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Buying a home or using the equity in your home for large expenses can be complex. Our experts break down the latest housing trends and tips so you can make the best choices for you and your needs.

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Take advantage of opportunities with a low-rate loan

Whether you're eyeing another important purchase or planning to consolidate credit card debt into one loan, First American Bank's loan options provide you a wallet-friendly solution. With locations in Illinois, Wisconsin and Florida, we're easily accessible if you need additional information and want to discuss your financing options in person.

Home Equity Loan Rates

Rates Effective: 6.12.24
Rates and points are subject to change without notice.
Product Rate APR
Home Equity 5 Year Fixed
Terms and Conditions
8.490%8.490%
Home Equity 10 Year Fixed
Terms and Conditions
8.750%8.750%
Home Equity 5/20 Balloon
Terms and Conditions
8.990%8.990%
Subject to credit approval. Standard rates apply. 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.
 
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 0 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 85.00%. Not available for loans secured by a first lien position on a dwelling. Subject to credit approval.

At a 8.490% interest rate, the APR for this loan type is 8.490%. The monthly payment schedule would be:

  • 59 payments of $1,025.59 at an interest rate of 8.490%
  • 1 payment of $1,025.33 at an interest rate of 8.490%

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 0 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 85.00%. Not available for loans secured by a first lien position on a dwelling. Subject to credit approval.

At a 8.750% interest rate, the APR for this loan type is 8.750%. The monthly payment schedule would be:

  • 119 payments of $626.63 at an interest rate of 8.750%
  • 1 payment of $627.09 at an interest rate of 8.750%

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 0 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 85.00%. Not available for loans secured by a first lien position on a dwelling. Subject to credit approval.

At a 8.990% interest rate, the APR for this loan type is 8.990%. The monthly payment schedule would be:

  • 61 payments of $449.54 at an interest rate of 8.990%
  • 1 payment of $44,562.04 at an interest rate of 8.990%

HELOC Rates

Rates Effective: 6.12.24
Rates and points are subject to change without notice.
Product Rate APR
Home Equity Line of Credit
Terms and Conditions
8.500%8.500%

Not available for investment properties or properties located in Texas, Alaska, or Hawaii- 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 the month. Rates subject to change at any time. The maximum APR is 18%. Monthly payments of interest only will result in a balloon payment. No annual fee for the first year - $75 annual fee thereafter. Costs to satisfy certain prior liens may be assessed. Property insurance is required. Flood hazard insurance may be required. An Early Cancellation Fee of 2.00% of the credit limit, or $500, whichever is less, will apply if the loan is closed within the first 36 months. An Early Cancellation Fee is not applicable when prohibited by state law. Offer is subject to normal credit qualifications.

*UP TO $2,500 IN CLOSING COST CREDIT: Third party fees and charges ranging from $500 to $3,100 may be assessed for HELOCs under $250,000 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 up to $2,500 of the Third Party Fees and Charges associated with closing on your HELOC, 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 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.

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 0 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%. (For collateral located in the state of Florida, the Loan to Value must be less than or equal to 75%). 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. The minimum APR is 4.25% and the maximum APR is 18%. Subject to credit approval. Standard rates apply.

    Interest Rate/APR: Prime Rate published in the Money Rates section of the Wall Street Journal. + 0.000% (currently 8.500%), 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: $612.00
    Annual Fee: $75.00