Compare Direct Federal to the competition.
| Loan to Value | Rate | Interest Only Payment Option | Annual Fee | Draw Period | Repayment Period | |
|---|---|---|---|---|---|---|
| Direct Federal | 70% |
Prime-Only* |
Yes | $0 | 10 Years | 10 Years |
| Bank of America | 90% | Prime - 1.01% | Yes | $0 | 10 | 15 |
| Sovereign | 90% | Prime -.1.01% | Yes | $50 | 15 | 15 |
| Eastern | 80% | Prime-.50% | Yes | $50 | 10 | 10 |
| Citizens | 80% | Prime - 1.01% | Yes | $50 | 10 | N/A |
Rates: Prime Only, never below 5.00% (5.00% rate effective as of April 1, 2009)*. Varies monthly based on the Prime rate listed in The Wall Street Journal on the last business day of the month. Your rate will be based on your loan-to-value and credit score. The minimum rate is 5.00%. Maximum rate is the lesser of 21% or the maximum allowed by law.
Draw Period: Ten years. Principal and interest based on standard amortization during Repayment Period.
Line Amount: $20,000 - $200,000
Fees: No application fees, no appraisal fees, no closing costs and no annual fees. If you pay off and close out your line within the first 24 months, you will be charged a $395 fee to offset a portion of costs incurred to open your line.
Qualifying Properties: One- to four-family primary residences in Eastern Massachusetts, Southern New Hampshire and Rhode Island. Property insurance is required.
*Rate is based on 70% loan-to-value (LTV) and your credit score.