Consumer Loans and Home Equity
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Consumer Loans and Home Equity

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You now have a more attractive way to borrow!

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Homeowners, the equity in your house can help pay for just about any major purchase you can dream of—like a home remodel, new landscaping, or even a pool.

Home Equity Line of Credit

A Home Equity Line of Credit is a revolving line of credit with funds available up to a set amount.

Your line of credit is reusable, meaning you can access it again and again as you make payments during the draw period. With a line of credit, you’ll have funds available to you whenever you need them – and for whatever you choose.

Features
  • 10 year draw period with monthly interest-only payments.
  • After the draw period, the outstanding balance will be paid off in monthly principal and interest payments, over a 15 year period.
  • No origination fees on lines up to $250,000
  • 80% Loan to Value – combined mortgages plus Home Equity Line of Credit not to exceed 80% of home value
  • Interest may be tax deductible*
Rates are subject to First Bank auto debit, otherwise rate is 0.75% higher.

Home Equity Term Loans

A Home Equity Term Loan from First Bank allows you to use the equity in your home to finance a major one-time expense, such as a home remodel, vacation, or wedding. Unlike a Home Equity Line of Credit, a Home Equity Loan is borrowing a set amount of money and paying it back in equal monthly amounts.
 
Features
  • Fixed interest rate
  • Fixed monthly payments
  • Interest may be tax deductible*
  • Borrow up to 80% of your home's equity
Common Loan Uses
  • Home improvements
  • College tuition
  • Pay for a wedding
  • Consolidate higher-interest debt into a lower rate

Auto Loans

Are you dreaming of hitting the road? Whether it’s a car, truck or van, new or pre-owned, First Bank can turn your dream into a reality with an Auto Loan. And, by receiving approval before you go to the dealer, you will know ahead of time how much you can afford as well as your loan terms.

Features
  • Low fixed rate
  • Low fixed monthly payments
  • Pre-approval prior to visiting your dealership

Other Loans

First Bank offers loans to help you hit the water, the open road or the off-road. Turn your dream into a reality with a First Bank Boat, RV or ATV loan. By receiving approval before you make the purchase, you will know ahead of time how much you can afford as well as your loan terms.
 
Features
  • Low fixed rate
  • Low fixed monthly payments
  • Pre-approval prior to making your purchase
Common Loan Uses
  • Jet Ski
  • Boat
  • Motor Home
  • ATV
  • Motorcycle

Personal/Unsecured Loans

A personal or unsecured loan helps you fund an important purchase or consolidate debt. It may be a good option if you do not have enough equity in your home to qualify for a home equity loan.

Personal loans sometimes offer lower interest rates than credit cards, so funding a big expense or project with a personal loan could save you money on credit card interest payments.

Features
  • Requires no collateral
  • Fixed monthly payments
  • Low fixed rates
  • Flexible terms

Home Equity Line of Credit -  The Annual Percentage Rate (APR) is a variable rate based upon an index and a margin. The APR will vary with the Prime Rate (the index) as published in the Wall Street Journal. The variable rate APR will range from Prime + .74% to Prime + 1.74%, depending on the applicant’s credit score. As of March 17th, 2017, the APR ranges from 4.74% to 5.74%. The APR may increase but will not exceed 18% in CA, 20% in MO & IL. Offer based on auto-debit of payments from a First Bank checking account. If not auto-debiting payments from a  First Bank checking account add .75% to the rate. In CA – an Annual Fee of $50 applies after the first year.