A First Midwest Bank Home Equity Line of Credit1 (HELOC) gives you access to cash by check, online transfer, or Debit Mastercard®. Our rate lock option lets you lock in the interest rate on any portion of your outstanding loan balance.2
TAP INTO YOUR HOME’S VALUE
Use the cash to:
HELOC CALCULATORS: GET YOUR QUESTIONS ANSWERED!**
**Calculations are for estimated analysis only. Results are not indicative of any actual loan terms or payment amounts. Please contact Banker for current rates and to get your free personalized rate quote.
A Home Equity Line of Credit (HELOC)1 and a Home Equity Installment Loan1 are both excellent ways to use the value of your home to create greater spending power. They are similar, but have key differences:
In both cases, the amount of money available to you is based on a percentage of the amount of equity you have in your home (your home's value minus what you owe on the mortgage).
Which one is right for you? Every homeowner has different needs and financial situations. A First Midwest Banker can help you choose the best option.
Talk to Us About Using Your Home's Equity*
*The rate quote that will be provided in response to a request represents an estimate based on preliminary information provided by the client. It will not be representative of available product rates and terms based on the specific credit qualifications of the requestor. If specific product eligibility, rates and product terms are desired, an application will need to be submitted and authorized consent to pull a credit bureau report will need to be provided by the applicant. The only way to obtain exact rate and payment information is to apply.
1 Subject to credit approval. Property insurance required for all loans secured by property. Rates are subject to change daily. Contact your First Midwest Banker for current rates. This product has a draw period of 10 years, after which any outstanding balance will be automatically converted to a 20-year fully amortized repayment period. NMLS #459308.
2 This account has a draw period of 10 years, after which any outstanding balance will be automatically converted to a 20-year fully amortized repayment period. If a credit line is closed within the first 24 months, the fee will be $200 for lines $10,000 – $24,999, $350 for lines $25,000 – $250,000, and $750 for lines greater than $250,000 (does not apply to IA Residents).
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