Home Equity Lines of Credit & Loans
If you need money for home improvements, college tuition or debt consolidation, look no further than First Bank of Highland Park for an outstanding Home Equity Line of Credit. We offer an interest rate of 1.25 percent BELOW prime for credit lines of $100,000 or more, with no closing costs or fees. It's easy, too; you simply write a check. We also offer excellent rates on our Fixed Rate Home Equity Loans that can be an advantageous way of borrowing larger sums of money. Call a First Bank of Highland Park Personal Banker and we'll gladly help you determine which type of home equity alternative is best for you.
Home Equity Lines of Credit
You can use your Home Equity Line of Credit for the following:
- Home Improvements
- College Tuition
- New or Used Car Purchases
- Debt Consolidation
| Line Amount | Index Rate | Margin | Annual % Rate | Floor |
|---|---|---|---|---|
| $10,000-24,999 | 3.25% | Prime +.25% | 4.00% | 4% |
| $25,000-49,999 | 3.25% | Prime | 4.00% | 4% |
| $50,000-99,999 | 3.25% | Prime -.5% | 4.00% | 4% |
| $100,000-500,000 | 3.25% | Prime -1.25% | 4.00% | 4% |
- The term of the Line is 7 years.
- Loan to Value is calculated at 80% of the appraised value less the outstanding balance on the First Mortgage.
- The Index Rate on the Line of Credit is the Prime Lending Rate and is subject to change daily.
The Prime Rate is published in the Wall Street Journal. The current Prime Lending Rate as of 12/16/2008 is 3.25%. Fees may apply for Lines in excess of $500,000.00. The maximum Annual Percentage Rate is 18%. The minimum Annual Percentage Rate is 4% (APR = Annual Percentage Rate). Rates are subject to change. Early termination fees may apply.
Home Equity Loans
First Bank of Highland Park is pleased to offer Fixed Rate Home Equity Loans.
| Fixed Rates: | Term in Months | Rate | Automatic Debit Rate |
|---|---|---|---|
| 24-60 | 7.00% | 6.75% | |
| 84* | 7.50% | 7.25% |
- The rate is fixed for the term
- Loan to Value is calculated at 80% of appraised value less the outstanding balance on the first mortgage.
*15 Year amortization available, which results in a balloon payment.
Pledged Collateral
| Fixed Rate Type | Loan to Value | Maximum Term | Interest Rate |
|---|---|---|---|
| Certificate of Deposit | 100% | Same as C.D. Term | Current certificate rate +2.00% |
| Stocks, or other securities | 70% | Variable Rate | Indexed to Prime |
Please contact a Personal Banker for more information on Home Equity Loans and Home Equity Lines of Credit.
