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

Home Equity Line of Credit
You get the entire loan amount up front – all at once. Flexible line to draw on as needed
Fixed monthly payments Payments vary based on interest rate and amount drawn
5, 10, and 15 year terms Up to a 10-year credit line with a 10-year repayment period
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.

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Resources

HE Loans/Lines of Credit Video

 

Home Equity Loans
Borrow up to 85% of your home's equity
5-year fixed 3.99% APR*
10-year fixed 4.99% APR*
15-year fixed 5.49% APR*

 

Home Access Loans
Borrow up to 100% of your home's equity
7-year fixed 8.49% APR*

 

 

*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. Fixed rate repayment example: 5.49% APR for 120 months is $10.85 per $1,000 borrowed.

Home Equity Line Of Credit
 
Borrow up to 85% of your home's equity
Line of Credit (variable) 4.00% APR*

 

Home Access Line of Credit
 
Borrow up to 100% of your home's equity
Line of Credit (variable) 7.00% APR*

 

 

*APR = Annual Percentage Rate. Home Equity and Access Lines of Credit have variable rates. Loans and Lines of Credit are 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, and as low as 2.00% for Home Access Lines of Credit (your margin may differ based on your qualifications). Your margin may vary based on your credit qualifications. As of 12/15/16 the Prime Rate was 3.75% APR. The current Home Equity and Home Access line of credit rates listed above are floor rates and are higher than the index plus margin.

Loans