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First Federal locations - Hammond and Highland Indiana

 

FDIC

Equal Housing Lender

Home Equity Loans

**Home Equity Loans are only considered for properties located in the Northwestern Indiana region**

The word "equity" is simply the difference between the value of an item and the amount of money you still owe on that item. In other words, it's the money you can put in your pocket if you sold the item and paid off the balance of the loan. Well, you don't have to sell your home in order to put your equity to work. As a homeowner, a First Federal Home Equity Loan may provide the cash you need to pay off those high finance charge credit card balances, consolidate your bills, buy the car you really want, pay for education, improve your property or any other purpose.

 

Qualified applicants may borrow up to 80% of the current appraised value of their home less the amount of any existing mortgages.

Example:

$100,000

(current appraised value)

x 80%

(limit %)

$80,000

- 60,000

(existing mortgage balance)

$20,000

(available to qualified borrowers)

Interest paid on Home Equity Loans may be tax deductible. Simply check with your tax advisor.

 

Home Equity Loan Options

Fixed Home Equity
Fixed Home Equity Loans are not available at this time.

Home Equity Line of Credit
The ideal program to provide cash when needed. Unlike the Fixed Home Equity program, this Line of Credit has the flexibility of a revolving account with a credit limit established by the qualified applicant and First Federal. It works like a credit card without the plastic and high finance charge! The program is an adjustable interest rate loan with an annual fee of $50 and requires a minimum loan amount of $5,000.

 

Interest Rates and Programs

 

We are a proud
member of:


Federal Home Loan Bank of Indianapolis



Indiana Bankers Association
Indiana Bankers Association



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