First State Bank Home Equity Loans

Equity is generally defined as the difference between the market value of an asset and the amount of debt outstanding against that asset. In the case of your home, this may be a significant source of borrowing power. Home equity loans enable you to use your equity to borrow for home improvements, debt consolidation, education expenses, major purchases, and any other budget need.

We offer two types of home equity loans: Revolving lines of credit and conventional second mortgage, installment loans.

Home Equity Line of Credit

• A revolving line of credit secured by your home equity
• Variable Annual Percentage Rate (APR) indexed to Wall Street Journal Prime
• Revolving feature allows you to borrow, repay, and re-borrow
• Interest only and minimum payment plans available
• Up to 10 year term
• Balloon payment

Home Equity Loan-Conventional Installment

• An installment loan secured by the equity in your home
• Fixed interest rate
• Fixed monthly payment
• Fully amortized
• Up to 6 year term

Our lenders can help you determine which loan is best suited for your specific need.

For more information, please contact our home equity lenders at one of our convenient locations, or apply online below:

What You Should Know About Home Equity Lines of Credit