No Closing Costs* Home Equity Line of Credit as low as

Home Equity Line of Credit

* Annual Percentage Rate (APR) accurate as of 3/09/2020.  After 12 month or 6 month introductory fixed rate, rate adjusts based on an index plus a margin with a range from -0.25% to 0.75% depending on credit score and can change monthly.  The index is the most recently available Prime Rate as published in the Wall Street Journal at the time your rate changes. As of 3/09/20 the Prime Rate is 4.25%. The APR will never be less than 4.00% or more than 18%.  This Home Equity Line of Credit is available for primary residences only but is not available for the purchase of a primary residence. First Savings Bank primary checking account with direct deposit required.  Minimum loan amount of $15,000. Maximum loan amount $250,000.  Total loan-to-value ratio may not exceed 80%.  Minimum credit score of 670.  Standard rates & fees apply for credit scores under 670.  Closing costs may apply if title work exceeds $250.00 or for loans that require an appraisal; the range of these costs is $410 – $1075.  Annual fee of $50 waived for first year.  Offer eligible for new loans; existing HELOC with a renewal date of June 30, 2021 or earlier; or an existing HELOC in which the contract amount increases by at least 25%. Property insurance is required, and if applicable, flood insurance will be required.  Minimum monthly payments equal to 1% of unpaid balance or $50 whichever is greater. Paying only the minimum payment may not be sufficient to repay principal and interest and may result in a balloon payment.  Consult your tax advisor regarding deductibility of interest.  Subject to credit approval.  Other restrictions may apply. Limited time offer.

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.

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