Use the equity you have in your home
Do you have a large project or list of projects you need financing for? First Savings Bank’s Home Equity Loan or Home Equity Line of Credit may be just the loan you need. Use the equity you have in your home to finance your home remodel, pay for college, consolidate high-interest debt, and much more. Our Home Equity Loans and Lines of Credit offer competitive rates that can make your monthly payments manageable. Speak with your tax advisor to determine if the interest could be a tax deduction.
Contact or visit one of our convenient Southern Indiana locations to apply for your First Savings Bank Home Equity Loan or Line of Credit.
Home Equity Loan
Home Equity Line of Credit
Frequently Asked Questions
What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
The Home Equity Loan has a fixed rate, fixed monthly payment amount, and a one-time funding to the customer. The Home Equity Line of Credit is an adjustable rate product with a minimum monthly payment. You have the ability to borrow against the line, pay it down and then re-borrow.
Will a Home Equity Line of Credit be paid off at the end of the term if I only make the minimum payment?
Paying only the minimum payment may not be sufficient to repay the principal and interest and may result in a balloon payment which you would owe at the end of the loan.
How do I calculate the equity in my home?
Take your total mortgage debt (including any first and second mortgages as well as existing home equity loans/lines) and subtract that total from the current, appraised value of your home. The difference between the value of your home and what you owe is the equity.
Don't Be Shy
If we didn’t answer all of your questions, feel free to drop us a line anytime.