EquiFirst Home Equity Line of Credit
For some of us, it's a new kitchen, pool, or another home improvement project. For others, it's putting a child or grandchild through college or a dream vacation. Whatever your dream is today, by leveraging the equity in your home, we can help that dream be a little bigger.
- 2.49% APR*1 introductory rate for the first six month
- Rates as low as 4.75% APR*1 after the introductory period
- Lender will pay up to $1,000 in closing costs*2
- Can normally close within four weeks
- 10-year draw period
- Call your local banking center to get started
What can you do with your HELOC?
Your Home Equity Line of Credit is an open line of credit, meaning you can draw on it and pay it down as frequently as you would like within ten years. People tend to use their credit line for home improvements, paying tuition, vacations, or paying down other debt.
What's the process for an Equifirst Home Equity Line of Credit?
1. Get organized. There is paperwork involved when applying for a home equity line of credit, and it's quickest to have everything you need prepared. Give your personal banker a call and we'll review what you'll need, and send you an application packet. You can find the number for the location nearest to you here.
– Completed application packet
– Two months of pay stubs
In some cases, if you don't receive a W2 or if you have other outstanding circumstances, we may need additional documents.
2. Apply for your HELOC. Bring your paperwork to your personal banker and we'll get your application finalized.
3. Wait for your initial decision. Waiting is the hardest part, but don't worry, we can normally get your initial approval decision within four days. Your relationship manager will send you a letter to notify you of the decision and any terms and conditions.
4. Have your home appraised. We will obtain an independent assessment of your home’s current value.
5. Time to close. Once the appraisal is complete, your relationship manager will be in touch to discuss the agreement's final terms. They'll schedule a closing date with you to come in and sign on the dotted line.
6. Use your HELOC. After the 3-day right of rescission period, you will gain access to your funds. You can draw on your credit line by writing checks, online transfer, or coming into a banking center. For any questions, your relationship manager will be happy to help.
*1After six-month introductory period, Annual Percentage Rate (APR) may change daily. APR based on value of WSJ Prime index plus or minus a set margin based on your lien position, combined loan-to-value ratio (LTV), credit score, and automatic payment status. 4.75% APR shown above based on 5.50% WSJ Prime index as of 07/28/22 minus a margin of 0.75% based on first lien, less than 80% LTV, minimum 750 credit score, and automatic payments from a First US Bank deposit account. Your margin may differ and your APR could range from 4.75% to 6.50% based on current index value. Maximum APR is 18.00%. $100 HELOC maintenance fee will be assessed annually. Advances may be obtained for 10 years. During this period, minimum monthly payment will be equal to accrued interest and finance charges. Minimum monthly payments will not reduce the outstanding principal balance and will result in a balloon payment. At maturity, you will be required to pay the entire balance in a single payment. *2Lender will pay up to $1,000 of closing costs if you obtain an initial advance of at least $10,000 within 30 days of closing and maintain an outstanding balance of at least $10,000 for a minimum of 365 days from the date of closing. If these conditions are not met, lender will charge or debit the HELOC for the amount of closing costs paid by lender. Subject to credit approval and program restrictions. Terms and conditions may change. Introductory APR and waiver of closing costs only for new HELOC customers. Contact First US Bank for details.