Home Equity Line of Credit
If you are paying high interest rates on credit cards or other installment loans, using cash from your home’s equity can make perfect sense. A Central Federal Home Equity Line of Credit (HELOC) is a type of loan in which the borrower uses the equity in their home as collateral. The HELOC allows a homeowner to make multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property. The HELOC has a variable rate with an interest only monthly payment during an initial 10 year draw period followed by an additional 10 year repayment period. Your minimum payment is interest only on the amount you have withdrawn against the line. Additional principal payments can be made at any time.
Central Federal’s intent is to meet the borrowing needs of our community and adjoining counties. Let us show you how a Home Equity Line of Credit can give you the flexibility to use your credit any time for any expense.
Visit Central Federal to speak to one of our experienced lenders. You can also contact us at (573) 364-1024.