Homeowners can obtain funds for any financial need.
The value of your home can help you borrow funds that can be used for any purpose. Some popular uses include home improvements, higher education costs, family vacations, vehicle purchases, new furnishings and debt consolidation. You can also choose to receive money in a lump sum or arrange for a revolving loan fund that can be easily accessed whenever the need arises.
Home Equity Loan
A good choice if you need a set amount of money for a specific purpose, such as paying off a high-rate credit card, completing a remodeling project or buying a vehicle.
- Receive funds in lump sum
- Fixed rates mean stable monthly payments over the life of the loan
- Interest payments may be tax-deductible. Consult your financial advisor.
- Platinum Home Equity Loans offer a lower interest rate to qualified borrowers.
Home Equity Line of Credit (HELOC)
A good choice if you would like regular access to money for unexpected repairs, medical bills or other occasional expenses or purchases.
- Withdraw funds from your line of credit whenever they are needed
- Access money through checks or online banking
- Variable interest rate
- Unlike some banks, our HELOC rate is based on the size of your credit line, not the amount you use. This can add up to substantial savings for you.
- Payment is interest only on the amount drawn.
- Interest payments may be tax-deductible. Consult your financial advisor.
Platinum Home Equity Line of Credit (HELOC)
All the benefits of a HELOC plus the following:
- Fixed interest rate for the first 12 months
- Variable rate that is up to 0.5% below Prime.
First Bank of Manhattan & New Lenox are full-service banks with branches in Will County, Illinois.
