Home Equity Loans

Thinking of putting an addition on your home? Need to consolidate bills? How about college tuition? We offer a variety of Home Equity Loans to suit your needs.

Home Equity Loans (HEL):

  • Owner occupied/refinance
  • Maximum total Loan to value (LTV) 80%
  • $80.00 Mortgage/Notice of Settlement recording fee paid by loan applicant
  • Consult with your tax advisor regarding deductibility of interest.
  • Property insurance shall be required.
  • Subject to credit approval.
TermRate¹APR²MinimumMonthly Payment³
5-year fixed term 3.64% 3.64% $5,000 $182.54
10-year fixed term 3.90% 3.90% $10,000 $100.78
15-year fixed term 4.15% 4.15% $10,000 $74.73

¹ Rates as of 05/16/2017. Rates are subject to change without notice. 

² APR-Annual Percentage Rate 

³ The above monthly payment is based on a $10,000 loan. Escrow for taxes and insurance premiums will increase monthly payments. 

Home Equity Line of Credit (HELOC):

  • Owner Occupied/refinance
  • Maximum total Loan to Value (LTV) 80%
  • $80.00 Mortgage/Notice of Settlement recording fee paid by loan applicant.
  • Consult with your tax advisor regarding deductibility of interest.
  • Property insurance shall be required.
  • $10.00 annual inactivity fee if the balance remains at zero for 18 consecutive months.
  • $30.00 returned check charge for each check returned.
  • $20.00 stop payment charge. 
  • Monthly payments are based upon a 15 year amortization.
  • Subject to credit approval
  • The maximum annual percentage rate than can apply during the line of credit is 18.000 percent.
  • HELOC are Indexed to Wall Street Journal Prime plus 1.50% variable; currently 5.50% APR.

Premier HELOC:

  • $100,000.00 Minimum
  • Primary or Secondary homes
  • $80.00 Mortgage/Notice of Settlement recording fee paid by loan applicant.
  • Indexed to Wall Street Journal Prime variable; currently 4.00% APR.
  • Consult with your tax advisor regarding deductibility of interest.
  • Subject to credit approval
  • The maximum annual percentage rate than can apply during the line of credit is 18.000 percent.

Note:

Home Equity Loans or Lines of Credit over $250,000.00 required a full appraisal with cost paid by the loan applicant. Mortgage/Notice of Settlement Recording Fee Paid by Loan Applicant. Maximum Total Loan to Value 80%

 Applications

 When applying for a Home Equity Loan or a Home Equity Line of Credit (HELOC) the following items (where applicable) must be submitted to the Bank:

  • W-2’s for the past two years
  • 3 Current Paystubs
  • Filled out and Signed Borrower's Authorization Form (see attached)
  • Copy of Retirement checks or Social Security Benefits Statement (unless a direct deposit to DFSB deposit account)
  • Copy of Deed (Refinance)
  • Copy of Homeowners Insurance Policy (Refinance)
  • Copy of Property Tax Bill (Refinance)
  • Copy of Survey (Refinance)
  • Copy of Agreement of Sale (Purchase)
  • Copy of Three (3) months bank statements (Purchase)
  • Signed Copy of Borrower's Authorization (Provided Below)

If you are self-employed; please provide this additional information:

  •  Tax Returns for the past two years
  • Year to date Profit & Loss Statement on the business.

Unless this information is provided the loan application will not be considered complete. The Bank reserves the right to ask for further financial disclosure after reviewing the application and submitted documents.

Apply For a Home Equity Loan                     Apply For a HELOC                    Borrower's Authorization