Home Equity Line of Credit (HELOC)

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Account Description
  • The equity in your home secures this adjustable rate open line of credit
  • You may borrow up to 89.9% of the appraised value of your home, less any other loans on the property
  • $200.00 Origination Charge (can be paid out of proceeds at close) 
  • 20 Year Loan: 10 year draw period; 10 year repayment period based on the balance at time of maturity 
  • Interest may be tax deductible*
  • Minimum payments are interest only, allowing you to keep cash available
  • Rate is based on Prime Rate to keep interest payments affordable
  • Adjusts monthly
  • Low annual fee
Account Features
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First Federal of Lakewood will accept loan applications from ALL counties within the state of Ohio.
*Property must be owner-occupied, primary residence **Consult your tax advisor regarding the deductibility of interest. For certain loans, an appraisal fee of up to $300 may be required. Monthly payments are interest only, which can result in a balloon payment of any outstanding balances at the end of the term. Homeowners insurance is required. Subject to credit approval.