Unlock Your Home's Equity with a HELOC

Your home is likely your most valuable asset. Make the most of its equity with a Home Equity Line of Credit (HELOC).


Want to renovate your home, consolidate high-interest debt, or build your emergency fund?

No Matter Your Goal, a HELOC Can Help You Achieve It

Your home is likely the largest and most valuable asset you have. With a HELOC (Home Equity Line of Credit), you can use the equity you’ve built in your home to secure a line of credit with more favorable terms, lower interest, and a longer borrowing period than most other types of loans can offer!
Here are a few reasons to consider a line of credit backed by your home equity:
  • The borrowing period lasts 10 years, and you only pay interest on what you actually borrow during that time
  • You can borrow up to $500,000*
  • Because your house is secured debt, interest rates are lower than a credit card
  • After the borrowing period, you’ll have an additional 10 years to pay back the loan
  • Prime minus 1.00% for 12 months
  • $50 annual fee waived the first year

From Dream Projects to Unexpected Expenses, a Home Equity Line of Credit Keeps Your Life Moving Forward

Imagine being able to consolidate all your high interest rate debt and then pay it off at a much lower interest rate. You could easily save hundreds (or even thousands!) in interest, all while paying off your debt on your own timeline.
Maybe you’re working hard to pay off student loans but feel like you can’t even make a dent thanks to the high interest rates. Borrowing against the equity in your house gives you the freedom to pay off that debt at a fair rate. You can also use a HELOC to pay tuition up front so you never have to deal with high interest rates on student loans!
In the market for a new home or a second home? You can borrow against your current home’s equity to make the down payment on the next one! In today’s real estate market, having the funds for a sizable down payment can make all the difference.
Or maybe you want to stay right where you are and pursue some home improvements. A HELOC can help you turn your current house into your dream home!
Facing expensive medical bills? Want access to an extra emergency fund for unexpected expenses down the road? There are no penalties for not using this line of credit or paying it off early — the money is simply there if you need it.

Bottom Line: A HELOC is There for You When You Need It

A First Federal Lakewood Home Equity Line of Credit (HELOC) can get you the cash you need with low rates and great options, even if your mortgage isn’t with us! Visit a branch or apply for a home equity line of credit online today!
*Home Equity Line of Credit (HELOC) has a variable rate feature. Borrower must meet specific underwriting criteria to obtain the advertised rate of Wall Street Journal Prime (index) minus 0.5%; a FICO score 740 or greater, a combined loan-to value (CLTV) ratio of 80% or less, debt-to-income (DTI) ratio of 43% or less and minimum loan amount $10,000. For loan amounts $50,000 or more and applications taken by July 31, 2023, borrowers that meet the above underwriting criteria are eligible for an additional 0.5% reduction from the advertised Wall Street Journal Prime (index) for a total promotional rate of Wall Street Journal Prime (index) minus 1.00%. Not all applicants will qualify for promotional rate and are encouraged to apply for other available HELOC products with First Federal Lakewood. Your annual percentage rate (APR) may vary and may be higher depending on credit score and loan-to-value (LTV) ratio. The maximum APR is 21%. During the first 120-months (the ‘draw’ period), advances of credit may be taken. Your minimum periodic payment due will be equal to the accrued interest as of the close date of the billing period. After the draw period, advances are no longer permitted and repayment of the outstanding balance must be paid over the next 120-months. Annual fee $50. An appraisal is required. Property insurance is required and flood insurance may be required. Eligible properties must be owner-occupied/primary residences within the state of Ohio and Michigan. All loans are subject to credit and underwriting approval. Promotional rate is available to new customers who don’t currently have a Home Equity Line of Credit with First Federal Lakewood. Existing customers may be eligible for the promotion, please contact the branch for details. Other fees and restrictions may apply. Offer available for a limited time and is subject to change without notice.