A Home Equity Line of Credit (HELOC) gives you flexible access to your home's available equity when you need it. Whether you're renovating your home, planning a milestone celebration, taking a family vacation, or preparing for a major purchase, a HELOC can help you achieve your financial goals. Apply online and let your home work for you!
3.99% APR† for 6 Months,
then 7.00% APR† Subsequent Variable Rate
A HELOC is a revolving line of credit secured by the equity in your home. It allows you to borrow against your available home equity with ongoing access to funds during the draw period. Unlike a traditional home equity loan, you don't receive a lump sum—you draw what you need, when you need it.
✓ Variable interest rate with a competitive introductory rate offer
✓ Flexibility to use available line amount, anytime you need it
✓ Payments based on outstanding balance
✓ Secured by equity in your home
A home equity line of credit allows you to have flexibility to borrow money as you need over time during the draw period. It is a revolving line of credit secured by your home and is the most flexible type of home financing available. It gives you flexible payment options based on how much of your line of credit you use.
As payments are made during the draw period they will reduce the outstanding principal balance on the credit line. As the principal balance is paid down the amount of the credit limit available to use will increase. For example, a $50,000 HELOC with a balance of $30,000, has $20,000 of available credit. If you pay the balance down to $10,000, you will have $40,000 in available credit.
Depending on your credit worthiness, you can borrow up to 80% of your home’s value, minus the balance of your mortgage.
Accessing the funds is easy. Simply transfer money from your line of credit into your checking account and use the funds either by writing a check or using your debit card. Watch this short video to learn how to use the Transfer Funds feature in Online Banking:
Watch Video
Applying is easy, apply online at Firstrust.com or visit a local branch to speak with a banker to assist you with your borrowing needs.
† DISCLOSURES:
Home Equity loans and lines of credit are offered by Firstrust Bank NMLS # 424205. Firstrust National Mortgage Licensing Service (NMLS) Representatives
Home Equity Line of Credit Annual Percentage Rates (APR’s) offered are subject to change at any time and without notice. Line of credit applicants are subject to individual approval. Lines of credit are secured by an interest in your real estate, property insurance will be required. Title insurance required on lines over $400,000 up to the maximum credit line of $500,000 and is estimated to range in cost from $2,600 to $3,100. Monthly payments required when there is a balance. The maximum loan-to-value ratio is 80%. The introductory APR today is 3.99% for the first 6 months. After expiration of the 6-month introductory rate period, the APR today is 7.00% which is equal to the highest U.S. Prime Rate in the Wall Street Journal + 0%, this is a variable rate which may increase. The maximum APR will not exceed 25% and the minimum APR after the introductory period is 3.25%. Other terms and conditions apply. A $30 annual fee is waived the first year. A $250 fee applies for lines closed within twelve months of opening.
FT-1262-02-2024
Home Equity loans and lines of credit are offered by Firstrust Bank NMLS # 424205.
Home Equity Line of Credit Annual Percentage Rates (APR’s) offered are subject to change at any time and without notice. Line of credit applicants are subject to individual approval. Lines of credit are secured by an interest in your real estate, property insurance will be required. Title insurance required on lines over $400,000 up to the maximum credit line of $500,000 and is estimated to range in cost from $2,600 to $3,100. Monthly payments required when there is a balance. The maximum loan-to-value ratio is 80%. The introductory APR today is 3.99% for the first 6 months. After expiration of the 6-month introductory rate period, the APR today is 6.75% which is equal to the highest U.S. Prime Rate in the Wall Street Journal + 0%, this is a variable rate which may increase. The maximum APR will not exceed 25% and the minimum APR after the introductory period is 3.25%. Other terms and conditions apply. A $30 annual fee is waived the first year. A $250 fee applies for lines closed within twelve months of opening.
