Home Equity

The equity you have in your home is a valuable financial asset. A Home Equity loan allows you to borrow against the equity.

Home Equity Loan – This loan is designed for homeowners with established equity to borrow for other financing needs like home improvements, debt consolidation, school tuition, weddings, vacations and more. You’ll receive the amount of your loan upfront and find comfort knowing you have a competitive, fixed rate and payment term, with the added benefit of tax-deductible interest. Consult your tax advisor about the benefits available to you.

Home Equity Line of Credit – Like a home equity loan, this line of credit allows you to borrow from your home’s equity for other financing needs, with potential tax savings. It is, however, more flexible, allowing you to take out just what you need, when you need it. You only pay interest on the amount disbursed. And upon repayment, the credit is available to use again and again. Consult your tax advisor about the benefits available to you.

For your convenience, automatic payments can be transferred from your First Bank checking or savings account.

	Fixed Rate Home Equity	Revolving Line of Credit
Description	Borrow specific dollar amount with a fixed monthly repayment plan.	Flexible line of credit; access to draw upon as needed. Flexible repayment plan
Advantages	• Fixed monthly principal and Interest Payments • No fees or closing costs* (restrictions apply) • Potential tax deduction • Locked interest rate	• Monthly “interest only” payments • No fees or closing costs* (restrictions apply) • Potential tax deduction • Floating interest rate
Terms	• Minimum term 2 years • Maximum term 15 years	• 10 years
Payment Options	• Payment book • Automatic funds transfer	• Monthly billing statement • Automatic funds transfer; including monthly billing statement
Access to Funds	• Lump sum advance	• Home equity checks • On-line banking transfer
Requirements	*Secured by junior lien on personal residence	Secured by personal residence

Home Equity Loan

Property insurance, and if applicable, flood insurance must be in effect on property securing the loan. All rates are subject to credit availability and are contingent upon standard underwriting procedures. Offer and rates are subject to change without notice. Offer is valid for primary residences only. Payment example: $10,000/3 year term at a rate of 6.25% would result in an

*Annual Percentage Rate of 6.34% with a corresponding monthly payment amount of $305.76. Loan to value is based on current credit standing. For loans of $10,000 to $150,000, First Bank will pay the closing costs on your behalf; however, if your account is closed within two (2) years, we will add any closing costs paid on your behalf to your outstanding loan balance for our reimbursement. Total closing costs generally range from $300 to $900. Consult your tax advisor regarding the deductibility of interest.

Home Equity Line of Credit

Property insurance, and if applicable, flood insurance must be in effect on property securing the loan. All rates are subject to credit availability and are contingent upon standard underwriting procedures. Offer and rates are subject to change without notice. Offer is valid for primary residences only. This is a variable interest rate loan and is tied to Wall Street Journal Prime Rate as posted in the Wall Street Journal. The minimum monthly payment is the monthly interest payment due. This monthly payment may change. The minimum monthly payment will not reduce the principal that is outstanding on your line of credit by the end of 10 years. You will be required to pay the entire balance in a single payment. Loan to value is based on current credit standing.

*For loans of $10,000 to $150,000.00, First Bank will pay the closing costs on your behalf; however, if your account is closed within two (2) years, we will add any closing costs paid on your behalf to your outstanding loan balance for our reimbursement. Total closing costs generally range from $300 to $900. Consult your tax advisor regarding the deductibility of interest. Contact us to determine current Wall Street Journal Prime Rate. The Maximum Annual Percentage Rate is 24%, with a Minimum Annual Percentage Rate of 4%.