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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