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Home Equity

10-Year DRAW

4.24%
APR1
 
Interest Rates Certified by Datatrac
OVERVIEW

FLEXIBLE FINANCING TO CELEBRATE LIFE'S MILESTONES - AND HELP WITH THE HURDLES

Weddings. College tuition. Home improvements. Debt consolidation. Many of life’s hurdles and milestones, however memorable or mundane, come at a cost. That’s where we come in. With our low rates on both Home Equity Loans and Lines , and superior service you simply won’t find anywhere else, you can stress less about borrowing – and get on with living. Both our Home Equity Loan and Line have no closing costs, no application fees, no annual fees and no recording fee.

Already have a Home Equity Loan or Line at another financial institution? Don’t let that stop you from having one with Direct Federal. You can refinance your existing Home Equity Loan or Line and open one with Direct Federal. Don’t miss out on our market-leading rates. Start saving money each month and refinance today. Click on the Apply Now button below to get started.

Home Equity Line of Credit

  • Super-low rates. Your APR will be 0.76%1 less than Prime, subject to a minimum of 4.24%. (APR may vary monthly based on fluctuations in the Prime Rate.)
  • Flexibility custom-fit to your needs. Borrow up to 80% of the equity in your home2; with Equity Lines from $20,000 to $500,000; plus 10-year draw period with interest only payment options.
  • Ability to lock-in all or a portion of your line to a fixed rate.3 Concerned about rates rising? Convert a portion of your balance or available credit to a fixed rate loan.  Don’t let rising rates prevent you from having the flexibility of a line of credit.
  • No surprise fees. No closing costs, no application fees, no annual fees and no recording fee.4

Home Equity Loan

  • Market-leading rates. Starting at 4.25% APR5 you will get one of the lowest fixed rates you can find with NO teaser/introductory rate.
  • Flexible terms. Choose from 5, 10, 15, or 20-year terms depending on your specific needs.
  • Borrow $20,000 to $500,000. Depending on the equity you have in your home, you can borrow anywhere from $20,000 up to $500,000.

 

 


 

Already applied for a Home Equity Loan or Line? Click here to check the status of your application.

Already have have an existing Home Equity Line with Direct Federal? Click here to convert a portion of your balance or available credit to a Fixed-Rate Loan. Lock in your rate today.

Rates

RATES

Rates

  • LINE OF CREDIT
  • LOAN
Home equity line    
TERM Up to 20 years
RATE* 4.24% APR1 Prime -.76% for Life.
Repayment Period After 10 years
TERM RATE Repayment Period  

Up to 20 Years

4.24% APR Prime -.76% APR for Life. After 10 years   Apply Now

 

1The rate listed is the Annual Percentage Rate (APR) which is variable and is equal to the Wall Street Journal prime rate minus 0.76%, subject to a minimum rate of 4.24% and a maximum rate of 21% or the maximum rate permitted by law, whichever is less. Prime as of 7/1/18 was 5.00%. This APR is available for new home equity lines only. Line must be secured by a 1-4 family home or condo. Primary residences only. Maximum loan to value is 80%. A $395 fee will be assessed if the line is closed within the first two years. Rates are subject to change. Property insurance will be required. Subject to credit approval.

2Equity is determined based on the current year assessed value. Member may choose to purchase an appraisal if seeking a higher value. Appraisal fees begin at $400 for single-family and $550 for multi-family.

3Fixed rate loan option is only available during the home equity line of credit draw period.  Minimum conversion amount is $5,000.  Options available for fixed rate terms of 5, 10, 15, or 20 years provided no fixed rate loan extends more than 30 years from the initial date of the mortgage that secures your home equity line of credit.  Maximum of 3 fixed rate loans.  The annual percentage rate for the fixed rate loan will be equal to an index plus a margin.  Call for information about current index values and margins.

4A field appraisal will be required for line amounts greater than or equal to $250,000. Appraisal to be paid by member. Appraisal fees begin at $400 for single family and $550 for multi-family.

5Annual Percentage Rate (APR).  The interest rate and APR are subject to change.  Loan must be secured by a 1-4 family home or condo.  Primary residences only.  Maximum loan to value is 80%. Property insurance will be required.  Subject to credit approval.

 

5-Years APR Payment Per $1000
APPLY NOW 4.25% APR5 $18.53
10-Years APR Payment Per $1000
APPLY NOW 4.49% APR5 $10.36
15-Years APR Payment Per $1000
APPLY NOW 4.75% APR5 $7.78
20-Years APR Payment Per $1000
APPLY NOW 4.99% APR5 $6.59
TERM APR Payment per $1,000  
5-Years

4.25% APR5

$18.53   Apply Now
10-Years

4.549% APR5

$10.36   Apply Now
15-Years

4.75% APR5

$7.78   Apply Now
20-Years

4.99% APR5

$6.59   Apply Now

 

 

1The rate listed is the Annual Percentage Rate (APR) which is variable and is equal to the Wall Street Journal prime rate minus 0.76%, subject to a minimum rate of 4.24% and a maximum rate of 21% or the maximum rate permitted by law, whichever is less. Prime as of 7/1/18 was 5.00%. This APR is available for new home equity lines only. Line must be secured by a 1-4 family home or condo. Primary residences only. Maximum loan to value is 80%. A $395 fee will be assessed if the line is closed within the first two years. Rates are subject to change. Property insurance will be required. Subject to credit approval.

2Equity is determined based on the current year assessed value. Member may choose to purchase an appraisal if seeking a higher value. Appraisal fees begin at $400 for single-family and $550 for multi-family.

3Fixed rate loan option is only available during the home equity line of credit draw period.  Minimum conversion amount is $5,000.  Options available for fixed rate terms of 5, 10, 15, or 20 years provided no fixed rate loan extends more than 30 years from the initial date of the mortgage that secures your home equity line of credit.  Maximum of 3 fixed rate loans.  The annual percentage rate for the fixed rate loan will be equal to an index plus a margin.  Call for information about current index values and margins.

4A field appraisal will be required for line amounts greater than or equal to $250,000. Appraisal to be paid by member. Appraisal fees begin at $400 for single family and $550 for multi-family.

5Annual Percentage Rate (APR).  The interest rate and APR are subject to change.  Loan must be secured by a 1-4 family home or condo.  Primary residences only.  Maximum loan to value is 80%. Property insurance will be required.  Subject to credit approval.

 

 

FAQs
FAQs

If I already have a Home Equity Line am I eligible for an increase?

Yes, please apply online. There are no fees if it is once per calendar year.

What is the "Repayment Period"?

At the end of your Draw Period, you will enter the Repayment Period. The Repayment Period is the time during which you make monthly principal and interest payments to gradually pay off your balance.

At the end of your Draw Period, you will enter the Repayment Period. The Repayment Period is the time during which you make monthly principal and interest payments to gradually pay off your balance. Once you enter the Repayment Period, your line is closed to further advances. Direct Federal offers a ten-year Repayment Period.

Does my property qualify for a Home Equity Loan or Line?

If you have a 1-4 family primary residence in Norfolk, Middlesex, Plymouth, Suffolk, Essex, Barnstable or Bristol County, you are eligible for a Direct Federal Home Equity Loan or Line.

If you have a 1-4 family primary residence in Norfolk, Middlesex, Plymouth, Suffolk, Essex, Barnstable or Bristol County, you are eligible for a Direct Federal Home Equity Loan or Line. Home Equity Loans and Lines are not available on vacation homes, investment properties, or properties that you intend to sell within the next year, properties with a life interest or life estate, or properties built on leased land.

I would like to open a Home Equity Loan or Line. What is the minimum or maximum amount I can apply for?

With Direct Federal, you can open a Home Equity Loan or Line for any amount between $20,000 and $500,000.

With Direct Federal, you can open a Home Equity Loan or Line for any amount between $20,000 and $500,000.**

Can I pay off a Home Equity Loan or Line with another lender using a Direct Federal Home Equity Loan or Line?

Yes.

Yes. If you have an existing second mortgage on your property, we will advance your new Direct Federal Home Equity Loan or Line to pay off and close your existing Loan or Line with another lender.

What fees or costs are associated with a Home Equity Loan or Line from Direct Federal?

There are no application fees, no appraisal fees, no closings costs and no annual fees associated with a Direct Federal Home Equity Loan or Line.

There are no application fees, no closings costs and no annual fees associated with a Direct Federal Home Equity Loan or Line (appraisal fee applies if line is greater than or equal to $250,000) . If you pay off and close your Loan or Line within the first 24 months, you will be charged a $395 fee to offset a portion of the costs incurred to open your line.***

How much can I borrow?

You may borrow up to a maximum loan-to-value (LTV) of 80%.

You may borrow up to a maximum loan-to-value (LTV) of 80%. To calculate the maximum line for which you can apply, simply multiply the appraised value of your home by 80% and deduct your mortgage balance. For example, if your home is appraised for $400,000 and your mortgage balance is $200,000, you can borrow up to a maximum of $120,000. ($400,000 x 80% = $320,000 - $200,000 = $120,000).

How long does it take to apply and receive a decision?

It takes about five minutes to apply and you will have an answer within one business day.

It takes about five minutes to apply and you will have an answer within one business day. Most of our home equity loans and lines close within three weeks.

What documentation is required to close a Home Equity Loan or Line?

You will need your insurance binder, most recent year-to-date paystub verifying income (or current federal tax return for self-employed), utility bill confirming your primary residence and if applicable, a flood certificate.

You will need your insurance binder, most recent year-to-date paystub verifying income (or current federal tax return for self-employed), utility bill confirming your primary residence and if applicable, a flood certificate.

What is the "Draw Period" on a Home Equity Line?

The Draw Period is the period of time you can access funds from your Home Equity Line.

The Draw Period is the period of time you can access funds from your Home Equity Line. Direct Federal offers a ten-year Draw Period.

We strive to provide our members great rates, easy access and remarkable service. If you have any feedback on how we could improve in these areas, please let us know.

 

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