Home Equity Loans

Home Equity Lines and Loans

Let the equity in your home work for you on home improvements, debt consolidation, vehicle purchase, medical expenses, and vacation or college tuition. Cash for any reason!

Shiny new kitchen with white countertops, white cabinets, and silver accents purchased using a Home Equity Line of Credit from Security Federal Savings Bank

Interest Only Home Equity Line of Credit 

  • Payments are interest only or $25 (whichever is greater).
  • 5 year draw period (term).
  • Up to 89.9% of appraised property value (includes all property liens)
  • Contact a Security Federal Savings Bank Loan Originator for more details. 

*Credit Tier

*Rate/APR

1

Prime Rate

2

Prime + .25%

3

Prime + .50%

 

 

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)
  • Contact a Security Federal Savings Bank Loan Originator for more details.

*Credit Tier

*Rate/APR

1

Prime Rate

2

Prime + .25%

3

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.

 

If you want to borrow a specific amount and desire the stability of a fixed rate, term and payment!

Home Equity Term Loan

  • 5 Year, 10 Year, and 15 Year terms available
  • Fixed interest rate
  • Up to 89.9% of appraised property value
  • Contact a Security Federal Savings Bank Loan Originator for more details.

 

*All Term Loan Details: Borrower pays origination $39.00, flood search $24.00 and tax service $69.00 fees. Borrower pays any additional closing costs, which may include but is not limited to, appraisal or property valuation, title search and recording fees. 
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.

 

If you'd like more information right away please call one of our lenders today: 

Main Branch  574-722-6261
Mall Road Branch 574-722-3826
Kokomo Branch 765-457-1161
Delphi Branch 765-564-3000
Lafayette Branch 765-250-3916