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.
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.
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.
CAN I PAY OFF A HOME EQUITY LOAN OR LINE WITH ANOTHER LENDER USING A DIRECT FEDERAL HOME EQUITY LOAN OR LINE?
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.
HOW MUCH CAN I BORROW?
You may borrow up to a maximum loan-to-value (LTV) of 80%.
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.
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.
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.