Tiered Home Equity Line of Credit (HELOC)

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
  • Tiered Rate based on outstanding balance; Interest Rate is variable
  • Interest may be tax deductible*
  • $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
  • Access through check, debit card, or eFFL
  • Low annual fee
Account Features
Account Disclosure/Statements
Assistance
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First Federal of Lakewood will accept loan applications from ALL counties within the state of Ohio.
*Consult your tax advisor regarding the deductibility of interest. An annual fee of $50.00 is charged. 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.