Home Equity Lineshlc321

The First Advantage Account

Unleash the powerful value you’ve built in your home with a The First National Bank of McHenry First Advantage Home Equity Line of Credit. Use it for …

An open ended First Advantage Home Equity Line of Credit is one of our most popular types of personal loans because it provides …

Other benefits of your First Advantage Home Equity Line of Credit Account include …

With the First Advantage Home Equity Line of Credit we can offer you credit lines starting at $5,000 and allow you to pay only the interest for the first ten years. You may always pay extra principal at any time without penalty.

What kind of First Advantage Home Equity Line of Credit do you qualify for?

Because the First Advantage Home Equity Line of Credit is a loan secured by the equity you have in your primary residence, you will need to know how much lendable equity you have in your home. This is determined by using the following formula…

Lendable Equity Formula 

Current Value of your Primary Residence $150,000
First National Bank's Lendable Equity Standard x75%
$112,500
(Subtract) First Mortgage Balance ($95,000)
Maximum Potential Line of Credit $17,500

In the example above, we assumed your primary residence to have an appraised value of $150,000. We also assumed that your remaining first mortgage balance is $95,000. Using those given parameters, you would be eligible for a $17,500 First Advantage Home Equity Line of Credit.

How much money can be saved with a First Advantage Home Equity Line of Credit?

That depends. The following example details how much you could potentially save with a First Advantage Home Equity Line of Credit. It assumes a monthly payment based on an interest only payment option and 30 day calculations. It also assumes an APR 8.25% for the First Advantage Home Equity Line of Credit and credit card balances estimated at an APR of 18%. The example is for demonstrational purposes only. Your individual experiences and payment options will no doubt be different.

Amount Borrowed First Advantage Home Equity Monthly Payment Credit Card Monthly Payment Total Monthly Savings
$5,000 $34.38 $75.00 $40.62
$15,000 $103.13 $225.00 $121.87
$25,000 $171.88 $375.00 $203.12

*Because the Prime Rate as published in the Wall Street Journal is a variable rate, the rate may increase or decrease after the consummation of the transaction.  There is a rate cap and  floor of 16% and 5% in place for the First Advantage Home Equity Line of Credit.

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