Pick the Plan That's Best for You
While a Financial Services Advisor is always happy to discuss the First Northern Home Equity Program with you, this chart highlights the key differences between a Home Equity Loan and a Home Equity Line of Credit. This “snapshot” view should help you understand which borrowing plan best matches your needs.
Home Equity Loan
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Home Equity Line of Credit
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You get the entire loan amount up front – all at once. |
Flexible line to draw on as needed |
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Fixed monthly payments |
Payments vary based on interest rate and amount drawn |
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5, 10, and 15 year terms |
Up to a 10-year credit line with a 10-year repayment period |
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Best for one-time expenses, debt consolidation, or vehicle purchase period |
Best for ongoing expenses, like remodeling projects or college tuition |
To get the application process started or receive more information just stop in at the nearest First Northern branch to discuss the Home Equity Line of Credit program with a Financial Services Advisor.
Feel free to contact us with any questions and we’ll be happy to provide the answers you need.