Second Mortgages/Home Equity Loans   A Home Equity Loan at Peru Federal Savings Bank is a fixed rate first or second mortgage which allows you to borrow from the equity in your home. If you are looking for a way to improve your home, consolidate debt, or pay for a college education, look no further than your home’s equity.      Home Equity Loans are offered for a term up to 120 months. Feel at ease because with a Home Equity Loan, monthly payments will stay the same throughout the term of the loan.   Use the Loan Calculator to Estimate your Loan Payment. Check Out Our Loan Rates Here     Second Mortgage vs. Home Equity Line of Credit