Home Equity Loans and Lines of Credit
Home Equity Loans
Use your home's equity to get the credit you need for the things you want now. Receive your money all at once then pay it back in stable, fixed monthly payments.
What is a home equity loan?
The home equity loan is a loan based on the available equity in your home. Make your budgeting easier with a simple fixed-interest rate and fixed monthly payment amount.
Features and benefits
- Fixed-interest rate loan.
- Your choice of payment method: by coupon book or by automatic deduction from your checking or savings account.
- In most cases, interest is tax deductible.*
- For borrowers taking advantage of our automatic payment from a First Federal checking or savings account, the variable rate is prime minus .25%
- No application fee for loans over $12,500.
- Apply online now>> **
- Current Rates>>
Home Equity Lines of Credit
Home Equity Lines let your home work for you. A First Federal Home Equity Line of Credit is flexible enough to be used for whatever you need, whenever you want, simply by writing a check. It's a great way for major purchases, educational expenses, home improvements or debt consolidation.
What is a home equity line of credit?
A home equity line of credit is a variable-rate, revolving line of credit based on the available equity in your home and other qualifying criteria.
Features and benefits
- Variable rate tied to the prime lending rate
- For borrowers taking advantage of our automatic payment from a First Federal checking or savings account, the variable rate is prime minus .25%
- During the revolving period of your line, the money is there when you need it.
- In most cases, interest is tax deductible.*
- Access your credit line by writing a check.
- Monthly payments will be interest only during the draw period, followed by a balloon payment at maturity.
- Line of credit amounts from $12,500 to $800,000
- No application fee and no annual fee.
* Consult your tax advisor and IRS Publication 936 (Home Mortgage Interest Deduction) regarding interest deductibility.
** Subject to Credit Approval.
