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Home Equity Options

Chances are, the value of your home is on the rise, and even if you don’t plan on moving any time soon, it could still mean you’re sitting on a little extra cash — if you need the funds.

We have several options for you to cash in on your home's equity without affecting your first mortgage — from a fixed-rate Home Equity Loan to the convenience of a Home Equity Line of Credit, we can do it all. 

Compare options at-a-glance

A fixed-rate Home Equity Loan allows you to free up the equity in your home and turn it into cash — without affecting the great low rate you already have 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 low monthly payments and 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 large purchases
  • Get the entire loan amount up front—all at once—for a specific purpose.
  • Low fixed rate and fixed monthly payments
  • Minimum term period of 5 years
  • Maximum term period of 15 years
  • Borrow up to 85% of your home’s appraised value** 
  • No annual fee
  • No upfront closing costs or fees if your loan is $25,000+***
  • Interest may be tax deductible. Consult a tax advisor for details.

Apply Now Estimate Your Payments

Home Equity Loan Rates

Paying a higher rate on your Home Equity Loan?

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.

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 great low rate you already have on your mortgage loan!

Only access what you need — the rest offers a safety net for unexpected future expenses. With a variable rate lower than most credit cards, a First Northern Home Equity Line of Credit helps 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
  • Borrow up to 85% of your home’s appraised value** 
  • No annual fee
  • No upfront closing costs or fees if your initial advance is $25,000 or greater***
  • Interest may be tax deductible. Consult a tax advisor for details.

APPLY NOW Estimate Your Payments

Home Equity Loan Rates

Paying a higher rate on your Home Equity Line of Credit?

We may be able to lower your rate and save you money. 

REFINANCE NOW   Estimate Your Savings

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 amount may vary based on credit qualifications. 

Home Equity Lines of Credit (up to 85% appraised value**)
Type APR*
Line of Credit (variable) As low as 8.00%

Apply Now   Learn More

*APR=Annual Percentage Rate. Home Equity Lines of Credit have variable rates. Subject to credit approval. Rates are subject to Lender’s credit criteria, certain conditions, and restrictions. Rates are subject to change. The variable Line of Credit rate is set at the time of your loan (your initial rate) and adjusted each January and July 1st based on the Prime Rate as published in The Wall Street Journal, plus a margin as low as -.50% on Home Equity Lines of Credit (your margin may differ based on your qualifications). As of 7/27/2023 the Prime Rate was 8.50% APR. Available on Illinois residences only. Late payment fees and processing fees may apply. **Minus any balances owed. Your amount may vary based on credit qualifications. 

Home Access Loans (up to 100% appraised value**)
Term APR*
7-Year Fixed As low as 10.54%

Apply Now   Learn More

*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 10.54% APR for 84 months is a monthly payment of $1,688.15 and total interest of $41,804.86. Late payment fees and processing fees may apply. **Minus any balances owed. Your amount may vary based on credit qualifications. 

***Home Equity Loan amount, or Home Equity Line of Credit initial advance, of $25,000+ is required to avoid upfront closing costs/fees. The amount does not include proceeds used to pay existing FNCU loan(s). See your initial disclosures for complete details.