Remodel, add a pool, purchase a vehicle, or even pay for education.

A Home Equity Line of Credit* allows you to use the equity built up in your home to finance projects, vacations or any other purchase. This flexible, open-ended line of credit is designed to give you control. The line of credit is secured with a mortgage on your home. In most cases the interest is tax deductible*.

The Home Equity Line of Credit can be paid down and then readjusted up to the maximum any time during the first 10-year period. The Home Equity Line of Credit provides you with checks you may write yourself. You receive a monthly statement showing the current interest rate, your payment amount, finance charge for the current month and any activity for the current statement period. Once approved for a credit-limit – you use the funds simply by writing a check – and you only pay interest on the actual amount used.

  • Open-ended line of credit
  • 10-year draw period with 5-year repayment
  • Line of credit secured by your home
  • Low monthly payments
  • Write yourself checks for cash as you need
  • Pay interest only on amount used
  • Receive detailed monthly statements
  • Adjustable interest rates – tied to Wall Street Journal Prime (5.25% APR)** plus .40% APR  up to .55% APR (spread based on credit score and then loan value)

Terms and Conditions: Line of credit amount of $20,000 a fully drawn line would result in a monthly payment of $250.00 based off the terms and conditions of the loan agreement that states that the customer will be billed 1.25% of the outstanding balance each month compiling interest at a rate of Prime plus .40% APR up to .55% APR.  Rates and terms are subject to change based on market conditions and borrower eligibility and may not be available at commitment of closing.

*Home Equity Lines of Credit include a $50.00 annual fee. Interest rate is a variable rate. Home Equity Lines of Credit are 15 year term, with the first 10 years as the draw period and the final five years as the repayment period. A $250.00 fee will assessed as a prepayment penalty if there is a prepayment in the first 3 years. Consult a tax advisor regarding the deductibility of interest.

Home Improvement Loans allow you to make additions and changes to your home, including adding a room or deck, a new roof, new heating and cooling, or many other types of Home Improvement. The First State Bank offers several other types of Consumer Loans, including Auto Loans, Personal Loans or Debt Consolidation Loans.