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LOANS AND LINES OF CREDIT

HOME EQUITY

Take advantage of the equity in your home with a Home Equity Line of Credit. Introductory 6 month APR of 5.99% then 8.50% APR Subsequent Variable rate. Borrow against the equity you have already built in your home.

LOANS & LINES OF CREDIT

Home Equity Rates

Type
Type
CD term
Account
Line of Credit
Rate
Rate
Interest Rate
APY

5.99% APR
for 6-Months, then
8.50% Sub. Var. APR

(zero points)
Amount
Amount
Minimum to open
APR

$25,000 - $500,000

Type
Type
CD term
Account
5 Year Loan
Rate
Rate
Interest Rate
APY

8.24% APR

(zero points)
Amount
Amount
Minimum to open
APR

$10,000 - $49,000

Type
Type
CD term
Account
5 Year Loan
Rate
Rate
Interest Rate
APY

6.99% APR

(zero points)
Amount
Amount
Minimum to open
APR

$50,000 - $500,000

Type
Type
CD term
Account
10 Year Loan
Rate
Rate
Interest Rate
APY

8.49% APR

(zero points)
Amount
Amount
Minimum to open
APR

$10,000 - $49,000

Type
Type
CD term
Account
10 Year Loan
Rate
Rate
Interest Rate
APY

7.99% APR

(zero points)
Amount
Amount
Minimum to open
APR

$50,000 - $500,000

Type
Type
CD term
Account
15 Year Loan
Rate
Rate
Interest Rate
APY

8.49% APR

(zero points)
Amount
Amount
Minimum to open
APR

$10,000 - $49,000

Type
Type
CD term
Account
15 Year Loan
Rate
Rate
Interest Rate
APY

7.99% APR

(zero points)
Amount
Amount
Minimum to open
APR

$50,000 - $500,000

These rates are current as of June 7th, 2023.
apply online

HOME EQUITY FAQS

Frequently Asked Questions

Why choose a home equity line of credit vs a home equity loan?

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.

Do I pay back the full amount or only what I have used?

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.

How do I know how much I can borrow?

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

How do I access the funds from my line of credit?

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


How can I apply for a home equity line of credit?

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.

Apply Online Now

HELOAN & HELOC

Home Equity Calculators

LOAN TO VALUE (LTV)

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

MONTHLY PAYMENT

Figure out your monthly payment for your home equity loan

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 $10,000 to $500,000 and have repayment term options of 5, 10, and 15 years at fixed interest rates.
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Home Equity Icon

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.

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. 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 today is 5.99% for the first 6 months. After expiration of the 6-month introductory rate period, the APR today is 8.50% 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.

5 Year - 8.24% 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 8.24% would equal an APR of 8.24% with 60 monthly payments of $203.92.

5 Year - 6.99% 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 6.99% would equal an APR of 6.99% with 60 monthly payments of $989.83.

10 Year- 8.49% 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 8.49% would equal an APR of 8.49% with 120 monthly payments of $123.94.

10 Year- 7.99% 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 7.99% would equal an APR of 7.99% with 120 monthly payments of $606.38.

15 Year - 8.49% 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 8.49% would equal an APR of 8.49% with 180 monthly payments of $98.42.

15 Year - 7.99% 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 7.99% would equal an APR of 7.99% with 180 monthly payments of $477.54.

FT-865-05102023