Home Equity Loans

Home Equity Loans

This loan is the homeowner's access to ready cash. It is the smart, flexible way to get the most out of your home. Now you don't have to go through an application process every time you need a loan, you can "write your own loan" based on the equity in your home. With a First Federal Savings Bank Home Equity Loan, there's one application and one approval - for a continuous line of credit.

Benefits:

Use your credit anytime - convenient access using your Home Equity Loan Checking account
Borrow up to 90% of the property value
May be used for any purpose
Monthly billing statement
You will be billed monthly for interest only payments during the first 10-year term called the "Draw Period". During the second 10-year term called the "Repayment Period", your minimum payment will be the accrued interest plus 1% of the principal balance outstanding on the last day of the Draw Period. (Ask one of our Originators for further information regarding our rate and term specifics.)
You may pay on your principal balance any time.
Rate: Prime + 2% with a floor rate set @ 6%
Interest may be tax deductible (Consult your tax advisor for details)

Apply for a Home Equity Line of Credit today. Call or visit any of our Branch Offices, or contact any of our Loan Originators for more information.