Home Equity Line of Credit

Home equity lines of credit and home equity loans can often offer lower interest rates than unsecured borrowing options, and with typically higher limits. With the choice of variable or fixed interest rates.

Home Equity Line of Credit (HELOC)

Variable rates with flexibility on draw downs.

First Federal’s HELOC is for owner occupied 1-4 family residences including, multi-wide manufactured homes, condominiums and townhouses. First Federal’s HELOCs offer loan terms of 25 years with the flexibility to use your funds anytime during the first 10 years called the Draw Period. After the Draw Period ends, the credit line is frozen and the 15 year Repayment Period begins. During the Draw Period, the interest rate is a variable adjustable rate subject to monthly rate changes, and during the Repayment Period, the interest rate is a fixed rate. Borrowers can access their funds during the Draw Period by debit card, checks, online or in person. An annual fee may apply.


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    Home Equity Line of Credit (HELOC) Rates

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    Loan Type Closing Costs APR Ex: Line Amount Ex: Interest-only Monthly Payment (5-year draw) Ex: Monthly Payment (15-year fixed rate)
    Variable Line of Credit None 4.50% $100,000 $375 $764.99
    Variable Line of Credit with 3.99% promo rate for first 12 months Paid by Customer 3.99% first 12 months; 4.50% months 13-48 $100,000 $332.50 for 12 months; $375 for 48 months $764.99

    Interest Rates Effective: 09/23/2021

    Example rates are based on a primary residence and borrower credit score of 700. Assumes the borrower has a first lien mortgage and the home equity line is a second lien on subject property.  Variable rate may increase after closing, as it is determined by WSJ Prime + a margin with a minimum APR of 4.50% and a maximum APR of 18.00%. Max 80% LTV.  Loan terms include a 5-year interest-only draw period and converts to a 15-year fixed rate term with P&I payments based on current interest rate in effect at time of conversion.  APR (Annual Percentage Rate) is based on loan amount, interest rate, LTV and credit score. Example monthly payments quoted include principal and interest only. Actual payments may be higher if they include taxes and insurance.  Rate, terms, and fees are subject to change without notice. Subject to credit approval.  Ask us about additional available loan programs. 

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