Take Advantage of Your Home’s Equity

Your home is likely the largest and most valuable asset you have — let’s use it.

How can you use the equity in your home?

With First Federal Lakewood you can choose one of two paths to tap the equity in your home, with either a Home Equity Line of Credit (HELOC) or a Home Equity Loan (HELoan). One offers a revolving line of credit while the other provides a lump sum payment. Both methods can help you achieve your major goals, including, home improvement, major purchase, education expenses, or debt consolidation.

HELOC

A Home Equity Line of Credit (HELOC) gives you a revolving credit line based on your home’s equity. The amount of equity in your home is the difference between its current market value and the amount you currently owe on it. 

  • This type of credit functions similarly to a credit card, where you can borrow, repay, and borrow again up to a certain limit during a specified draw period, After the borrowing period, you’ll have an additional 10 years to pay back the loan.
  • You only pay interest on what you actually borrow during that time.
  • Depending upon the terms, you may have lower or no closing costs.
  • Your interest rate on a HELOC tend to be lower than a credit card — that’s because your house is securing the debt
  • A HELOC offers you flexibility and access to your equity over time.
  • You can use a HELOC in multiple ways to help meet your goals. Use it for large expenses or to consolidate higher-interest debt.
Apply Now Talk to a Banker 

HELoan

A Home Equity Loan (HELoan) functions as a second mortgage, which allows you to borrow against the equity in your home and receive a one-time lump sum loan.

  • You’ll receive funds in a one-time lump sum.
  • A HELoan allows you to work with a fixed interest rate for predictable payments.
  • With a HELoan you’ll set a fixed repayment term.
  • $200 Borrower Origination Fee
  • A HELoan is a one-time lump sum disbursement with a fixed interest rate, this means you’ll have consistency and structure as you use and pay back the loan.
  • You can use a HELoan in multiple ways to help meet your goals. Use it for large expenses or to consolidate higher-interest debt.
Apply Now Talk to a Banker 

Tools to Get You Started 

HELOC or Home Equity Loan—Which Is Right for You?

Want to better understand the difference between a HELOC and a Home Equity Loan? Get a closer look at how each option works and which might be the right fit for your needs.
Read the Article 

Looking for More Information About a HELOC?

Sometimes you need some extra guidance. We’ve got your back with our Ultimate Guide to Understanding a HELOC!
View Guide