Home Equity Line of Credit

Home renovations. Sending your kid to college. Opportunity comes in different forms, but when it comes your way, seize it with a home equity line of credit from First State Bank. You can use your HELOC for just about anything – and once you pay off your purchases, the money is available to use again when you need it.

Accessing your line of credit is as easy as writing a check or transferring funds – and with competitive interest rates, it’s an economical way to borrow.

Features
  • Borrow up to 85% of your home’s value
  • Use primary, secondary or vacation home or investment property as collateral
  • Interest-only payment option available for lower payments and terms up to 10 years
  • Principal and interest payment option available for terms up to 5 years
  • Speedy approval
Rates
Rates as low as 8.25% (8.328% APR) Payment Required Term
Principal & Interest Loan 8.25%1
Prime Rate plus 0.50% as published in Wall Street Journal2
1% of outstanding balance plus interest 10 year
Interest Only Loan3 8.25%1
Prime Rate plus 0.50% as published in Wall Street Journal2
Interest on outstanding balance 10 year

Rates current as of: February 8, 2023

Rates listed require automatic payment from a First State Bank account, otherwise rates are .50% higher.

1. Lowest annual percentage rate assumes the loan secured by single family home, loan to value of 85% for first lien position.: debt to income ratio of 43% or less; excellent credit history; maximum loan term; payments do not include amount for taxes or insurance premiums, if applicable, and actual payment may be greater and will vary based upon individual situations and current rates. A $25,000 principal and interest loan under these assumptions, including an $85.00 annual fee, would result in a $307.67 monthly payment. 
A $25,000 interest-only loan under these assumptions, including an $85.00 annual fee, would result in a $172.46 monthly payment.

The $85.00 annual fee for Home Equity Lines of Credit is waived for First State Bank Premium Checking accounts. 

A property tax service fee of $90.00 is required at closing. First mortgage lien positions may require an escrow for taxes and insurance. 

A balloon payment may result in the P & I loan at the end of the 120-month term. Home Equity rates may change daily. Property Insurance is required. Flood insurance may be required. 
All lending products are subject to application and credit approval. Home equity loans and lines also subject to acceptable appraisal and title search.

 2. Rates are priced on the Wall Street Journal Prime Rate (PRIME) , currently 7.75%; Prime is a variable rate with the maximum annual percentage rate (APR) of 18% and is subject to change without notice.

3. For Interest Only loans the 120-month term is interest-only payments, at maturity the loan will convert to a 180-term Principal & Interest loan.
 

Loans are subject to credit approval and satisfactory appraisal or evaluation from a qualified appraiser.

Fair Lending:

The Federal Fair Lending laws, (Fair Housing Act, Equal Credit Opportunity Act, Community Reinvestment Act, and the Home Mortgage Disclosure Act), prohibit discrimination in credit transactions. In accordance with the these laws, First State Bank promotes fair housing choice and does not discriminate against any person on the basis of race or color, religion, national origin, sex, marital status, age, lawful source of income, familiar status, handicap, disability, sexual orientation or gender identity.

SAFE Act:
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) is a federal law designed to enhance consumer protection and reduce fraud in the mortgage lending industry. The SAFE Act requires that all individual mortgage loan originators or MLOs be registered with the Nationwide Mortgage Licensing System and Registry, or NMLS.

NMLS #462643