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How to Get a Home Equity Line of Credit
If you are thinking about taking out a loan to finance a major expense, such as home repairs or college tuition, a home equity line of credit (HELOC) or loan could be a good option. With a home equity line of credit, you borrow money from your home’s equity — the difference between the value of your home and what you owe on the mortgage. First Bank is here to help you obtain a HELOC.
HELOCs are different from home equity loans. With a HELOC, you are borrowing money on a revolving basis, similar to a credit card, and you can request cash any time you need it by writing a check. HELOCs also typically have variable interest rates, which differ from the fixed interest rate of a home equity loan.
The amount you are allowed to borrow depends on the amount of equity you have in your home. It can also be dependent on your income, credit history, and market value of your home.
Home Equity Lines of Credit (HELOCs) from First Bank*
Home equity lines of credit from First Bank:
- Revolving sum of money, available as needed over period of time
- Have low interest rates
- Can be secured by the equity in your primary or secondary home
- Can be accessed with specially designed checks that are free of charge
- May allow interest to be up to 100% tax deductible**
If you have more questions about home equity loans or lines of credit, or are ready to apply, visit your local First Bank branch to speak with one of our loan experts.
*Member FDIC. Equal Housing Lender. NMLS #474504. Loans subject to credit approval.
**First Bank and its representatives do not provide tax advice. Each individual’s tax and financial situation is unique. Individuals should consult their tax advisor for advice and information concerning their particular situation.
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Sources:
Consumer: https://www.consumer.ftc.gov/articles/0227-home-equity-loans-and-credit-lines
Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186