Firstbank HELOC: Unlock Your Home's Equity

Firstbank HELOC offers a revolving credit line that allows you to borrow funds against your home's equity.

You can use the funds for various purposes, such as home renovations, consolidating debt, or financing large expenses.

The interest rate on a Firstbank HELOC is typically variable, meaning it can change over time.

This can be beneficial if the market interest rate drops, allowing you to save on interest payments.

A Firstbank HELOC typically has a draw period of 5-10 years, during which you can borrow funds as needed.

After the draw period ends, you'll enter a repayment period, where you'll pay back the borrowed amount plus interest.

Firstbank HELOCs often have a low origination fee, usually around 0.5% to 1% of the loan amount.

This fee is deducted from the loan proceeds upfront.

A Home Equity Line of Credit (HELOC) is a revolving line of credit, similar to a credit card, where you can use the money as you need it up to a predetermined limit.

You can repay the debt in monthly payments, which is a great way to manage your finances. The interest is only charged on the funds you use, not on the entire loan limit.

A benefit of the HELOC is that it can be set up ahead of time, so you don't have to go through the application/approval process each time you need additional funds.

You can access your account easily, and advance any amount you need up to your credit limit, which is subject to a $100 minimum.

Using a HELOC can be an economical way to finance projects, especially if you need to make large purchases or renovations.

A Home Equity Line of Credit (HELOC) from First Bank can be a great way to access extra cash when you need it.

You can get a credit line of up to 80% of your home's total equity, which is a pretty significant amount of money.

With a HELOC, you only pay interest on the money you've actually used, not the entire credit line.

Here are some key benefits and features of a First Bank HELOC:

You can access your money easily at First Bank locations, with checks, or through eBanking.

The Annual Percentage Rate (APR) is variable based on the Prime Rate, which is currently 8.50%, plus a margin based on your credit score at the time of loan origination.

The maximum APR is 18% or the maximum permitted by state law, whichever is less.

You'll have up to 15 years to repay the principal amount after the draw period ends.

Accessing your home's equity can be a great way to tap into your property's value and use that money for various purposes. FirstBank's HELOC (Home Equity Line of Credit) allows you to do just that.

You can borrow up to 80% of your home's value, minus any outstanding mortgage balance. This means if your home is worth $200,000 and you owe $100,000 on your mortgage, you could potentially borrow $60,000.

The interest rate on a FirstBank HELOC is variable, tied to the prime rate, and can be as low as 4.50% APR. This means your monthly payments will be lower compared to a traditional home equity loan.

You can use the funds from your HELOC for any purpose, such as paying off high-interest debt, financing home renovations, or covering unexpected expenses.

At First Bank, you can choose from different HELOC options that fit your needs. A HELOC is a revolving line of credit that allows you to borrow and repay funds as needed, up to a predetermined limit.

The interest rate on a First Bank HELOC is variable, based on the Prime Rate plus a margin, which is determined by your credit score at the time of loan origination. As of July 27, 2023, the Prime Rate is 8.50%.

Some HELOC features include low interest rates, secured by the equity in your primary or secondary residence, and credit lines from $15,000. You can access your account with specially designed and free checks.

The fees associated with a First Bank HELOC are minimal, with a $475 flat fee for qualified borrowers on loans less than $350,000, and no annual fee. Other fees may be charged at origination, closing, or subsequent to closing, ranging from $0 to $5,000.

Here are some key HELOC features to consider:

Keep in mind that the Annual Percentage Rate (APR) is variable, and the minimum rate charged is Prime + 0.00% for qualified borrowers, while the maximum rate is 18% or the maximum permitted by state law, whichever is less.

A HELOC can be a great option for homeowners who need access to cash for various expenses. The interest rate on a HELOC is typically low.

You can borrow a credit line from $15,000, which is a significant amount of money. This can be a huge relief for homeowners who need to cover unexpected expenses or fund large projects.

One of the benefits of a HELOC is that it's secured by the equity in your primary or secondary residence. This means that you can tap into the value of your home to access cash.

You can access your HELOC funds with checks, which are specially designed and free of charge. This makes it easy to manage your finances and keep track of your expenses.

The origination fee for a HELOC is a flat $475 for qualified borrowers on loans less than $350,000. This is a one-time fee that you'll pay when you close the loan.

Here are some details about the fees associated with a HELOC:

Keep in mind that the Annual Percentage Rate (APR) on a HELOC is variable, based on the Prime Rate as published in the Wall Street Journal plus a margin. The Prime Rate is currently 8.50%, and the margin is based on your credit score at the time of loan origination.

If you're considering a First Bank Home Equity Line of Credit, you should know about Fixed Rate Advance options.

You can make use of the money and take advantage of Fixed Rate Advance options during a 10-year draw period.

This option allows you to convert all, or part, of your variable-rate Home Equity Line of Credit balance into a fixed interest rate.

Even if your variable interest rate increases, the payment of your converted (fixed interest rate) part stays the same.

This means you can enjoy the benefits of a fixed interest rate without having to worry about your payments changing.