Home Equity Line of Credit (HELOC)

Home Equity Loan

Leverage the Value of Your Home

Planning for a major expenditure can feel like an impossible undertaking. A home equity line of credit, more commonly called a HELOC or simply a line of credit, is a favorable option to fund your next big project. It allows you to take advantage of direct access to your home’s equity with a fixed HELOC rate and draw on your line of credit as needed.

Woman in red shirt brushing dark brown stain on new wooden deck

What is Home Equity?

Equity is calculated by first determining the value of a property the borrower currently owns. Then, any liabilities or debts secured by that property are added together to create a total sum of all liabilities. Finally, all debts are subtracted from the up-to-date market value of the property. The difference between the two is equity. So, if you own a home worth more than you currently owe, you have equity you may be able to put to use.

*If using the online Line of Credit application, please note that the form must be saved and submitted to a Mortgage Banker by email to be considered. To find a local Mortgage Banker near you, visit our Teams page for contact information.

Transform Your Property Value into Financial Opportunities

When you need access to money, refinancing your home can leave you with a higher monthly payment by increasing your principal or interest rate. Putting large purchases on a credit card to cover expenses isn’t typically a good choice, especially if you plan to make payments over a number of months. A HELOC may offer the resources you need with manageable monthly payments.

Many expenditures can be covered by a line of credit. Check out how other First Bank and Trust Company customers have put their funds to use:

Plan your dream wedding (or help pay for your child’s ceremony)
Establish your own business
Purchase a new vehicle
Fund your latest hobby, including everything from horseback riding to woodworking
Purchase an investment property
Cover the cost of an elder parent’s care
Gift a family member the down payment for their first home
Pay for an advanced degree without an education loan

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