Home Equity Loans & Lines
- Maximum Draw Period – 5 years
- Maximum Loan Term – 20 years
Payments are always due on the 1st of the month.
The minimum monthly payment is $100. Payments are based on the repayment period and balance owed at the time of rate change or advance.
- Rate = Prime Rate + a margin (based on the member credit score)
- Rate can adjust quarterly (January, April, July and October) after the first 6 months Introductory Rate
- 2% Cap Per Year (placed on loan so it cannot increase or decrease more than the 2 percentage points per year)
- Max interest rate can go as high as 18%
- Initial rate as low as 2.49% for the first 6 months
You can borrow up to 90% of appraised value, less balance on 1st mortgage (based on credit score).
- Max loan amounts up to $150,000.00
- Minimum Loan amount $10,000.00
No. Home equity loans are for owner occupied primary residences and second homes.
No. All home construction must be 100% complete to qualify for a home equity loan.
Available in AL,FL, LA, and MS ONLY.
10 to 30 years.
- Home Free
- Home Time ARM
- Land Loans (Fixed Rate & ARM)
Keesler Federal’s only in-house fees are the origination fee and processing fee. All other fees are outside fee (attorney fees, appraisal fee, credit report fee are a few) Funds will be collected to set up escrow account for taxes and insurance.
Property/Home must be located in the state of Alabama, Louisiana, Mississippi or Florida.
Payments can be made online, over the phone or in a branch. Balances will not show on the member’s receipt for payments made within a branch. See all loan payment options here.
All mortgage payments are due on the 1st of the month and will accrue a $25 late fee after the 15th of each month.