Home Equity
Current Home Equity Loan Rates
First Bank & Trust opened its doors to the public in September of 1995. The community's reception to our opening was overwhelming -- and we are truly grateful. As one of the few locally owned and managed banks, we want to express our appreciation to the community for its support. We are, therefore, offering the sweetest home equity loan in the business to you, the citizens of our community.
Some of you may have existing home equity loans at high rates. Please check what you are currently paying against our rates. Many loans were set up years ago when rates were high.
It is easy to switch your loan from another bank to us. And you get a lot more than just a lower rate--you get friendly, experienced and accessible bankers to assist you in every aspect of your banking business.
While you can use a home equity loan for a variety of reasons, we would encourage you to limit your borrowings to specific larger-sized needs:
- Home additions and renovations
- College tuition
- Repayment of more expensive loans
Our home equity loans are for five year terms. You can repay interest only every month or pay some or all of the principal as well. On most loans we'll lend up to 80% of the value of your home less the first mortgage (assuming qualification). Call us today at 847-733-7400. Or better yet, stop by the bank. We would love to tell you more. We look forward to hearing from you.
Our Fees
No application or appraisal fee, no annual fee and no closing costs!
This offer applies to new Home Equity Customers on lines secured by owner occupied one to four family residences located in the state of Illinois. The First Bank & Trust ("FBT") Home Equity Line of Credit Annual Percentage Rate ("APR") is a variable rate based on the highest prime rate ("index") reported in the Money Section of the Wall Street Journal ("WSJ Prime") as of the first day of the month. The margin tied to the index depends on the approved credit limit amount. On January 1, 2009 the WSJ Prime was 3.25% and the APR on First Bank and Trust Home Equity Lines varied from 4.00% to 4.00%. The maximum APR for all credit lines is 21% and the minimum APR is 4%. Home Equity Lines are for five years. Minimum monthly payments will equal the amount of the interest that accrued on the outstanding balance during the preceding month. Making only the minimum monthly payments may not repay the entire principal, and a balloon payment may result. A $500 charge applies to any account closed within 36 months of its opening date on lines approved under $750,000. On lines of $750,000 or more, the early termination fee will be $1000 if closed within 36 months of the opening date. Final approval is subject to our normal underwriting guidelines and home owner's insurance is required. Flood insurance may be required. You should consult your tax advisor about the deductibility of interest. Program subject to change without notice.