First Federal Savings Bank - Lending Services - Home Equity Line of Credit/2nd Mortgage

Home Equity Line of Credit/2nd Mortgage

When you would like to take advantage of your home's increasing value to help you reach your goals, a Home Equity Line of Credit or a Closed End 2nd Mortgage may be the loan that meets your needs. These quick and convenient programs can be used for just about anything including: home improvements, education, vacations, debt consolidation, and investments just to name a few!

Depending on your individual needs, you may prefer one product or the other. Which one is best for you? Use the table below to find out:

What it offers

Why you may choose this service

Home Equity Line of Credit

FLEXIBILITY:

		Draw loan funds by simply writing a check
		Low minimum payment only on the amount drawn
		Funds can be used/reused similar to a credit card

If you do not need all of the loan funds immediately or if you would like to be able to reuse the funds after you have repaid them. Great for "emergencies" like an unexpected major purchase-IT'S AS EASY AS WRITING A CHECK!

Closed-end 2nd mortgage

STABILITY:

		Fixed payment amount for a set repayment term
		Fixed repayment terms from 1-15 years
		Low fixed interest rate set for the life of the loan

If you know you need an exact amount of money and the stability of a set payment every month. Loan repayment term can be "tailored" to your budget by choosing the term that meets your needs.

PLEASE NOTE: A Home Equity Line of Credit or a Closed End 2nd Mortgage may have tax benefits. Contact your tax advisor for more information on these benefits.

For more information, Contact our branch near you or E-mail us—we look forward to hearing from you.