How to use home equity to finance life events
Solutions close to home

Whatever plans you have in mind, you can finance them using the equity in your home.

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Your highest priorities? Achieve them with low monthly payments

If you're looking for some help handling life's large expenses, such as a home improvement project, car repairs or college costs, a First American Home Equity Line of Credit can be the perfect solution. After our easy application process, you can borrow money over and over again, and for any reason.

  • No application fees
  • No closing costs*
  • Pay interest-only on amount borrowed
  • Competitive rates help you get the most for your money
  • Use money for major home improvements, college expenses or to pay off high-interest debt
For a limited time, we're offering a special introductory variable rate for 12 months at Prime-1.00%, currently 3.75% APR. After that, variable rates as low as 4.75% APR1. Hurry, offer ends December 31, 2019!
HELOC Rates

Rates Effective: 11.18.19
Rates and points are subject to change without notice.
Product Rate APR
Home Equity Line of Credit
Terms and Conditions
4.750%4.750%
Home Equity Line of Credit

The information provided is based on a $100,000 home equity loan. The property is located in Chicago, Cook county in the State of IL. The property is an existing single family home and will be used as a primary residence. The rate lock period is 35 days and the assumed credit score is 740. These rates are subject to change without notice. Loan to Value must be less than or equal to 80.00. For loans secured by a first lien on a dwelling, payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation will be greater. Subject to credit approval.

    Interest Rate/APR: Prime Rate published in the Money Rates section of the Wall Street Journal. + 0.000% (currently 4.750%), subject to increase.
    Payment: Your Regular Payment will equal the amount of your accrued Finance Charges.
    Term: The draw period will extend to the first day of the month following execution of the loan documents plus ten (10) years.
    Balance Due at End of Loan Term:
    Closing Fees: $453.00
    Annual Fee: $60.00
    Disclosures

    1Offer valid 11/16/19-12/31/19. Loan must close by 2/29/20. Available only to new Home Equity Line of Credit (HELOC) customers and current HELOC customers whose loan matures within one year from the date of application. Available only on collateral properties located in (i) Illinois (excluding Kankakee County. Please see a banker for rates applicable to Kankakee County, Illinois), (ii) Porter and Lake counties in Indiana, and (iii) Kenosha, Walworth, Milwaukee, and Racine counties in Wisconsin. Not available for investment properties. At the time of closing you must set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your HELOC, and within the first statement cycle you must elect electronic statements. 80% loan-to-value (75% for condos), or less. Prime – 1.00% during the twelve-month introductory period. Thereafter, the Annual Percentage Rate (APR) is a variable rate based on the highest Prime Rate published in the Money Rates section of The Wall Street Journal on the first business day of each month. Based on the 11/1/19 Prime Rate of 4.75%, the following rates would apply: 3.75% during the twelve-month introductory period. Thereafter, 4.75% APR for HELOC $100,000 or more; 4.99% APR for HELOC $50,000 to $99,999; 5.49% APR for HELOC $25,000 to $49,999; and 5.74% APR for HELOC $5,001 to $24,999. Rates subject to change at any time. The minimum APR is 3.75% during the introductory period, and 4.50% thereafter. The maximum APR is 18%. Monthly payments of interest only will result in a balloon payment. No annual fee for the first year - $60 annual fee thereafter. Costs to satisfy certain prior liens may be assessed. Property insurance is required. Flood hazard insurance may be required. Some restrictions may apply. Offer is subject to normal credit qualifications.

    *NO CLOSING COST OPTION: Third party fees and charges ranging from $350 to $1,000 may be assessed at closing. If at the time of closing you set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your HELOC and within the first statement cycle elect electronic statements, we will pay the Third Party fFees and Charges associated with closing on your HELOC, including, but not limited to, appraisal, title, flood, credit report and recording fees (Third Party Fees and Charges). If at any time during the term of your HELOC you fail to maintain the AFT or ACH or an electronic statement, you agree to repay the Third Party Fees and Charges that we previously paid which may be added to the outstanding balance of your HELOC. If at the time of closing you do not set up an AFT or ACH to make the monthly payment on your HELOC, then you agree to pay the Third Party Fees and Charges at closing. Not available for loans that fall outside our standard product, rate, term and underwriting guidelines.