1st Source Bank

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
    •  
 
 
All loans subject to credit approval and standard processing fees. 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. Minimum loan amount is $5,000. 1st Source checking account is required. Annual fee of $99 waived for the first year. Regarding tax deductibility, please consult a tax advisor. 1st Source Bank NMLSR ID: 645641