Access your home’s equity — and the ticket to a fuller life.
One of the benefits of home ownership is the ability to take out a loan using your home equity — the value of your home — as collateral. A First Bank Home Equity Line of Credit (HELOC) offers an extremely flexible option to fund big projects such as college tuition, debt consolidation, medical bills or other needs.
- You own a home.
- You want a low-rate line of credit.
- You need money for big projects or bills.
HELOC Features
- Low interest rate
- Secured by the equity in your primary or secondary residence
- Credit lines from $15,000
- Access with checks, which are specially designed and free of charge
- $475 flat fee and in-housing closing for qualified borrowers on loans less than $350,000.*
* HELOCs up to $350,000 may be eligible for First Bank’s in-house closing program in which the qualified borrowers would pay only $475 for an Origination fee. If HELOC is closed with an attorney or if your HELOC does not qualify for the in-house closing program, all normal fees and cost associated with the closing of a HELOC will apply. There is no annual fee. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $5,000. The Annual Percentage Rate (APR) is variable based on the Prime Rate as published in the Wall Street Journal (called the “Index”) plus a margin. As of December 19, 2024, the prime rate is 7.50%, according to the Wall Street Journal. The margin is based on customer’s credit score at the time of loan origination. The minimum rate that can be charged is Prime + 0.00% for qualified borrower and a maximum of 18% or the maximum permitted by state law, whichever is less. All applications are subject to credit approval and collateral evaluation.
