Home Equity Line of Credit | First Federal Savings Bank

 

Home Equity Line of Credit

  

A Home Equity Line of Credit (HELOC) lets you borrow against available equity with your home as collateral. Our Home Equity Line of Credit is designed to help you use the equity in your home responsibly. If you're considering a home renovation or planning for a major expense, we can help. 

  • Rate Prime + 1%, 5% Floor. Current APR 9.50%
  • No closing costs for the borrower.
  • Available on single family, primary and secondary residences.

Learn More

Borrowers must meet underwriting guidelines. Loan is variable rate and based on the Wall Street Journal prime rate plus 1%, currently 9.50% APR. Minimum payment during the draw period is equal to accrued interest on the outstanding balance during the preceding cycle. Minimum payment during the repayment period will be the accrued interest plus 1% of the principal balance outstanding on the last day of the Draw Period. Balloon payment may be required to pay the loan in full. Maximum APR is 21%. Annual fee of $75 is waived for the first year. Not available on manufactured homes or investment properties. See loan originator for additional terms and conditions. NMLS #399927

 

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