Home Equity Line of Credit

Looking for credit? Own your own home? Then a Home Equity Line of Credit from 1st Source may be available to you. Consider the benefits:

  • a low, competitive rate
  • a flexible payment schedule
  • no annual fee the first year
  • tax-deductible interest (be sure to consult a tax advisor)

Use your Home Equity Line of Credit for anything you want or need:

  • Improve your Home
  • Fund your education
  • Take a trip
  • Consolidate debts

Drawing on your credit line is easy:  just write a check in any amount from $250 up to your credit line limit.

A Home Equity Line of Credit from 1st Source lets you …

  • tap into the buying power of your home
  • use that buying power to secure flexible financing that fits your budget
  • enjoy a competitively low interest rate:
    • It beats even low introductory credit card rates and won’t soar after a few months, as credit card rates often do
  • borrow against your home’s current market value:
    • Take the current market value
    • Multiply it by 80%
    • Subtract your current mortgage balance
    • That’s how much you can borrow
  • choose the repayment plan that best fits your budget:
    • Pay off your balance each month or just make the interest payments
    • There are no fixed monthly payments, as with a loan
  • enjoy Online Banking bonuses:
    • Sign up for Online Banking, and you have the flexibility of transferring money from your Home Equity Line of Credit into your 1st Source checking account
    • Then you can write a check for any amount you wish (even for less than the $250 minimum) and still enjoy your low Home Equity Line rate
 
 
Home Equity Line of Credit is subject to credit approval. Terms, rate and conditions subject to change. Home Equity Line of Credit is a variable rate product. Maximum Annual Percentage Rate (APR) is 18%. Applicants should be from an area served by a 1st Source banking center. Annual fee of $99 waived for the first year. Regarding tax deductibility, please consult a tax advisor.