Loans - Home Equity Lines

Mortgage Loans | Home Equity Loans | Home Equity Lines | Other Loans

The First EquiLine Account

Unleash the powerful value you’ve built in your home with a The First National Bank of McHenry First EquiLine Account. Use it for …

• Home repairs. Improvements. Expansion.
• Education expenses.
• Consolidation of other debt to a lower interest rate.
• Finance a new car, boat, or recreational vehicle.
• Unplanned emergencies.

An open ended First EquiLine Account is one of our most popular types of personal loans because it provides …

• Easy access – just write a check or transfer funds to your household checking account using First Fone telephone banking or PC Bank online banking.
• Readily available so you don’t have to liquidate investments or reapply.
• Tax deductible interest. (Please check with a qualifies tax advisor for certain restrictions.)
• Interest rates tied to the Prime Rate as published in the Wall Street Journal.

Other benefits of your First EquiLine Account include …

• NO annual fee.
• NO penalty for early prepayment.
• NO required minimum draw or minimum loan balances.
• NO miscellaneous closing costs (recording fees, application fees, appraisal fees, title search fees.)

With the First EquiLine Account we can offer you credit lines of $5,000 to $150,000 and allow you to pay only the interest for the first five years. You may always pay extra principal at any time without penalty.

What kind of First EquiLine Account do you qualify for?

Because the First EquiLine Account 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

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 $25,000 First EquiLine Account.

How much money can be saved with a First EquiLine Account?

That depends. The following example details how much you could potentially save with a First EquiLine Account. 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 EquiLine Account 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.

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