Cash from a second mortgage can be used for a variety of wants and needs, such as home additions, furnishings, repairs and improvements, consumer goods, luxury items, transportation, recreation, and debt consolidation. Also like second mortgages, Home Equity Loans permit individuals to use the cash value built up in their real estate. This product includes features that allow reoccurring access to credit without the expense and inconvenience of additional loan requests. To draw upon a Home Equity Loan, a First Federal customer simply writes a check or visits a convenient office, and like the second mortgage, the proceeds are used at the customers discretion. These loans satisfy many diverse, individual needs such as transportation, education and recreation, to name a few.
Consumer loans are inexpensive to acquire and offer convenient repayment schedules.
S avings Account and Certificate of Deposit Loans Borrowing against an established savings account provides an inexpensive alternative to other collateralized loans. This type of loan affords depositors access to funds without incurring a penalty associated with early withdrawal and the accumulated savings remains intact. In addition, borrowing against a savings account is a recommended means of establishing a credit file.