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Loans and Lines of Credit

Home Equity

Are you looking to do some renovations, like that kitchen you have always dreamed of - or maybe you want to consolidate debt, finance education or make a major purchase? Borrow against the equity you have already built in your home. 
CURRENT TERMS & RATES

Popular Home Equity Rates

Have Equity in Your Home? 

Explore Options to Leverage Your Equity

What is a Home Equity Loan?

A home equity loan is a lump-sum loan that’s secured by the equity in your home. Home equity loans can range from $50,000 to $500,000 and have repayment term options of 5, 10, and 15 years at fixed interest rates.
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What is a Home Equity Line of Credit?

A home equity line of credit, or HELOC, is a type of home equity loan that allows you to draw funds as you need them and repay the money at a variable interest rate.
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Home Equity Loan

Choose from a variety of loan terms

Fixed rate over the term of the loan

One lump sum disbursement

Borrow against the equity you have already built in your home

Home Equity Line of Credit

Low variable interest rate

Flexibility to use available line amount, anytime you need it

Payments based on outstanding balance

Secured by equity in your home

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Heloan & Heloc

Home Equity Calculators

HELOC Loan
to Value (LTV)

Figure out how much you can borrow
based on your current loan to value (LTV)

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HELOAN
Monthly Payment

Figure out your monthly payment
for your home equity loan

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Home Equity FAQs

Frequently Asked Questions

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.
Payments during the draw period are applied to the outstanding principal balance on the credit line, making your available credit increase. As you pay down the principal balance, the amount of credit you have available to borrow increases. 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.

View Loan-to-Value (LTV) Calculator
Accessing the funds are 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.
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.

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DISCLOSURES:

 

* Home Equity Line of Credit Annual Percentage Rates (APR’s) offered are subject to change at any time and without notice. Applicants subject to credit approval. Lines of credit secured by an interest in your real estate, property insurance required. Title insurance required on lines over $400,000 with a 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 is a fixed rate of 1.99% for the first six months and requires a minimum draw of $25,000 at closing. After expiration of the 6-month introductory rate period, the APR today is 6.25% which is equal to the highest U.S. Prime Rate in the Wall Street Journal + 0%, this is a variable rate which may increase. Maximum APR is 25% and the minimum APR after the introductory period is 3.25%. A $30 annual fee is waived the first year. A $250 fee applies for lines closed within twelve months of opening.

 

1 5 Year - 5.24% Annual Percentage Rate (APR) shown is subject to change at any time and without notice. All loan applications are subject to individual approval. Property insurance will be required. Title insurance is required on loans over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100. APR for entire amount borrowed. 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. A $10,000 Home Equity Loan at 5.24% would equal an APR of 5.24% with 60 monthly payments of $189.82.

 

2 5 Year - 3.75% Annual Percentage Rate (APR) shown is subject to change at any time and without notice. All loan applications are subject to individual approval. Property insurance will be required. Title insurance is required on loans over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100. APR for entire amount borrowed. 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. A $50,000 Home Equity Loan at 3.74% would equal an APR of 3.74% with 60 monthly payments of $914.98.

 

3 10 Year- 5.49% Annual Percentage Rate (APR) shown is subject to change at any time and without notice. All loan applications are subject to individual approval. Property insurance will be required. Title insurance is required on loans over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100. APR for entire amount borrowed. 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. A $10,000 Home Equity Loan at 5.49% would equal an APR of 5.49% with 120 monthly payments of $108.48.

 

4 10 Year- 4.99% Annual Percentage Rate (APR) shown is subject to change at any time and without notice. All loan applications are subject to individual approval. Property insurance will be required. Title insurance is required on loans over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100. APR for entire amount borrowed. 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. A $50,000 Home Equity Loan at 4.99% would equal an APR of 4.99% with 120 monthly payments of $530.09.

 

5 15 Year - 5.49% Annual Percentage Rate (APR) shown is subject to change at any time and without notice. All loan applications are subject to individual approval. Property insurance will be required. Title insurance is required on loans over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100. APR for entire amount borrowed. 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. A $10,000 Home Equity Loan at 5.49% would equal an APR of 5.49% with 180 monthly payments of $81.66.

 

6 15 Year - 4.99% Annual Percentage Rate (APR) shown is subject to change at any time and without notice. All loan applications are subject to individual approval. Property insurance will be required. Title insurance is required on loans over $400,000 up to the maximum loan amount $500,000 and is estimated to range in cost from $2,600 to $3,100. APR for entire amount borrowed. 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. A $50,000 Home Equity Loan at 4.99% would equal an APR of 4.99% with 180 monthly payments of $395.14.
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