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Owning a home that's increased in value is like having money in the bank. All of First Federal's home equity lines provide a personal line of credit that lets you borrow against that value to immediately meet your needs. Choose from either our popular Equity AccessLine (EAL) or our new Lock-In Equity Line (also EAL) which guarantees your rate for the first three years. EALs may be used to pay for college tuition, home improvements, or even consolidate and refinance your higher rate loans or credit cards. Better still, it can help you save on taxes because all or most of the interest may be tax deductible. Check with your tax advisor to see how you may benefit.   All of our home equity lines provide a personal line of credit that lets you borrow to immediately meet your needs. Choose from our popular Equity AccessLine or our new Lock-In Equity Line which guarantees your rate for the first three years.
 

 

Lock-In Equity Line

 Lock-In Equity Line Equity AccessLine Interest-Only Prime Equity AccessLine Prime Plus
Standard Rate Fixed for 36 months, then variable at Prime Fixed for 36 months, then variable at .50% above Prime Prime Variable rate
Rate Information*

3 years at 6.875%

After 3 years = Prime

 3 years at 7.625%

After 3 years = Prime +.50%		 12 months at 4.99%

After 12 months = Prime		 12 months at 4.99%

After 12 months:
10,000-14,999 = Prime + 1.50%
15,000-49,999 = Prime + 1.00%
50,000 and over = Prime + .50%
Amount We Pay Toward Closing Costs $250.00 Up to $400.00 Up to $250.00 Up to $400.00
Minimum Payment Required

Interest only billed monthly

Interest only billed monthly

Interest only billed monthly

 1.25% of used amount, but no less than $100.00
Prepayment Penalty

None

 None None None
Minimum Line Amount $15,000 $15,000 $15,000 $10,000

 

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* Wall Street Journal Prime Rate was 5.00% as of 06/01/08. Your EAL rate can change monthly based upon the Wall Street Journal’s Prime Rate on the last business day of the month. Minimum rate for all EALs is 6.00% APR and maximum rate is 18% APR. A balloon payment will be required for any unpaid balance at the end of the initial 15-year period. Property insurance is required. Subject to credit approval. Limited time offer and subject to change. $35 annual fee for non-usage.
 
 
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