Home Equity & Home Improvement Loans
Using the Equity in your Home
Use the equity in your home to borrow from Milford Federal at preferred rates. Proceeds of these loans can be used for any purpose (a new roof, a second car, college education or a long overdue vacation). Interest is often tax deductible (applicants should check with their tax advisor).
Home equity loans
Loans offering attractive fixed rates for the life of the loan are available for amounts ranging from a minimum of $10,000 to a maximum of $300,000. Combination of first mortgage with equity loan may not exceed $500,000. Terms are available from 1 year to 20 years. Ideal for the home owner with immediate cash needs who wants the comfort and convenience of fixed monthly payments.
Home equity lines of credit
Pay no application or membership fees, and interest is charged only on the amount you actually borrow with our revolving home equity line of credit. Just write a check to get the funds you want and pay it back in monthly installments (of course, extra principal payments can be made at any time). Lines are available for amounts ranging from a minimum of $10,000 to a maximum of $300,000. Combination of first mortgage with equity line may not exceed $500,000. Rate is variable and based on the Wall Street Journal’s prime rate minus 0.50% for the life of the loan. Our minimum rate is 4% and maximum rate is 18%.
Home Improvement loans
Milford Federal can help you add value to your home with a new kitchen, an addition or simply new paint and wallpaper with a quick and easy financing program tailored to your specific needs. Terms on secured home improvement loans to $50,000 are available up to 20 years. If you need additional information, please contact us, stop in at any of our branches, or fill out an online application today.