Home Equity Line of Credit
A 3-Year HELOC is a favorable option, as it allows you to take advantage of a fixed rate and draw on your line of credit as needed.
What is 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.
Still wondering if your planned expenditure can be covered by a home equity line? Check out how other First Bank & Trust 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
Secure your HELOC today! Get in touch with a local Mortgage Banker by filling out the form below.
*Lender agrees to pay (via reimbursement deposit to a new or existing First Bank & Trust deposit account) up to $500 in closing costs on borrower(s)' Prime Home Equity Line of Credit loan. Should borrower(s) pay the loan in full or it closes due to non-renewal, borrower(s) will be responsible for reimbursing lender for closing costs minus interest paid over the life of the loan, however repayment shall never exceed $500. If interest paid over the life of the loan is equal to or exceeds the lesser of actual closing costs or $500, then borrower(s) will make no reimbursement to lender. This reimbursement applies to NEW HELOCs only. It will not be applicable on renewals.