HELOC and Home Equity Loans

Tapping into the equity in your home is a great way to finance just about any major project or need you may have – home improvement projects, a new vehicle, education costs, consolidating debt, and more. First Federal offers both a Home Equity Line of Credit and a Home Equity Loan. Our Loan Officers can help determine which options is best for you.

Home Equity Lines of Credit (HELOC)

You have big ideas. We have low rates to make them happen. A HELOC gives you the flexibility to borrow against the line whenever you need it. It’s perfect for when you don’t quite know what your project is going to cost or have a set timeframe around using the funds.

  • Interest is only charged on the outstanding balance on the line
  • Borrow what you need, when you need it
  • 10-year draw time; 15-year repayment term
  • Interest may be tax-deductible2
  • Annual fee does apply 

Home Equity Loans

Unlike a Home Equity Line of Credit or revolving credit cards, Home Equity loans are for a fixed period, with a fixed rate of interest. A home equity loan is great for when you have a significant expense and need a lump-sum of money all-at-once.

  • Low fixed rate that doesn’t change over the life of the loan
  • Fixed payments
  • Interest may be tax-deductible2
Rates and APRs below as of 4/8/2024.

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Product Rate APR
Home Equity Line of Credit (HELOC)1 8.250% 8.251%
Home Equity Loan3 6.250% 6.253%

For products not listed above, including government insured, contact one of our loan professionals.

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1HELOC stated APR Annual Percentage Rate (APR) subject to criteria, including automatic payment from a First Federal checking account. HELOC initial payment is interest-only. Line of credit is accessible for ten years followed by a fifteen-year repayment period. Variable interest rate may increase after consummation. Property insurance may apply. Maximum APR of 18.00%. You may also be required to pay certain fees to third parties (such as appraisers, credit reporting firms, and government agencies) to open a line. These fees generally total between $0.00 and $1,200.00. If you ask, we will give you an itemization of the fees you will have to pay to third parties. In Idaho, the title insurance premium (if applicable) and mortgage recording tax will be based on the maximum amount of the credit line available to you, regardless of how much is advanced to you at any time. Rate quoted is for liens in first position. Loans in second lien position will have higher rates.

2Consult your tax advisor. Deductibility of mortgage interest may vary dependent on your individual tax situation and purpose of loan funds.

3 Rates vary by qualification and term selected. Rate quoted is for liens in first position. Loans in second lien position will have higher rates

All credit products subject to approval.

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Today's Rates

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Home Equity Lines of Credit from

8.25 %APR*

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Home Equity Loans from

6.25  %APR*

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*All credit products are subject to approval and subject to change without notice. Rates, terms, and amounts based on qualification.