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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Make your home nicer and make your life better

At First American Bank, fixed-rate home equity loans come with low rates and no strings attached. You can use the money for anything from home remodeling to college tuition to paying off credit card debt. Flexible terms allow you to choose the repayment option that is best for you.

  • Fixed interest rate for the life of the loan
  • Know at the start how much you will be paying every month
  • Loan terms up to 120 months
  • No closing costs*
Home Equity Loan Rates

Rates Effective: 11.17.19
Rates and points are subject to change without notice.
Product Rate APR
Home Equity 5 Year Fixed
Terms and Conditions
5.375%5.375%
Home Equity 10 Year Fixed
Terms and Conditions
5.750%5.750%
Home Equity 5/20 Balloon
Terms and Conditions
5.875%5.875%
Home Equity 5 Year Fixed

The information provided is based on a $50,000 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.

At a 5.375% interest rate, the APR for this loan type is 5.375%. The monthly payment schedule would be:

  • 59 payments of $952.18 at an interest rate of 5.375%
  • 1 payment of $951.93 at an interest rate of 5.375%

Home Equity 10 Year Fixed

The information provided is based on a $50,000 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.

At a 5.750% interest rate, the APR for this loan type is 5.750%. The monthly payment schedule would be:

  • 119 payments of $548.85 at an interest rate of 5.750%
  • 1 payment of $548.36 at an interest rate of 5.750%

Home Equity 5/20 Balloon

The information provided is based on a $50,000 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.

At a 5.875% interest rate, the APR for this loan type is 5.875%. The monthly payment schedule would be:

  • 61 payments of $354.62 at an interest rate of 5.875%
  • 1 payment of $42,421.29 at an interest rate of 5.875%

Disclosures

*NO CLOSING COST OPTION: If at the time of closing you set up an AFT or ACH to make the monthly payment on your loan and within the first statement cycle elect electronic statements, we will pay the Third Party Fees and Charges associated with closing on your loan, including, but not limited to, appraisal, title, flood, credit report, stamp & tax, and recording fees (Third Party Fees and Charges). If at any time during the term of your loan 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 loan. If at the time of closing you do not set up an AFT or ACH to make the monthly payment on your loan, then you agree to pay the Third Party Fees and Charges at closing. Not available for investment properties or loans that fall outside our standard product, rate, term and underwriting guidelines.

Frequently Asked Questions

The routing number for First American Bank is 071922777.
Visit our branch locations page to find location near you and to see the hours of operation.
Opening your new account is easy. You can open your account online or visit any of our branch locations.
Your account number can be found on your monthly account statement.
Please visit any of our branches closest to you to change the name on your account.

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