Home Equity Loans & Lines of Credit

Which is the best option for you?
Home Equity Loans	Home Equity Lines of Credit
The security of a fixed rate which will never change during the term of your loan	Variable interest rate which is lower than most credit cards, but that changes as the Prime Rate changes
With fixed monthly payments, you'll know exactly how much you owe each month	Payments vary based on interest rate at the time of repayment and amount drawn
Receive the entire loan amount up front to use for a specific purpose	The convenience of a revolving line of credit, so you only access what you need. The rest offers a safety net for unexpected future expenses.
Great for debt consolidation, college tuition, vehicle purchase, substantial home improvements or other purchases	Great for ongoing expenses like remodeling your home, paying for college tuition, and as a safety net for the unexpected
Minimum term period of 1 year; maximum term period of 15 years	10-year draw period and 10-year repayment period, which means you can use the line of credit for 10 years, and then enjoy a flexible 10-year repayment term
*Receive a 0.25% APR discount** off of our published, non-promotional Home Equity Loan rate with a Money Market Yield Account, direct deposit of any amount into an Advantage Checking account, or direct deposit of $500+/month into a Preferred Checking account

Both offer:

No annual fee
The ability to borrow up to 85% of your home’s appraised value**
Possible tax deductible interest. Consult a tax advisor for details.

*APR=Annual Percentage Rate. **Minus any balances owed. Your loan-to-value percentage may vary based on credit qualifications.

If the value of your home has increased, it could mean you’re sitting on extra cash! We have options for you to cash in on your home's equity — without affecting your first mortgage.

Compare options at-a-glance

A Home Equity Line of Credit allows you to convert your home’s equity into a line of credit to use as you need it for ongoing expenses — without affecting the rate on your mortgage loan!

Only access the funds you need, when you need them — the rest offers a safety net for future expenses. With a variable rate lower than most credit cards, a First Northern Home Equity Line of Credit may help you save money.

Great for ongoing expenses like remodeling your home, paying for college tuition, and handling the unexpected
Flexible line of credit to use as needed
Payments vary based on variable interest rate and amount drawn
10-year draw period and 10-year repayment period, which means you can use the line of credit for 10 years, and then enjoy a flexible 10-year repayment term
Borrow up to 85% of your home’s appraised value**
No annual fee
Interest may be tax deductible. Consult a tax advisor for details.

APPLY NOW Estimate Your Payments

Home Equity Loan Rates

A fixed-rate Home Equity Loan allows you to free up the equity in your home and turn it into cash — without affecting the rate on your mortgage loan!

You get the entire loan amount up front to use for a specific purpose, and the rate is fixed, so you can rest assured it won't increase during your repayment period. With terms up to 15 years, it’s a great way to finance large expenses.

Great for debt consolidation, college tuition, vehicle purchase, substantial home improvements or other purchases
Get the entire loan amount up front — all at once — for a specific purpose.
Low fixed rate and fixed monthly payments
Terms from 1 to 15 years
Borrow up to 85% of your home’s appraised value**
No annual fee
Interest may be tax deductible. Consult a tax advisor for details.

Apply Now Estimate Your Payments

Home Equity Loan Rates

Refinance & save

If you're paying a higher rate on your Home Equity Loan from another lender, we may be able to lower your rate and save you money.

Refinance Now Estimate Your Savings

Save even more

Receive a 0.25% APR* discount off of our published, non-promotional Home Equity Loan rate with: a Money Market Yield Account, direct deposit of any amount into an Advantage Checking account, or direct deposit of $500+/month into a Preferred Checking account.

Need to borrow up to 100% of your home’s equity?

Our Home Access Loan or Home Access Line of Credit may be right for you.

Borrow up to 100% of your home’s equity**
No annual fee
Interest may be tax deductible. Consult a tax advisor for details.
More affordable rates than personal loans for large expenses
Optional Debt Protection coverage available (Home Access Loans only)

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Home Access Loan Rates

Home Access LOC Loan Rates

Home Equity Loans (up to 85% appraised value**)
Term	APR*
5-Year Fixed	As low as 6.99%
10-Year Fixed	As low as 7.24%
15-Year Fixed	As low as 7.54%

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*APR=Annual Percentage Rate. Subject to credit approval. Rates are subject to Lender’s credit criteria, certain conditions, and restrictions. Available on Illinois residences only. Repayment Example: A loan of $100,000 at 6.99% APR for 60 months is a monthly payment of $1,979.65 and total interest of $18,778.89. Late payment fees and processing fees may apply. **Minus any balances owed. Your loan-to-value percentage may vary based on credit qualifications.

Home Equity Lines of Credit (up to 85% appraised value**)
Type	APR*
Line of Credit (variable)	7.00% to 9.00%

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*APR = Annual Percentage Rate. Subject to credit approval. Rates are subject to Lender’s credit criteria, certain conditions, and restrictions. Home Equity Lines of Credit have variable rates, which may change with the Prime Rate. YYour rate is set at the time of your loan (your initial rate) based on your credit qualifications, and is adjusted each January 1st and July 1st based on the Prime Rate as published in The Wall Street Journal, plus a margin of as low as Prime minus 50 to as high as Prime plus 150 basis points on Home Access Lines of Credit with a floor of 4.00%. Late payment fees and processing fees may apply. **Minus any balances owed. Your loan-to-value percentage may vary based on credit qualifications.

As of 12/18/2024 the Prime Rate was 7.50% APR.

Home Access Loans (up to 100% appraised value**)
Term	APR*
7-Year Fixed	As low as 9.28%

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*APR = Annual Percentage Rate. Subject to credit approval. Rates are subject to Lender’s credit criteria, certain conditions, and restrictions. Offer valid on Illinois residences only. Repayment Example: A loan of $100,000 at 9.54% APR for 84 months is a monthly payment of $1,623.15 and total interest of $36,344.94. Late payment fees and processing fees may apply. **Minus any balances owed. Your loan-to-value percentage may vary based on credit qualifications.