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Home equity financing allows you to borrow against the equity you have established in your home to use in other ways—from home repair and improvements to debt consolidation, school tuition, special occasions and more. We offer two financing methods: a loan and a line of credit. Each has unique benefits and can offer potential tax savings.
Difference Between Loan and Line of Credit
With a Home Equity Loan, you'll receive the full amount of your loan up front and find comfort knowing you have a fixed monthly payment (principal and interest), a flexible term (from three to 15 years), and the added benefit of potential tax savings.
With a Home Equity Line of Credit, you can borrow with the flexibility to take out just the amount you need, when you need it, via home equity checks or online banking transfers. Principal and interest payments are made monthly based on a floating rate with terms up to 10 years. As you repay your revolving credit line, the credit is available to use again.
Features of Both
- No fees or closing costs* (restrictions apply)
- Interest may be tax-deductible**
- Automatic fund transfers payment option
- Other payment options available
Requirements, Restrictions and Other Information
Property insurance, and if applicable, flood insurance must be in effect on property securing the loan or line of credit. 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. Loan to value is based on current credit standing.
Home Equity Loan Payment example: $10,000/3-year term at a rate of 4.29% would result in an Annual Percentage Rate (APR) of 4.35% with a corresponding monthly payment amount of $296.83. Loan to value is based on current credit standing.
Home Equity Line of Credit: 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 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. 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%.
*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 about the benefits available to you.