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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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.
| Product | Rate | APR |
|---|---|---|
Home Equity 5 Year Fixed Terms and Conditions | 7.990% | 7.990% |
Home Equity 10 Year Fixed Terms and Conditions | 8.250% | 8.250% |
Home Equity 5/20 Balloon Terms and Conditions | 8.750% | 8.750% |
At a 7.990% interest rate, the APR for this loan type is 7.990%. The monthly payment schedule would be:
- 59 payments of $1,013.58 at an interest rate of 7.990%
- 1 payment of $1,013.62 at an interest rate of 7.990%
At a 8.250% interest rate, the APR for this loan type is 8.250%. The monthly payment schedule would be:
- 119 payments of $613.26 at an interest rate of 8.250%
- 1 payment of $613.64 at an interest rate of 8.250%
At a 8.750% interest rate, the APR for this loan type is 8.750%. The monthly payment schedule would be:
- 61 payments of $441.86 at an interest rate of 8.750%
- 1 payment of $44,411.61 at an interest rate of 8.750%
| Product | Rate | APR |
|---|---|---|
Home Equity Line of Credit Terms and Conditions | 7.500% | 7.500% |
Not available for investment properties or properties located in Texas, New York, 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%. 1Monthly 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. If you refinance, close or terminate your HELOC for any reason within 36 months of opening your HELOC, you may have to pay an Early Cancellation Fee of (i) 2% of the credit limit, or (ii) $500, whichever is less. This Early Cancellation Fee applies only to loans secured by collateral located in Illinois. Subject to credit approval.
*UP TO $2,000 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 elect electronic statements within the first statement cycle, we will pay up to $2,000 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 (collectively, “Third Party Fees and Charges”). If at any time during the term of your HELOC (i) you discontinue the AFT, ACH or an electronic statement election, or (ii) your HELOC is paid in full and closed within 36 months of the closing date (this subsection (ii) does not apply to loans secured by collateral located in Illinois), you agree to reimburse us for the Third Party Fees and Charges that we previously paid which may be added to the outstanding balance of your HELOC as a recapture fee. 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. This provision does not apply to loans secured by investment properties or to loans that fall outside our standard product, rate, term and underwriting guidelines.
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
