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Home Equity Loans & Lines

Home Equity Loans¹

Put your home to work with a loan that gives you the freedom to make things happen. Use the equity in your home for refinancing, home improvements, debt consolidation, college tuition, a dream vacation, and more. First Bank’s Home Equity Loans offer the following benefits:

No points and no application fee
Fixed rate for the life of the loan
Competitive interest rates
Billing statements each month
Loans available in a first lien or second lien position
Local decision-making and processing
Personalized, attentive service throughout the entire process

Home Equity Lines^1,2

First Bank also offers convenient Home Equity Line options: a Prime Access Reserve Home Equity Line of Credit (PAR HELOC) and a Hybrid Access Reserve Home Equity Line of Credit (HAR HELOC). A Home Equity Line is a great way to pay for some of life's most important expenses. Just write a check drawn on the account for the amount you need now and pay interest only on that amount. If you need more later, write another check! It's that simple! Use the equity in your home to make improvements, take a dream vacation, consolidate your bills, pay college tuition, and more.

All Home Equity Line products offer:

No application fees
No annual or inactivity fees
Competitive interest rates
Easy access to the line of credit with checks
Billing statements each month
Payments based only on amounts borrowed
No interest charged until you use your credit line

Prime Access Reserve Home Equity Line of Credit (PAR HELOC)^1,2

Draw Period (credit advances) is 15 years. Ten-year Repayment Period begins after the Draw Period ends.
“Revolving” loan allows borrowers to draw down and pay back line as needed during the first 15 years. Loan stops revolving at the end of the Draw Period.
Variable rate tied to the Prime Rate.
The Standard Annual Percentage Rates (APR) stated below can be discounted by 0.25% with automatic debit of monthly payments from any First Bank personal checking account (checking account must be opened at time of or prior to the PAR HELOC account opening). New PAR HELOC accounts only.
Minimum monthly payment during the 15-year Draw Period is the amount of accrued finance charges plus 0.56% of the principal balance outstanding.
During the ten-year Repayment Period the minimum monthly payment will equal the greater of $75.00 or the amount of accrued finance charges plus 0.833% of the loan account balance.
Total term is 25 years.

Standard Annual Percentage Rate (APR)²

Lien Position	Annual Percentage Rate	During Draw & Repayment Periods
1st	8.50% APR	Prime plus 0.00%
2nd	8.75% APR	Prime plus 0.25%

Hybrid Access Reserve Home Equity Line of Credit (HAR HELOC)^1,2

Draw Period (credit advances) is ten years. Ten-year Repayment Period begins after the Draw Period ends.
“Revolving” loan allows borrowers to draw down and pay back line as needed during the first ten years. Loan stops revolving at the end of the Draw Period.
Variable rate tied to the Prime Rate.
The Standard Annual Percentage Rates (APR) stated below can be discounted by 0.25% with automatic debit of monthly payments from any First Bank personal checking account (checking account must be opened at time of or prior to the HAR HELOC account opening). New HAR HELOC accounts only.
Repayment during the ten-year Draw Period is interest-only based on the loan account balance.
During the ten-year Repayment Period the minimum monthly payment will equal the greater of $75.00 or the amount of accrued finance charges plus 0.833% of the loan account balance.
Total term is 20 years.

Standard Annual Percentage Rate (APR)²

Lien Position	Annual Percentage Rate	During Draw & Repayment Periods
1st	8.50% APR	Prime plus 0.00%
2nd	8.75% APR	Prime plus 0.25%

¹ All Home Equity products require the borrower to pay a mortgage recording fee, any other applicable recording fees or taxes depending on property location, and applicable notary/eNotary/Remote Online Notarization (RON) fees. Home Equity Loans and Home Equity Lines over $250,000 require Title Insurance and an Appraisal paid by the borrower. Other costs may also apply, such as a Tax Monitoring fee paid by the borrower (loans/lines over $250,000; 1st lien position only). The estimated range of fees generally total $100 to $6,416. Minimum credit line of $15,000 to a maximum credit line of $1,000,000. Home Equity Lines have an early termination fee of $300 (due if the line is terminated or pays off for reasons other than casualty loss, death of borrower, or refinance with First Bank within 18 months of account opening). Home Equity Loans are limited to 80% of the combined loan to value and Home Equity Lines are limited to 75% of the combined loan to value based on the estimated or appraised value. Applies to owner occupied (primary residence and secondary residence/vacation home) 1-2 family homes, townhouses, and condominiums in First Bank’s lending area. Homeowners insurance from the insurer of your choice is required. Federal flood insurance is required for any property located in a designated flood zone. Interest may be tax deductible; consult your tax advisor for details.

²The Standard Annual Percentage Rates (APR) shown above are effective as of March 22, 2024 and are subject to change at any time. The APR includes only interest and no other costs. The APR is based on the value of an index plus an applicable margin. The index is the Prime Rate (Prime) as published in the Wall Street Journal, which is currently 8.50%. During the Draw Period and Repayment Period the APR on the Home Equity Lines is variable at Prime plus 0.00% for 1^st lien position and Prime plus 0.25% for 2^nd lien position; the APR may change daily. During the Home Equity Lines, the minimum APR that can apply is 3.00% with a maximum APR of 18.00%. The minimum monthly payments may not be sufficient to fully repay the principal that is outstanding on the Home Equity Lines by the end of the Repayment Period. If they are not, then the entire balance must be paid in a single payment.

All loans subject to underwriting eligibility; other conditions may apply.