The equity amount
you have accumulated is the difference between your home's
appraised value and the amount you still owe on your mortgage.
At
First Federal, we offer two ways to utilize the equity in your
home.Click here for our most
current home equity rates.
Home Equity Installment Loans
If you'd like to remodel your home, purchase a car or
consolidate bills, an installment loan is a smart way to
borrow.
- Offers a maximum $500,000 loan amount and 20-year term for
qualified borrowers
- Provides fixed payments and a fixed repayment schedule
- Consult your tax advisor, interest may be tax deductible
Home Equity Lines of Credit
This type of loan offers maximum flexibility. When you
apply, we'll determine a pre-set borrowing limit based on
the equity in your home and you'll be able to borrow money,
as you need it.
- Payments vary, depending on amount borrowed and interest
rate
- Interest rates are variable, based on prime rate as
advertized in the Wall Street Journal
- Minimum payments are 1/2% of outstanding balance plus
finance charges
- Rates can adjust each month depending upon the prime
rate
- Consult your tax advisor, interest may be tax deductable
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