Home Equity

Home Equity Line of Credit (HELOC)

Let the equity in your home work for you on home improvements, debt consolidation, vehicle purchase, medical expenses, vacation, and more. How much you can borrow depends on how much equity is available in your home. We look at the value of your home compared to the amount you owe on your existing mortgage to determine how much equity is available. 

A home equity line of credit allows you to tap into the funds as you need them over a set period of time. With a home equity loan, you borrow the full amount of the loan when you open the loan. With a HELOC, you have more flexibility around if or when you borrow the funds.

Choose to draw (borrow) it in increments over the life of the line of credit, borrow it all up front, or however you see fit!

Interest Only Home Equity Line of Credit

  • Payments are interest only or $25 (whichever is greater).
  • Revolving line to use when you need it 
  • 5 year draw period (term).
  • Up to 89.9% of appraised property value (includes all property liens) 

Home Equity Line of Credit 

  • Payments are 1% of the monthly balance or $100 (whichever is greater) 
  • 10 year draw period (term)
  • Up to 89.9% of appraised property value (includes all property liens) 

Ready to get started?

Apply online Contact a lender 

*Credit Tier 


Prime Rate 

Prime + .25% 

Prime + .50% 

*All Lines of Credit Details: Minimum line amount $5,000. Minimum draw $500.00, access funds by check, telephone transfer, or e-banking transfer. The disclosed Annual Percentage Rates are variable and based on the Wall Street Journal Prime Rate (the “Index”) plus a margin (spread), if applicable. The margin is based on the approved loan amount and our evaluation of your credit history. Maximum rate is 18%. Actual rate determined upon credit approval. Security Federal pays standard closing costs. Borrower required to pay fees of $150.00 at origination, $50.00 annually for maintenance, $75.00 for renewal at maturity (end of term) based on new credit qualifications and program requirements at time of renewal. 

Credit Approval: All accounts are subject to credit approval. Insurance Requirement: Property Insurance is required; flood insurance required for a property located in a Special Flood Hazard Area. 
Late Payment: If payment is not made within 15 days of due date a $17.50 late fee is assessed.