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Home Equity Loans & Lines_old

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

First Bank also offers convenient home equity line options: a standard Home Equity Line of Credit and a Hybrid Home Equity Line of Credit. 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

Home Equity Line of Credit ^1,2

Draw Period (credit advances) and term are 15 years
“Revolving” loan allows customers to draw down and pay back line as needed
Minimum monthly payments of 0.56% of outstanding principal balance plus accrued finance charges
Balloon payment due at maturity (end of Draw Period)

Current Annual Percentage Rate (APR)²

Lien Position	Annual Percentage Rate	During Draw Period
1st	4.25% APR	Prime plus 1.00%
2nd	4.75% APR	Prime plus 1.50%

Hybrid Home Equity Line of Credit^1,2

Draw Period (credit advances) is five years
“Revolving” loan allows customers to draw down and pay back line as needed during the first five years. Loan stops revolving at the end of the Draw Period.
Interest rate is fixed for the first five years, variable thereafter
Repayment first five years is interest-only based on outstanding principal balance
Repayment last ten years is amortized over ten years with payment changes based on interest rate changes (Repayment Period)

Current Annual Percentage Rate (APR)²

Lien Position	Annual Percentage Rate	During Draw Period
1st	4.24% APR	Fixed Rate 5-years
2nd	4.74% APR	Fixed Rate 5-years

¹All Home Equity products require borrower to pay a mortgage recording fee and any other applicable recording fees or taxes depending on property location. Home Equity Loans and Lines of Credit over $250,000 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. Limited to 80% of the combined loan to value based on the estimated or appraised value at time of loan. 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.

²The Annual Percentage Rates (APR) shown above are effective as of February 28, 2022 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 3.25%. The Home Equity Line of Credit has a variable interest rate and the APR may change. The Hybrid Home Equity Line of Credit has a fixed rate during the five-year Draw Period and then converts to a variable interest rate during the ten-year Repayment Period of Prime plus 1.00% for 1st lien position and Prime plus 1.50% for 2nd lien position; the APR may change. The maximum APR during the lines of credit is 18.00 percent.

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.