Home Equity Lines of Credit1
Do you want to have access to a line of credit with a rate as low as 4.490% APR, with interest you may be able to deduct to lower your income taxes2? Consider a Home Equity Line of Credit — you determine when you draw funds and when you pay back principle. You’ll have access to borrow on your line for ten years; after that time, any remaining balance will be payable on a ten-year repayment term. The interest is a variable rate of interest which can change monthly. Required monthly payments during the draw period are interest only; payments for the repayment period are based on full principle and interest. An annual fee is required. This product cannot be combined with a purchase transaction.
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 ten-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. If you engage a broker to arrange a line of credit for you, you may be charged fees by the broker for his/her services.
2Consult your tax advisor. Deductibility of mortgage interest may vary dependent on your individual tax situation and purpose of loan funds.
Home Equity Loans
With a Home Equity loan, you save time and money vs. traditional mortgage refinancing. You can use the equity in your home for almost any reason and choose from a variety of loan terms. Remodel your home, pay for educational expenses, or even buy a car — the possibilities are endless. Unlike a Home Equity Line of Credit or revolving credit cards, these loans are for a fixed period, with a fixed rate of interest.
All credit products subject to approval.