Home Equity Lines of Credit
Prioritize your financing needs with a home equity lines of Credit today!
Two great home equity line options to choose from
A Home Equity Line is a great option if you are looking for funds for life’s most important expenses. Our knowledgeable consumer lending team can help you with two Home Equity Line Options: Prime Access Reserve Home Equity Line of Credit (PAR HELOC) and the Hybrid Access Reserve Home Equity Line of Credit (HAR HELOC).
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All Home Equity Line products offer:
- No application fees
- No annual or inactivity fees
- Competitive interest rates
- Easy access to the line of credit with checks
- Billing statements each month
- Payments based only on amounts borrowed
- No interest is charged until you use your credit line
A Prime Access Reserve HELOC can fund your life’s needs1,2
First Bank’s Prime Access Reserve HELOC is a great option that offers a flexible solution for essential expenses in life. Simply write a check for the required amount and pay interest solely on that sum. If additional funds are needed later, conveniently write another check. Access your home equity for home improvements, vacations, bill consolidation, tuition, and more.
Details:
- The Draw Period for credit advances is available for 15 years, followed by a ten-year Repayment Period.
- "Revolving" loans let borrowers draw and repay funds as needed for 15 years. The loan stops revolving after the Draw Period ends.
- Variable rate tied to the Prime Rate.
- The Annual Percentage Rate (APR) shown below can be discounted by 0.25% with automatic debit of monthly payments from any First Bank personal checking account (account must be opened at the time of or before the PAR HELOC account opening). New PAR HELOC accounts only.
- During the 15-year Draw Period, the minimum monthly payment is the accrued finance charges plus 0.56% of the outstanding principal balance.
- During the ten-year Repayment Period, the minimum monthly payment will be $75.00 or the accrued finance charges plus 0.833% of the loan balance, whichever is higher.
- The total term is 25 years.
Standard Annual Percentage Rate (APR)2
| Lien Position | Annual Percentage Rate | During Draw & Repayment Periods |
|---|---|---|
| 1st | 8.50% APR | Prime plus 0.00% |
| 2nd | 8.75% APR | Prime plus 0.25% |
A Hybrid Access Reserve HELOC is a great option to explore1,2
First Bank's Hybrid Access Reserve HELOC provides a flexible solution for life's essential expenses. Just write a check for what you need and pay interest on that amount only. Need more later? Conveniently write another check. Use your home equity for home improvements, vacations, bills, tuition and more.
Details:
- The Draw Period (credit advances) is available for ten years, followed by a ten-year Repayment Period starting after the Draw Period ends.
- "Revolving" loans let borrowers draw and repay funds as needed for the first ten years. The loan stops revolving at the end of the Draw Period.
- Variable rate tied to the Prime Rate.
- The APR rates below can be discounted by 0.25% with automatic monthly payments from a First Bank personal checking account (account must be opened at or before the HAR HELOC account opening). New Hybrid Access Reserve HELOC accounts only.
- During the ten-year Draw Period, repayments are interest-only and calculated based on the loan account balance.
- During the ten-year Repayment Period, the minimum monthly payment will be $75.00 or the accrued finance charges plus 0.833% of the loan account balance, whichever is higher.
- The total term is 20 years.
Standard Annual Percentage Rate (APR)2
| Lien Position | Annual Percentage Rate | During Draw & Repayment Periods |
|---|---|---|
| 1st | 8.50% APR | Prime plus 0.00% |
| 2nd | 8.75% APR | Prime plus 0.25% |
OTHER IMPORTANT INFORMATION
1 All Home Equity products require the borrower to pay a mortgage recording fee, any other applicable recording fees or taxes depending on property location, and applicable notary/eNotary/Remote Online Notarization (RON) fees. Home Equity Loans and Home Equity Lines over $350,000 require Title Insurance and an Appraisal paid by the borrower. Other costs may also apply, such as a Tax Monitoring fee paid by the borrower (loans/lines over $250,000; 1st lien position only). The estimated range of fees generally total $100 to $6,416. Minimum credit line of $15,000 to a maximum credit line of $1,000,000. Home Equity Lines have an early termination fee of $300 (due if the line is terminated or pays off for reasons other than casualty loss, death of borrower, or refinance with First Bank within 18 months of account opening). Home Equity Loans are limited to 80% of the combined loan to value and Home Equity Lines are limited to 75% of the combined loan to value based on the estimated or appraised value. Applies to owner occupied (primary residence and secondary residence/vacation home) 1-2 family homes, townhouses, and condominiums in First Bank’s lending area. Homeowners insurance from the insurer of your choice is required. Federal flood insurance is required for any property located in a designated flood zone. Interest may be tax deductible; consult your tax advisor for details.
2 The Standard Annual Percentage Rates (APR) shown above are effective as of September 9, 2024, and are subject to change at any time. The APR includes only interest and no other costs. The APR is based on the value of an index plus an applicable margin. The index is the Prime Rate (Prime) as published in the Wall Street Journal, which is currently 8.50%. During the Draw Period and Repayment Period the APR on the Home Equity Lines is variable at Prime plus 0.00% for 1st lien position and Prime plus 0.25% for 2nd lien position; the APR may change daily. During the Home Equity Lines, the minimum APR that can apply is 3.00% with a maximum APR of 18.00%. The minimum monthly payments may not be sufficient to fully repay the principal that is outstanding on the Home Equity Lines by the end of the Repayment Period. If they are not, then the entire balance must be paid in a single payment.
All loans subject to underwriting eligibility; other conditions may apply.
All Home Equity Line products offer:
- No application fees
- No annual or inactivity fees
- Competitive interest rates
- Easy access to the line of credit with checks
- Billing statements each month
- Payments based only on amounts borrowed
- No interest is charged until you use your credit line
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