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