Home Equity Options

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.

Flexible Funding & Repayment Options

Each of our home equity products provides members a choice in how they would like to receive and payback what they have borrowed, from interest-only payments throughout the draw period to a fixed-rate second mortgage where all the funds are disbursed at loan closing. We’ll work with you to find the right fit for your 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 5.00%** APR 4.75%** APR 10 Years – As low as 5.50% APR
15 Years – As low as 5.75% 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 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.

 

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Ways to Apply

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