Milford Federal Savings and Loan Association offers a full range of secured and unsecured loans for individuals seeking competitive rates, flexible terms and prompt, friendly and professional service. Loans are available within our lending area which includes Massachusetts, Rhode Island and Northern CT. Most consumer loan products allow you to save even more money if payments are automatically deducted from your Milford Federal deposit account.
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 lines of credit
Pay no application or processing fees and interest is charged only on the amount you actually borrow with our revolving home equity line of credit. Lines are available for amounts ranging from a minimum of $10,000 to an amount not to exceed $500,000 when combined with the first mortgage. 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). Rate is variable and based on the Wall Street Journal's prime rate for the life of the loan.
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 an amount not to exceed $500,000 when combined with the first mortgage. 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 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, with rates adjusted every 5 years based upon the Federal Home Loan Bank (FHLB) Advance Rate (6% lifetime cap). Unsecured home improvement loans to $5,000 are also available with a maximum term of 5 years.
Auto and truck loans
Whether you are buying the car of your dreams, a used car for a family member or a truck for your business, Milford Federal has the right loan for you. We offer financing on both new and used vehicles at very competitive fixed rates. Motor vehicle loans at annually adjustable rates are also available at a 1/2% discount.
Personal loans
Finance modest amounts (up to $10,000 ) unsecured for whatever you want at very reasonable rates. If you have immediate liquidity needs, you can borrow up to 75% of the current value of your stock holdings or use your Milford Federal Savings or CD account as collateral to get even better rates.
If you wish to apply for a consumer loan or need additional information, please contact us now, stop in at any of our four banking offices, or fill out an online application for an auto loan or a personal loan!
