Finibi Mortgage home equity products described on this page are available for qualifying properties located in Florida.

Equal Housing Opportunity.

This page is intended for Florida homeowners exploring home equity financing in connection with a divorce, spouse equity buyout, or divorce settlement.

Finibi Mortgage is a mortgage broker and may partner with third-party lenders to offer home equity products. Program availability, underwriting requirements, interest rates, loan amounts, documentation requirements, terms, fees, and conditions vary by lender and borrower qualification.

Important divorce buyout disclosure: A HELOC may provide funds that a homeowner can use toward a spouse equity buyout or divorce settlement, but obtaining a HELOC does not by itself remove either spouse from an existing mortgage, transfer ownership of the property, modify a divorce decree, or determine either spouse's legal interest in the home. Borrowers should consult their attorney, settlement professional, or other qualified advisor regarding property ownership, title transfer, mortgage liability, and divorce settlement requirements.

1. Divorce Buyout HELOC description. A Divorce Buyout HELOC is a home equity line of credit that may allow a qualified homeowner to access available home equity and use the proceeds toward a spouse equity buyout, divorce settlement, or other permitted purpose. “Divorce Buyout HELOC” is descriptive terminology used on this website and does not represent a separate legal loan classification. The actual loan product is a home equity line of credit offered by a participating lender.
2. Existing first mortgage. A HELOC is generally a separate lien from an existing first mortgage. When permitted by the lender and transaction, a homeowner may be able to obtain a HELOC without refinancing the existing first mortgage. However, the HELOC does not automatically remove a spouse or former spouse from the existing first mortgage. Removal from an existing mortgage may require a refinance, lender-approved assumption, release of liability, or another solution approved by the first-mortgage servicer.
3. Divorce settlement and title. Eligibility for financing does not determine how home equity must be divided between spouses. The amount required for a spouse buyout should be established through the applicable divorce agreement, court order, settlement, or other appropriate legal process. Changes to property title may also be required separately from the HELOC transaction.
4. Product description. The Finibi home equity line of credit (“HELOC”) is an open-end credit product secured by real property. Depending on the lender and program, an initial amount may be drawn at closing and additional draws may be available during a specified draw period. Terms vary by program. If additional draws are permitted, the interest rate applicable to future draws may differ from the rate applicable to the initial balance.
5. Approval / timing. Statements regarding fast approval, pre-qualification, or funding refer to eligible borrowers and qualifying transactions. Initial eligibility may be determined quickly, but final approval is subject to underwriting, verification of borrower information, credit review, property valuation, title review, lien position, closing requirements, and other lender conditions. Funding times are not guaranteed and may vary.
6. Credit inquiry. Initial pre-qualification or rate checking may involve a soft credit inquiry that does not affect your credit score when supported by the applicable lender or application process. If you proceed with a full application, a hard credit inquiry may be required and may affect your credit score.
7. Income documentation. Some participating lenders may offer bank-statement, alternative-documentation, or other qualifying programs for eligible self-employed borrowers. References on this website to “No Doc,” “bank-statement,” or alternative income programs do not mean that no documentation will ever be required. Verification requirements vary by lender, property, borrower profile, loan amount, occupancy, and program.
8. Collateral. A HELOC is secured by your home. Failure to meet the obligations of the loan could result in foreclosure and loss of the property. Borrowers should carefully evaluate the payment obligations associated with adding a HELOC to an existing mortgage.
9. Loan amounts. Loan amounts generally range from a minimum of $25,000 to a maximum of $850,000, subject to lender and program limits. Available loan amounts depend on factors including property value, existing liens, combined loan-to-value ratio (CLTV), credit profile, occupancy, income or documentation requirements when applicable, and available equity. Property value may be determined through an automated valuation model (AVM), appraisal, or another valuation method required by the lender.
10. Available equity. A website calculator or estimated equity amount is provided for informational purposes only and does not constitute a loan approval or commitment to lend. The amount available for a Divorce Buyout HELOC may differ from the homeowner's total equity and may not equal the amount required under a divorce settlement.
11. Rates, APRs, and fees. Available APRs may range from approximately 7% to 18%, depending on the participating lender, market conditions, credit profile, combined loan-to-value ratio, occupancy, loan amount, loan structure, property, and other qualification factors. Rates and terms may change without notice. Your actual APR will depend on the program available when you apply.
12. Origination and third-party costs. Where permitted and applicable, borrowers may be responsible for origination charges of up to 4% of the applicable loan or initial draw amount, as well as third-party charges that may include valuation, appraisal, title, settlement, notary, recording, government, and other closing costs. Applicable fees will be disclosed before closing.
13. Insurance. Property insurance is generally required. Flood insurance may also be required when the property is located in a designated flood hazard area or when otherwise required by the lender.
14. Variable-rate programs. Certain HELOCs may have variable interest rates. For variable-rate HELOCs, the APR may be based on an index, such as the Prime Rate, plus or minus an applicable margin. Changes in the index may cause the APR and monthly payment to increase or decrease, subject to applicable floors, caps, and program terms.
15. Interest-only payments. Certain programs may permit interest-only payments during part of the loan term or draw period. Interest-only payments do not reduce principal unless the borrower makes additional principal payments. Required payments may increase when the interest-only or draw period ends.
16. Tax and legal advice. Finibi Mortgage does not provide legal, divorce, tax, or accounting advice. Borrowers should consult appropriate legal and tax professionals regarding the treatment of home equity, divorce settlements, property transfers, mortgage interest, and other consequences of a divorce buyout transaction.
17. No guarantee of qualification. Information on this website does not constitute an offer, approval, commitment to lend, or guarantee of loan terms. All loans are subject to lender underwriting, borrower and property eligibility, verification, applicable law, and final approval.

This product is available for qualifying properties located in: Florida.