Home Equity Line of Credit
For most of Call Federal members, buying a house is the single largest investment we make for ourselves and our families. Over time, the value built up in our homes can also become a tremendous asset. Our home equity products allow you to turn that value into much needed cash for home improvement projects, debt consolidation, college tuition, weddings, or a number of other expenses.
All Call Federal Home Equity Products offer:
- Low Interest Rates
- Affordable Payments
- Low Closing Costs
- Convenient Processing
Three Great Options
- Classic HELOC15 (Variable Rate Home Equity Line of Credit):
- Rate: The variable rate is based on the Wall Street Journal’s published prime rate* plus 0.50% and is subject to quarterly adjustment.**
- Draw Period: Members will have access to funds for a period of eight years, in which payments will consist of principal and interest.
- Repayment Period: After the end of the draw period members will have seven years to payback the full balance of principal and interest.
- Member Advantage HELOC20 (Variable Rate Home Equity Line of Credit):
- Rate: The variable rate is based on the Wall Street Journal’s published prime rate* plus 0.50%, with the opportunity to receive a discount of 0.50% when payments are made automatically from a Call Federal checking account. The variable rate is subject to monthly adjustment.
- Draw Period: Members will have access to funds for a period of ten years with the option of flexible interest only payments.
- Repayment Period: After the end of the draw period members will have ten years to payback the full balance of principal and interest.
- Second Mortgage: (Fixed Rate Home Equity Loan):
- Rate: The Fixed Rate is determined daily and can vary based on loan- to-value (LTV), term of the loan, borrower’s creditworthiness, market conditions, and other factors may apply. (link to the rates)
- Term: Up to 15 years. All funds are disbursed at the time the loan is processed.
- Repayment: Principal and interest payments over the life of the loan.
It’s Easy to Apply
- Apply Online!
- Call us 804-274-1200 or 1-800-796-2328 (Choose Option 6 from the menu)
- Visit us at any of our six branch locations
For more information, please email our Mortgage Department or call 804-274-1200 (option 2).
Call Federal conducts business in accordance with the Federal Fair Housing Lending Laws.
Read more by clicking here.
* The Prime Rate is published in the Money Rates column of the Wall Street Journal.
** Quarterly adjustments will occur, if needed, every March 1st, June 1st, September 1st, and December 1st.
Roger Beal Ball – NMLS# 412619
Deborah Morris Beasley – NMLS# 411227
Barbara Ramos Bell – NMLS# 1283028
Kelly Petra Brown – NMLS# 1281202
Kevin Michael Caldwell-NMLS# 1577156
Kimberly Dee Carneal – NMLS# 1283890
Margaret Rene Chennault – NMLS# 1053092
Stephanie Ann Couldrey – NMLS# 1551385
Kerri Ann Fortner – NMLS# 1280736
Chester Leonard Gilmore – NMLS# 622602
Sabrina Grace Mayo-NMLS# 1610950
Joanna Furr McVicker – NMLS# 816671
Brooke Michelle Miller – NMLS# 411226
Justin Parramore-NMLS# 1412983
Alton Darrell Robertson-NMLS# 1585675
Hanna Robowski-NMLS# 1585646
Colin Scott Schoenhaut-NMLS# 1580533
Christina Ann Shingleton-NMLS# 1575827
Tanya Faye Smith - NMLS #1612779
Brian Alexander Valz – NMLS# 588223
Wykeena Claiborne Wiggins – NMLS# 1398821