FIXED INTEREST, PREDICTABLE PAYMENTS

Home Equity 5 Year Loan

Interest Rate Offer
3.74% APR
Loan Amount
$50,000 Minimum, Maximum $500,000
Financing Terms
5 years (See Payment Example)

Home Equity 5 Year Loan


Minimum amount of $50,000 to a maximum amount of $500,000 with a fixed annual percentage rate of 3.740%

A home equity loan is a fixed term, fixed payment loan.

There are a number of things to consider when choosing a fixed term loan over a line of credit.

  • Predictable payments: fixed payment terms for the life of the loan.
  • Fixed interest rate: currently 3.740% APR.
  • A lump sum payment: you'll receive your loan total in a single, lump sum at loan closing.

The Annual Percentage Rates (APR) shown are subject to change at any time and without notice. APR for entire amount borrowed. All loan applications are subject to individual approval. Other terms and conditions apply. If the loan is secured by a first lien on a dwelling, payments do not include amounts for taxes and insurance premiums and the actual payments will be greater. For loans secured by real estate, property insurance will be required. Title insurance is required on lines over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100. Payment example: The monthly payment per $10,000 loan amount for a 5 year (60 month) loan with a 3.740% APR would be $183.00.

Call 800-220-BANK

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Why use a Home Equity Loan?

A home equity loan, also known as a second mortgage, lets you borrow money by using your house as collateral. A home equity loan gives you the peace of mind that your payment and interest rate will not change for the lifetime of the loan. You are given a lump sum of money at closing and will pay a fixed, predictable payment for the term of the loan.

A home equity loan allows homeowners to leverage the equity in their homes to pay for home improvements and renovations, home additions or other large expenses.

Qualifications

Source of Income and Good Credit History
Low Debt-to-Income Ratio (DTI)
20% available equity in primary, single family dwelling

Applying is Easy

Apply
Complete an application online.
 
Get a Decision
We’ll review your application and work with you to determine loan amount and term.
Access Funds
Login to Online Banking and quickly get access to your money.

How do I pay my Firstrust Home Equity Loan?

There are several options for making payments on your home equity loan:

  • Login to Online Banking and transfer money from your checking account to your home equity loan.
  • Set up an Automatic Payment, call 800.220.BANK
  • Visit a local branch

What is the difference between a home equity line of credit and a home equity loan?

With a home equity line of credit, you are approved for a credit limit. Funds are available for you to take as needed during the draw period.

  • You only pay interest on the money you draw.
  • As those funds are repaid, they become available for you to borrow again up to your credit limit—similar to a credit card.

A home equity loan is non-revolving. The full amount of the loan is disbursed and monthly payments are made until the loan is repaid.

Disclosures


1The Annual Percentage Rates (APR) shown are subject to change at any time and without notice. APR for entire amount borrowed. All loan applications are subject to individual approval. Other terms and conditions apply. If the loan is secured by a first lien on a dwelling, payments do not include amounts for taxes and insurance premiums and the actual payments will be greater. For loans secured by real estate, property insurance will be required. Title insurance is required on lines over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100.

Home Equity loans are offered by Firstrust Bank NMLS # 424205. Information above is current as of 12.11.2017.

Firstrust National Mortgage Licensing Service (NMLS) Representatives

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By clicking ‘Submit’ you understand that this is not an application for credit. It is an inquiry for Firstrust products and services.