Home Equity Loans
Buying a house is the single largest investment most of us will make. Over time, the value built up in a home becomes a tremendous asset. Call Federal’s home equity loans allow you to turn that value into much needed cash for improvement projects, debt consolidation, college tuition, or any number of large expenses.
Dream big using the power of equity in your home, and we’ll cover up to $500* in closing costs for a limited time. Learn more.
15-Year Fixed Home Equity Loan
Lock in with today’s great rates, get fully funded now and pay it back over time while you enjoy the benefits and accomplish great things with this influx of cash. Also called a second mortgage, our fixed-rate home equity loans are popular with our members who have big projects and life events and the value built up in their homes to support them.
Using the value in your home to secure your loan allows you to receive a much better interest rate on the money you’re borrowing. See current rates for all of our Home Equity products in the table below.
Once approved, there’s no restriction on how you use your funds. Home repairs and upgrades, college tuition, debt consolidation, even paying for a wedding, are among the many kinds of the expenses made more manageable by our home equity products.
Flexible Funding & Repayment
As mentioned above, the option to make interest-only payments throughout the draw period has proven beneficial in a variety of ways. We take pride in working with our members to find the right fit for each family and situation.
Home Equity Loans – At A Glance
|Home Equity Line of Credit||Interest-Only Home Equity Line||Home Equity Loan|
|Terms||Variable Rate / 15 Years||Variable Rate / 20 years||Fixed Rate / Up to 15 Years|
|Rate||4.000% - 5.675%* APR||5.50% - 7.175%* APR||10 Years – 6.000% - 10.875%** APR
15 Years – 6.250% - 11.750%** APR
|Draw Period||8 Years
Pay monthly principal + interest
Option to pay interest-only
|Full disbursement upon processing|
|Repayment||7 Years to pay full balance||10 Years to pay full balance||Principal + interest payments over the life of the loan.|
APR= ANNUAL PERCENTAGE RATE. RATES, TERMS AND CONDITIONS ARE SUBJECT TO CHANGE AND MAY VARY BASED ON CREDITWORTHINESS, QUALIFICATIONS AND COLLATERAL CONDITIONS. ALL LOANS SUBJECT TO APPROVAL. CREDIT UNION MEMBERSHIP REQUIRED.
*THE BEST HOME EQUITY LINE OF CREDIT RATE LISTED FOR EACH PRODUCT ASSUMES TOP-TIER CREDIT, 80% OR LESS COMBINED LOAN-TO-VALUE AS WELL AS A 0.50% DISCOUNT FOR MEMBERS WHO SET-UP AUTO TRANSFER PAYMENT FROM A CALL FEDERAL CHECKING ACCOUNT. THIS DISCOUNT IS ONLY AVAILABLE AT THE TIME THE LINE OF CREDIT IS PROCESSED. IF THE MEMBER RECEIVES THIS DISCOUNTED RATE, BUT DISCONTINUES THE AUTO-TRANSFER, THE LOAN RATE WILL AUTOMATICALLY BE ADJUSTED ACCORDINGLY. ANY RATE CHANGES FOR INTEREST-ONLY (20-YR) HOME EQUITY LINES ARE MADE ON THE FIRST DAY OF EACH MONTH. THE 15-YR HOME EQUITY LINE OF CREDIT IS ADJUSTED QUARTERLY, WHEN APPLICABLE, ON THE FIRST DAY OF JANUARY, APRIL, JULY AND OCTOBER. INTEREST RATES ARE BASED ON THE PRIME RATE AS PUBLISHED IN THE MONEY RATES COLUMN OF THE WALL STREET JOURNAL.
**THE BEST HOME EQUITY LOAN RATE LISTED FOR EACH PRODUCT ASSUMES TOP-TIER CREDIT AND 75% OR LESS COMBINED LOAN-TO-VALUE VALUE. RATES SUBJECT TO CHANGE AT ANY TIME.
In this entry on our Financial Insights blog, we explore some of the ways that a Home Equity Line of Credit can unlock certain “powers” that homeowners can tap into that can improve their financial health.
Even if you have no intention to sell your home right now, a hot housing market can lead to increased equity that you can use for a variety of projects and other financial needs.
Decide that a home equity loan isn’t for you? Our personal loan options may give you the financial flexibility or short-term funds that you need
Learn more about loan payments, mortgage and refinance savings, at our Calculator Center.