Home Equity Lines of Credit
Use your home's equity to help you pay for immediate needs. As your local community banks, we strive to offer our neighbors competitive rates with unmatched and highly personalized service. No application fee. No appraisal fee. No annual fee.
Current Home Equity Line Of Credit Rules
While you can use a home equity line 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 lines are for five year terms. You can pay interest only every month or pay off some or the entire principal as well.
No application or appraisal fee and no annual fee.
Switch to us for a Lower Rate
You may have existing home equity loans at higher rates, so 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 professional, experienced, and accessible bankers to assist you in every aspect of your banking business.
- Home Equity Line of Credit Application (PDF)
- Home Equity Line of Credit Checklist and Supporting Documentation (PDF)
Contact an Experienced Lender
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.
All rates above apply 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 February 2nd, 2018 the WSJ Prime was 4.50%. The maximum APR for all credit lines is 21%. 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. In addition, a $100 fee applies to all equity lines and will be charged at terminiation to cover cost of filing release/satisfaction of mortgage. 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.