Learn

‍

There are no application fees, no closing costs, and no annual fees associated with a Direct Federal Home Equity Loan or Line. If the line is closed within the first two years of being opened an early termination fee of $395 would be applied.

Requested Lines $400,000 and above require an appraisal. Also, if you believe your home value is higher than our assessed value, an appraisal may be required in order for us to approve the amount requested.

Appraisal cost estimates:

Single-family unit - Approximately $500

Multi-unit -Approximately $650.00

You can ensure that you're on the newest app version available by turning on automatic updates in your device settings

We currently do not offer FHA loans.

This feature is for existing Home Equity Line of Credit (HELOC) only. You cannot get a Fixed-Rate Option without first having a Home Equity Line of Credit. However, a HELOC can be converted to a Fixed Rate Carve Out during the initial HELOC closing.

The HELOC limit will be reduced by the amount of the fixed rate loan, but once it is paid off, the limit will replenish. Terms available: 5, 10, 15, and 20 years.  There are no fees associated with a Home Equity Fixed Rate Carve Out.

Maximum number of Fixed-Rate Carve Outs: 3

We do not pull credit for carve outs.

Your card may be blocked for use and future transactions would be declined until the fraud alert is cleared.

We do not offer foreign currency exchange services at this time.

Any phone numbers that Direct Federal has in your records may be sent alerts.

‍

We do not offer motorcycle loans at this time, but click below to learn more about what personal loans and lines of credit we offer!

‍

View Home Equity >

View Personal Loans >‍

View Credit Cards >

We use a method called “average daily balance.” Refer to the section “Finance Charges” within the Agreement for more information on how your balance is calculated.

Visa Credit Card Agreement (Consumer)

$395 if the line is closed during the first two years.