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Home Federal Bank

Home Equity Line of Credit

Flexible spending plus tax-deductible interest*

A home equity line of credit is a great way to tap into the buying power of your home. You may use the equity in your home for whatever you need, whenever you need it: from home remodeling to purchases of cars, boats, appliances, vacations, or whatever you wish.

Plus, the interest paid on a home equity line of credit may be tax-deductible. (*Consult your tax advisor for details.)

We offer home equity lines of credit for owner-occupied properties only.

Amount
$10,000 to $100,000
Term
10 year draw period, 10 year repayment period
Max Loan To Value
80%
Loan Fee
None (closing costs may apply)
Payments
Variable, depending on amount of credit used
Prepayment Penalty
Yes
Draw Period Loan Amount Maximum Loan to Value As Low As Rate APR
120 months $10,000-$100,000 65% to 80%1 3.990% 3.990%

Line of credit annual percentage rate (APR) is variable and is based on the Prime Rate as published in the Wall Street Journal, plus a margin of 0.99%. The maximum rate is 18%. The minimum rate is 3.99% (requires automatic payment from a Home Federal Bank checking account). All loans include a $45 document preparation fee to be paid in cash at closing. If required, the following estimated fees may apply: ALTA title policy (borrower pays balance over $275); and a prepaid full appraisal ($450-$600). Subject to credit approval.

Minimum Payment Requirements: You can obtain advances of credit for 120 months (the “Draw Period”). During the Draw Period, payments will be due monthly. Your minimum periodic payment will be equal to: a) the greater of the accrued interest as of the closing date of each billing statement or $50.00, or b) the unpaid balance. After the Draw Period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 120 months (the “Repayment Period”). Your minimum periodic payment during the Repayment Period will be determined based on the outstanding balance of your Account at the beginning of the Repayment Period and using the interest rate in effect at the beginning of the Repayment Period to calculate equal monthly payments which will fully amortize your Account.

View Disclosure

Effective date: 4/24/2014

APR effective as of date shown. Annual fee of $99 is waived the first year; thereafter, annual fee is assessed on anniversary date of loan. If loan is closed within the first three years, a prepayment penalty may apply. Property and, if applicable, flood insurance are required.

1Land value may not exceed 40% of total collateral value. Loan-to-Value is up to 80% on single-family, owner-occupied residences; up to 70% on owner-occupied second or vacation homes, townhouses, duplexes, tri-plexes, four-plexes or condos; and up to 65% on unique structures, including but not limited to log, dome or earthen homes and considered on a case-by-case basis.

NMLS ID: 402453

Tap into the buying power of your home!

A home equity line of credit has several advantages for clients of Home Federal Bank:

  • The line of credit allows for flexible spending when you need it: simply advance funds from the line of credit for purchases whenever you want, for whatever amount you need.
  • As you pay back the principal balance, you free up the line of credit to be used again without having to reapply for a new loan.
  • Interest may be tax-deductible (consult tax advisor regarding deductibility of interest).

Other Benefits and Features

  • No payment is due until you make an advance on the line of credit.
  • Interest-only payments are available during the first 10 years of the line.
  • No annual fee during the first year of the loan.
  • Online access to your loan account via eBanking.