC can assist with financial needs, including paying off debt, making home improvements, or consolidating high-interest credit cards and student loans.

With a HELOC, you can usually borrow up to 75% maximum financing on a 1st mortgage and 90% combined financing on a first plus second mortgage for your Calhoun County primary residence. The loan works like a credit line, which means you can borrow the money as needed, up to the maximum loan amount.

Also, the interest paid on a HELOC loan is tax-deductible. As a result, you will save lots of money on taxes yearly. Second, HELOC loans typically have lower interest rates than other types. This can save you money on interest payments over the life of the loan.

What Is The Draw Period

The draw period is the amount of time you have to use the credit line on your HELOC loan. You can withdraw as needed during the draw period up to the credit limit.

The loan period for HELOCs is typically 30 years, with a draw period of 10 and 20 years. During the draw period, you will only be required to make interest payments on the amount you borrow.

As soon as the draw period is over, the repayment period begins. You will be required to pay interest and principal on the amount borrowed throughout the repayment period.

HELOCs Work Like a Credit Card

The HELOC is a credit line you can draw from when needed. Just like a credit card, it offers revolving credit and has a limit based on your home equity value and the amount of equity in your home.

You can use your HELOC for all purposes, whether for a home improvement project or to pay off other debts. Also, you only pay interest on your borrowed money — you can’t exceed your available credit limit.

You replenish your available credit as you repay your outstanding balance. As long as you continue making payments and keep within your monthly budget, this arrangement can be very affordable because there are no penalties for paying off more than what you owe each month.

Option to Lock Interest Rate

When considering a home equity line of credit (HELOC) in Calhoun County, you may want to consider an option that allows you to lock in your interest rate. A HELOC typically has a variable interest rate, which means the monthly payments can go up or down depending on the market.

However, if you lock in your interest rate, you’ll know exactly how much your monthly payments will be, which can help you budget more effectively. Moreover, you don’t have to worry about interest rates rising after you’ve accumulated a balance.

75-15 HELOCs for Condos in Florida

Condos can be a great investment, but they can be difficult to finance with a loan. HELOCs are the perfect solution in different scenarios. HELOCs for condos in Florida are a great way to leverage your condo investment.


One of the biggest complaints about getting divorced is that their spouse gets half of everything they own. This means that your spouse will not be able to touch any of your assets.

But what if they don’t really want half? What if they just want out? A HELOC can help by giving them cash immediately without having to wait to sell their house or put up with each other anymore.

Also, a HELOC is a second mortgage that allows you to borrow up to 90% of the value of your home. You can use this money any way you like — as long as you don’t exceed that 90% combined LTV (loan-to-value) ratio.

The additional money can help with alimony payments, child support payments, and other expenses related to divorce proceedings.

Great for Home Improvements

HELOCs for Condos in Florida are great for home improvements. They are based on current value, not future value, like a renovation loan. That means you won’t be stuck paying off an investment that loses value over time.

Also, a HELOC doesn’t require closing costs or application fees — just the appraisal and title search cost. And because there’s no interest until you use the money, you can quickly pay off the entire amount at any time without penalty.

Some lenders will allow borrowers to draw on their line of credit as needed and repay it over time with monthly payments. Others require borrowers to make minimum monthly payments even if they don’t use all their available monthly credit. In either case, the interest rate on your HELOC will generally be lower than it would be with a traditional mortgage.

A 75-15 HELOC for a condominium can help improve Florida’s home value in several ways. You can use the loan for renovations or repairs that increase the property value.

Additionally, you may use the loan for a down payment on a second condominium unit, which can then be rented out and generate income. The extra income can then be used to make mortgage payments and improve the overall financial stability of the household.

Lastly, condominiums in Florida have historically been difficult to finance, but 75-15 HELOCs have more flexible underwriting guidelines. This makes them a good option for borrowers looking to access the equity in their Calhoun County condominium.

With a credit score in the mid-600s, a debt-to-income ratio of under 43%, reliable payment history and sufficient income, you can easily qualify for this type of financing.

Miniature red house on stack coins

Pros of Taking HELOC Loans in Calhoun County, Florida

HELOC loans are becoming increasingly popular in the U.S. for a good reason. They offer several advantages over traditional loans, including lower interest rates and flexible repayment terms.

If you want to improve your condo or buy one in Calhoun County, Florida, you may consider taking a HELOC loan. Here are some of the pros.

Use the Money for Anything

You have the flexibility to use your HELOC funds to pay off credit cards and other debt, make improvements to your home, or buy something you need or want.

As long as you keep up with your payments, you won’t have any problems accessing your money when you need it most.

Lower Cost Than Many Other Types of Loans

The primary benefit of taking a HELOC loan in Calhoun County is that they are typically much cheaper than most other types of loans, such as credit cards and personal loans.

Because you are borrowing against your home, there is less interest to pay, and the amount of money you can borrow is much more significant than other types of loans. This means that HELOC loans can save you hundreds of dollars in interest over the life of the loan.

Ability To Borrow a Large Amount of Cash

Another advantage many people enjoy with HELOC loans is that you can borrow a large amount of cash. If you’re planning on moving across town or the country, a HELOC loan will help you secure financing for your move.

And since most banks won’t lend more than 75 percent of the value of your home (with certain exceptions), taking out a HELOC loan will allow you to get most of what you need without putting up any equity in your property as collateral.

Tax Breaks

One of the biggest reasons why HELOCs are so popular is that they can provide a tax break for borrowers who use the money for a down payment on a home or other purposes.

Typically, these loans are available with fixed interest rates and have no prepayment penalties, so there’s no reason to pay interest on unused funds. These loans are tax deductible if you take a loan to build, buy or substantially revamp your Calhoun County home.

Safety of Fixed Interest Rates

Fixed-rate mortgages mean you’ll know exactly what your monthly payments will be for each year of your loan term. With HELOC Loans in Calhoun County, Florida, you can enjoy fixed rates throughout the loan term.

In addition, most HELOCs offer fixed-rate terms with no prepayment penalties, which means you won’t pay any additional interest if you choose to close out your account before the end of the draw period, which is typically ten years.

Another positive aspect of taking out HELOC loans in Calhoun County, Florida, is that you can refinance with another lender after one year. There won’t be any risk involved because the rates are locked in for the entire term of your loan.

Only Pay for What You Spend

HELOCs allow you to borrow against your home’s equity line by withdrawing only what you need at any time during the loan term.

This gives homeowners added flexibility when managing their monthly budgets and reduces the risk of overspending on unnecessary purchases because they’re only paying for what they spend — not paying off borrowed funds that may never be used.

Enjoy Introductory Offers

Many lenders offer introductory offers on new HELOC loans. These deals waive fees or give you a lower interest rate for a certain amount of time after you close the loan.

Using your line of credit frequently can be very beneficial because it reduces the interest you’ll pay over time.

Simple HELOC Process

HELOCs work pretty easier compared to other traditional mortgages. First, lenders don’t scrutinize the association’s financials, such as the amount directed to their reserve. Also, most lenders in Calhoun County won’t care about the number of owner/investor-occupied units in the property.

In addition, HELOCs have lighter documentation requirements compared to other loan types. You will fill out minimal condo questions instead of a complete, lengthy condo questionnaire associated with regular mortgages.

Therefore, a HELOC is very important for condos in FL because it simplifies and makes the HELOC process for condos much faster.

Top 5 Places To Get Ice Cream Within Calhoun County, Florida

In a county with so much to do, it should be no surprise that ice cream is high on the list of favorite treats. There are various places to get your ice cream fix in Calhoun County, from simple cones to elaborate sundaes.

Here are the top 5 places to get ice cream within Calhoun County:

Jimmy’s Place

This lovely shop serves up some of the best homemade ice creams around. Please stop by their location at 21157 NE State Rd 69, Blountstown, FL, to taste their delicious offers, like ice cream sandwiches and brownies topped with ice cream.

They also offer different desserts for adults to supplement with their creamy sips while at this joint.

Ocheesee Creamery

Ocheesee Creamery has been around for several years and has many locations worldwide. Their frozen yogurt is made fresh daily using only the finest ingredients available, so you know it will always be delicious.

Try their smoothies or shakes if you’re looking for something sweet but not too heavy for lunchtime. I recommend trying their milkshake – it’s fantastic.

Damians Ice Cream

Damians Ice Cream is one of the best places to get ice cream in Calhoun County, Florida. They have various flavors to choose from and unique toppings that you can add to your ice cream.

They also have an indoor dining area and an outdoor seating area that is perfect for those who want to enjoy their ice cream while outside enjoying the nice weather. This is a great place to go with friends or family members because there are so many different types of options available.


Dairy Queen is another great place to get ice cream in Calhoun County, Florida. In addition to a joint located at 2074 FL-71, Marianna, FL 32448, there are many locations throughout this area, so it will not be hard to find one near your home or workplace.

They have all kinds of different flavors of soft-serve ice cream, such as sundaes and other treats that people love when they go out for dessert after dinner.

Panhandle Pioneer Settlement

Panhandle Pioneer Settlement in Blountstown is a prime spot to get ice cream in Calhoun County, Florida. It is located at NW Pioneer Settlement Road, Blountstown, FL 32424.

The ice cream comes from fresh, high-quality ingredients and is enriched with over 30 different flavors. They offer a wide selection of flavors and toppings. They also serve hamburgers, fries, hot dogs, and chicken strips.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

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