

Home Equity Loans & Lines
Home Equity Loans1
Put your home to work with a loan that gives you the freedom to make things happen. Use the equity in your home for refinancing, home improvements, debt consolidation, college tuition, a dream vacation, and more. First Bank’s Home Equity Loans offer the following benefits:
- No points and no application fee
- Fixed rate for the life of the loan
- Competitive interest rates
- Billing statements each month
- Loans available in a first lien or second lien position
- Local decision-making and processing
- Personalized, attentive service throughout the entire process
Home Equity Lines1,2
First Bank also offers convenient Home Equity Line options: a Prime Access Reserve Home Equity Line of Credit (PAR HELOC) and a Hybrid Access Reserve Home Equity Line of Credit (HAR HELOC). A Home Equity Line is a great way to pay for some of life's most important expenses. Just write a check drawn on the account for the amount you need now and pay interest only on that amount. If you need more later, write another check! It's that simple! Use the equity in your home to make improvements, take a dream vacation, consolidate your bills, pay college tuition, and more.
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 charged until you use your credit line
Prime Access Reserve Home Equity Line of Credit (PAR HELOC)1,2
- Draw Period (credit advances) is 15 years. Ten-year Repayment Period begins after the Draw Period ends.
- “Revolving” loan allows borrowers to draw down and pay back line as needed during the first 15 years. Loan stops revolving at the end of the Draw Period.
- Variable rate tied to the Prime Rate.
- Minimum monthly payment during the 15-year Draw Period is the amount of accrued finance charges plus 0.56% of the principal balance outstanding.
- During the ten-year Repayment Period the minimum monthly payment will equal the greater of $75.00 or the amount of accrued finance charges plus 0.833% of the loan account balance.
- Total term is 25 years.
Current 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% |
Hybrid Access Reserve Home Equity Line of Credit (HAR HELOC)1,2
- Draw Period (credit advances) is ten years. Ten-year Repayment Period begins after the Draw Period ends.
- “Revolving” loan allows borrowers to draw down and pay back line as needed during the first ten years. Loan stops revolving at the end of the Draw Period.
- Variable rate tied to the Prime Rate.
- Repayment during the ten-year Draw Period is interest-only based on the loan account balance.
- During the ten-year Repayment Period the minimum monthly payment will equal the greater of $75.00 or the amount of accrued finance charges plus 0.833% of the loan account balance.
- Total term is 20 years.
Current 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% |
All loans subject to underwriting eligibility; other conditions may apply.
As an added convenience, you can have your First Bank Loan payment deducted directly from your First Bank checking or savings account.