MasterLine Home Equity Loan

 

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WHY GET A MASTERLINE FROM FIRST FEDERAL BANK

Put the equity you've built in your home to use with a new MasterLine account. This is an equity line of credit product with greater flexibility than any product we have ever offered. After establishing a "master" credit limit that suits your current and future needs, you still have convenient access to your MasterLine account through the use of personalized checks, but now you have choices of repayment schedules.

You may elect a traditional line of credit repayment schedule with a variable rate of interest; or, you may elect to "lock" all or any portion of your outstanding credit line balance of $7500 or more by modifying the repayment schedule to a fixed rate for a term that you select (you may have as many as 5 fixed rate locks in effect at any one time); or, you may utilize a combination of both types of repayment schedules at the same time. Regardless of what type of repayment schedule or schedules that you elect, the amount of each payment you make (minus interest or fees) is added back into the available balance of your credit line to be used again and again.

In most cases, the interest paid may be tax-deductible (consult your tax advisor to determine any limitations on deductibility).

s Master credit limits available up to $200,000

s Use up to 95% of the equity in your home

s No minimum limitation on the amount of any draw request

s May exercise an unlimited number of fixed rate lock options - $7,500 minimum lock amount and up to 5 fixed rate lock options in effect at any time.

s Consolidated billing statements provide itemized activity on the line of credit and each active fixed rate lock option