Your home's equity can give you financial flexibility when you need it.
A First Bank Midwest Home Equity Line of Credit (HELOC) allows you to borrow against the available equity in your home through a revolving line of credit. Access funds as you need them, repay what you've borrowed, and continue using your available credit according to the terms of your line.
Because you don't have to borrow the full amount at once, a HELOC can be a smart option for expenses that happen over time or when the total cost isn't known upfront.
Your approved credit limit is based in part on the available equity in your home and other applicable lending criteria. During the applicable draw period, you can access funds from your available line as needed and repay what you borrow according to the terms of your account.
If you're looking for ongoing access to funds and the flexibility to borrow as needs arise, a Home Equity Line of Credit may be the right fit. Have questions or ready to explore your options? Contact a First Bank Midwest team member or visit a First Bank Midwest location.
When you know how much you need, a First Bank Midwest Home Equity Loan lets you borrow against the available equity in your home and receive the funds in one lump sum.
With structured repayment terms, a home equity loan can be a good choice for a one-time project, purchase, or expense with a defined cost.
Your approved loan amount is based in part on the available equity in your home and other applicable lending criteria. Once approved, you receive the loan proceeds upfront and repay the loan over an established term.
Unlike a Home Equity Line of Credit, a Home Equity Loan lets you borrow a specific amount at one time rather than accessing funds through a revolving line.
If you know how much you need and prefer the predictability of a traditional installment loan, a Home Equity Loan may be the right fit.
Have questions or ready to explore your options? Contact a First Bank Midwest team member or visit a First Bank Midwest location.