Refinancing is the process of obtaining a new mortgage to pay off an existing mortgage. A new loan means new terms, which are typically better for the home owner. Refinancing is the perfect opportunity to move your mortgage to First Federal and discover the benefits of working with us.
Refinancing can also allow you to access the equity in your home. Equity is the difference between the value of your home and what you owe. Obtaining this equity can help:
A second mortgage is a loan you make using the equity in your home, in addition to your first mortgage. We offer a Fixed Rate Equity Loan and a Home Equity Line of Credit (HELOC).
Fixed Rate Equity Loan
With a Fixed Rate Equity Loan, you have a fixed rate, term and monthly payment for the life of your loan. You get the money up front to consolidate bills, make improvements on your home or pay for college. You are protected from rising interest rates and may even be able to deduct the interest from your income taxes.
Another great option for consolidating debt or remodeling is a Home Equity Line of Credit (HELOC). A HELOC is a revolving line of credit without a fixed rate. The borrower does not have to use the entire loan amount up front. Instead, you can borrow against it as needed, much like a credit card. The line of credit is available for 5 years, with repayment terms up to 10 years, making monthly payments affordable.