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Borrowing
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Hey there, I'm Uno, the bot that knows a lot. Buying a home is one of the most important investments you'll ever make. Let me help you get the information you need.
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What would you like to do?
Whether you’re buying your first home, downsizing, or refinancing, we are here to help. We can also help you take advantage of your current home’s equity with a line of credit or a home improvement loan.
Buy
Where are you in the process?
Refinancing
What is your goal?
Lower monthly payment
A lower interest rate will enable you to lower your monthly mortgage payment and free up money for other needs or wants.
Pay off my home sooner
You can significantly reduce the amount of interest you pay on your home loan by refinancing to a shorter term.
Get cash from my equity
If you’re considering a home improvement project, looking to consolidate debt, or pay for a college education, a home equity loan may be the answer.
Home Equity
Find what works for you
What you should know
Home Equity loans are an excellent way to take advantage of the hard work and money you’ve already invested in your home. They allow you to access cash for whatever you need. Because there are different options and they are a bit more complicated, we are happy to have a conversation with you to find the right fit. But hey, if you know what you want you can skip below to the links for applications.
Find your nearest 1st Source banking center or ATM
Testimonial
“We have a mortgage and a second mortgage with 1st Source Bank. We’ve never had any difficulty. It’s a class act organization where they make you really feel valued.”
Learn the benefits of home equity
1st Source Bank Consumer and Mortgage Manager Danny Conroy explains how to make your home equity work for you.
Comparing home equity options
Term Loan vs. Line of Credit
Terms of the Loan
Set specific loan amounts, payment amounts, and payoff date
Offers flexibility. You apply for a specific credit limit but borrow as little or as much as you like up to that limit. $250 minimum draw
Interest Rates
Doesn't change
Changes with Wall Street Journal Prime
Payment Amounts
Set payment amount
Based on your balance
All loans are subject to credit approval and standard processing fees. 1st Source checking account required. Minimum loan amount is $5,000 for Home Equity Lines or Loans. Contact us for full details.
Help & Support
Understanding Home Buying
Frequently Asked Questions (FAQs)
