Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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 expensed 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.

———-

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

Trending Topics
Construction Loans 101: Adjustable Rates If you’re considering building a home, one of the more pressing concerns is the rate you’ll receive for a construction loan. For residents of the Carolinas and Virginia, First Bank*… Your Community Bank If you live in North Carolina or South Carolina, you have a ton of banking options right outside your door. Large financial institutions may seem like your best option… FHA Loans 101: 3 Major Requirements If you have a strong understanding of the FHA loan requirements, you’ll experience a quicker and smoother loan application process. FHA loans provide homebuyers of all income levels the opportunity… Anderson Creek Anderson Creek is an unincorporated community located just north of Spring Lake and Fort Bragg, North Carolina. Individuals and families that move to Anderson Creek will enjoy a world class golf… Credit Card Processing for Businesses If you are a business owner, you probably know that accepting multiple forms of payment (cash, debit, credit, and checks) is important. But you may not know just how essential… Save Money with This Refinance Calculator for Home Mortgages When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant… 30-Year Mortgage Rate Forecast Tips A great way to lock in the best mortgage interest rate is to shop around. By learning how to read a 30-year mortgage rate forecast, homeowners can pinpoint an ideal… Commercial Loan Payment Calculator Are you interested in obtaining a commercial mortgage? A commercial loan calculator* can help determine your monthly payments. This is important because purchasing a location for your business is significant… 3 Major Factors of a Small Business Credit Card Comparison Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to… ACH Positive Pay If you are a business owner, you should spend your time worrying about growing a successful business, not worrying about fraudulent transactions. That’s where ACH Positive Pay comes in. What…