Several types of secured personal loans are available from The First National Bank of McHenry for you if you wish to use something other than equity in a home as collateral. New or used cars, new or used boats, recreational vehicles, airplanes, snowmobiles, securities or certificates of deposit all can be used as collateral in regards to obtaining a Consumer Loan from The First National Bank of McHenry. With an assortment of repayment plans and rates, our staff is committed to getting you the loan you need. By sitting down and talking to one of our Loan Specialists, we can analyze your current situation and discuss all the options with payment plans that fit your budget.
The perfect type of loan for those unforeseen emergencies. This unsecured line of credit is attached to your First National Bank of McHenry Checking account and is there only when and if you need it. With no cost to apply or no yearly fees, the First Reserve Line of Credit is a luxury that you can’t afford not to have. Mistakes happen with checking accounts. Your life is full of unforeseen expenses that need to be taken care of yesterday. That’s a fact. There is no need to pay check cashing services or payday advance establishment’s fees if you have a First Reserve Line of Credit. We’ll simply advance the amount you need directly into your checking account up to your approved credit line. You can either pay back the amount by making minimum payments or take care of the obligation in one lump sum. Your First Reserve Line of Credit requires you to pledge nothing as collateral; we simply look at your credit score to establish a line that works for you.
Why a mortgage from First National Bank of McHenry? In a word … attitude. Being a community bank, we want to make loans, not turn them down. Our reputation goes a long way in the community. With such a wide variety of mortgage products, we’re sure to custom fit a mortgage loan that works for you, not works for us. Besides getting helpful, personalized service from the staff at The First National Bank of McHenry, you’ll find a laid back atmosphere that allows us to work with you to get the job done right – the first time. When funding a mortgage through The First National Bank of McHenry you can be assured that there will be no last minute surprises during closing. Because most mortgages are held and serviced locally by the bank, you’ll find answers to all your inquiries just a phone call away. Chances are, your original loan officer will answer your question without referring you to a call center or voice mail. Take all of these reasons, and add fast approval time with competitive rates, you’re sure to find that applying for and receiving a mortgage from The First National Bank of McHenry is as seamless and effortless as possible.
Here is just a sampling of the mortgage products we offer:
Monthly Fixed Rate.
Stop in your local First National Bank of McHenry office or call us at 815.363.5810 and speak with a mortgage specialist. You may also send us an email, and we’ll be happy to follow up with you at your convenience.
Unleash the powerful value you’ve built in your home with a The First National Bank of McHenry Home Equity Line of
Credit. 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 Home Equity Line of Credit 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 your Personal Online Banking account.
- Readily available so you don’t have to liquidate investments or reapply.
- Tax deductible interest. (Please check with a qualified tax advisor for certain restrictions.)
- Interest rates tied to the Prime Rate as published in the Wall Street Journal.*
Other benefits of your Home Equity Line of Credit include...
- NO required minimum draws.
- Annual fee of $30 waived the first year as well as subsequent years provided your outstanding balance on the line of credit exceeds $10,000 during the previous calendar year.
- Lock feature that would allow you to lock in fixed portions of advances at lower rates in the event interest rates begin moving higher.
With a 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 a 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…
How much money can be saved with a Home Equity Line of Credit?
That depends. The following example details how much you could potentially save with a 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 a Home Equity Line of Credit and credit card balances estimated at an APR of 18%. The example is for demonstration purposes only. Your individual experiences and payment options will be different.
*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 our Home Equity Line of Credit.
Looking for more of a fixed monthly payment? Perhaps a Home Equity Loan fits your needs slightly better. A Home Equity Loan is similar to a Home Equity Line of Credit using the same lendable equity formula in your primary residence. However, it is a more traditional loan because it offers the security of a fixed monthly payment with a fixed interest rate over a specified time period. With these disciplined monthly payments, you will be able to budget your payments accordingly without the worry of rates suddenly rising and changing your payment amounts. You’ll find a Home Equity Loan useful for lump sum, short term expenses such as home improvements, purchasing an automobile, or consolidating other bills with higher interest rates. Add on the potential to deduct interest paid, and a Home Equity Loan is a smart way to meet your financial goals.