Line of Credit
Money when you need it
A Home Equity Line of Credit from First American Bank allows you to borrow funds on an as-needed basis. Our low rates make it convenient and easy to finance major expenses such as remodeling your home, consolidating debt, purchasing an auto, paying for college and more!
First American Bank continues to have the best loan deals in town. And here’s why:
- No application fees
- No closing costs*
- Conditional approval in 48 hours
- Low monthly payments
- Potential tax advantages
Limited time offer! Take advantage of this special introductory fixed rate for 6 months at 1.99% APR. After that, variable rates as low as 3.50% APR. Speak with a banker to apply today, (847) 952-3700.
Offer valid 6/1/16 – 7/31/16. Loan must close by 9/30/16. 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, (ii) Porter and Lake counties in Indiana, and (iii) Kenosha, Walworth and Racine counties in Wisconsin. Must be secured by an owner-occupied residence. 80% loan-to-value (75% for condos), or less. 1.99% Fixed Annual Percentage Rate (APR) during the six-month introductory period. Thereafter, the 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 4/1/16 Prime Rate of 3.50%, the following rates would apply: 3.50% APR for HELOC $100,000 or more; 3.99% APR for HELOC $50,000 to $99,999; 4.24% APR for HELOC $25,000 to $49,999; and 4.74% APR for HELOC $5,001 to $24,999. 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 - $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. Consult your tax advisor regarding the deductibility of interest.
*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, we will pay the fees and charges associated with closing on your HELOC, including, but not limited to, appraisal, title, flood 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, you agree to repay the Third Party Fees and Charges that we previously paid which will 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.