Fund Your Passion with a Home Equity Installment Loan
Whether it’s navigating the great outdoors, kicking your favorite dish up a notch with your culinary skills, furnishing your living space with just the right look and feel or anything in-between, FirstBank & Trust is here to help you.
- Refinance your mortgage with a new, low rate up to a 15-year term
- Remodel your kitchen or fund another home improvement project
- Purchase a new vehicle
- Finance a family vacation
- Pay for a life changing event like a wedding, college tuition, or a new nursery
- Consolidate high interest debt like credit cards into a lower fixed rate
Both loans use the equity in your home as collateral, so what’s the difference? A Home Equity Installment Loan is a fixed term loan with a fixed interest rate. The borrower will receive the lump sum of the amount they are approved for, and then will pay it back with a fixed term and fixed interest rate. A Home Equity Line of Credit (HELOC) is a revolving credit line similar to a credit card. The borrower can draw money on the HELOC, pay it back, and then draw on it again if they choose.
A Home Equity Installment Loan might be a better option if you have a larger project that you know the cost of up front. A HELOC is a good choice if you aren’t sure when or how much money you need. If you do not draw money from your HELOC, you do not have to make any payments.
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Talk to your banker live, face-to-face with video banking through your laptop or mobile device. Apply for a Home Equity Installment Loan with our help every step of the way. Have a question? Just ask!
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Saturday: 9:00 a.m. - 1:00 p.m.
Sunday: 12:00 - 4:00 p.m.
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1The Annual Percentage Rate (APR) shown is accurate as of 03/04/2021 for up to a 15-year Fixed Rate loan with a Loan-to-Value (LTV) of 80%. Payment example: 180 monthly principal and interest payments of $333.47 assuming a $50,000 loan and 2.50% APR. Your APR may be higher and will be based on your credit qualifications, loan amount, and the location and type of property. Payments shown do not include taxes or insurance. The actual payment obligations may be greater. APRs for LTV 80%-90% may be as low as 3.25% APR. Stated APRs include a 0.25% discount for automatic payment from a FirstBank & Trust checking account. Maximum LTV on loans greater than $500,000 is 70%. Maximum loan amount of $2,000,000. Origination fee waived; customer is responsible for third-party fees. Promotion is not valid on home purchase loans. Rates and terms are subject to change without notice. Rates are fixed after consummation. Contact lender for details. Limited time offer. Normal underwriting guidelines apply, subject to credit approval.
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