Home Equity Line of Credit

Home Equity Line of Credit

HELOC January 2020

We’ve built a better way to borrow!

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.

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.

Home Equity Line of Credit 3.23% APR for the first twelve months.* As low as 4.75% APR after.*

  • No closing costs on lines up to $1,000,000
  • 80% Loan to Value – combined mortgages plus Home Equity Line of Credit not to exceed 80% of home value
  • 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

Get more information and apply by going to a First Bank branch.

*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 introductory rate is a discounted variable APR and is based on Prime minus 1.52%, and will remain in effect for twelve months after loan origination. After this, the variable rate APR will range from Prime + 0% to Prime + .425%, depending on the applicant’s credit score. As of February 3, 2020, the APR ranges from 4.75% to 5.175%. The APR may increase but will not exceed 18%. 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 both the introductory rate and the permanent rate. Rates are subject to change.