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A Home Equity Line of Credit gives you access to money that you might need to handle a series of on-going expenses. From remodeling your home to paying for college, the money is there when you need it. Once approved, the Equity Line of Credit from First Northern is set up so you can write checks when you need it.
A First Northern Financial Services Advisor will cover all the details with you from start to finish.
With a Home Equity Line of Credit you receive:
Up to 85% of your home’s appraised value (minus any outstanding balances owed)
An account from which you can withdraw only when you need it
Payments don’t begin until you actually use the money
Only repay the portion of the loan (plus interest) you use
If the purpose of your home equity line of credit advance is for substantial home improvements or to purchase your primary residence, interest payments may be tax deductible*
To get the application process started or to receive more information just stop in at the nearest First Northern branch and 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.
*As with any financial transaction with tax implications, we encourage you to consult with a Tax professional to receive the most current information.