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.
Benefits
Favorable Rates
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.
A Variety of Uses
Once you’ve been approved for your home equity loan or line of credit, there’s no restriction on what those funds can be use for. Home repairs and upgrades, college tuition, debt consolidation, and paying for a wedding are just a few of the expenses that members have used their home equity lines and loans on.
Potential Tax Benefits
Unlike using an unsecured loan or a credit card to cover major expenses, a home equity line of credit may also provide borrowers with certain tax advantages. Be sure to consult a tax professional to see if you meet the necessary conditions for further savings.
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 | 4.50%** APR | 4.25%** APR | 10 Years – As low as 4.75% APR 15 Years – As low as 5.00% APR |
| Draw Period | 8 Years Pay monthly principal + interest |
10 Years 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
*INCLUDES 0.50% rate discount with automatic payments from a Call Federal Checking ACCOUNT
** 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, IF needed, on March 1st, June 1st, September 1st, and December 1st. INTEREST RATES ARE BASED ON The Prime Rate AS published in the Money Rates column of the Wall Street Journal.
Related Content
Personal Loans
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
Loan Calculators
Learn more about loan payments, mortgage and refinance savings, at our Calculator Center.
Call Federal conducts business in accordance with the Federal Fair Housing Lending Laws. Read more
