Home Equity Lending
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.
SPECIAL - 3.99% Introductory Rate1
We are here for you. To help our customers during this challenging time, we have introduced a new Home Equity Line of Credit special with a low introductory rate of 3.99% for the first 12 months1. To learn more, and to apply, visit your local branch.
- Must meet underwriting terms to be be approved for the special. Subject property must be primary residence, loan must be in 2nd lien position, combined loan to value must be less than 70%.
Home Equity Fixed Rate Loan
Fixed rate and term means predictable monthly payments.
First Federal’s Home Equity Fixed Rate Loan Product is for owner occupied 1-4 family residences including: multi-wide manufactured homes, condominiums and townhouses. Full principal and interest payments to fully amortize by the end of the loan term that fit your needs.