Home Equity Line of Credit

Looking for credit? Own your own home? Then a Home Equity Line of Credit from 1st Source may be available to you. Consider the benefits:

• a low, competitive rate
• a flexible payment schedule
• no annual fee the first year
• tax-deductible interest (be sure to consult a tax advisor)

Use your Home Equity Line of Credit for anything you want or need:

• Improve your Home
• Fund your education
• Take a trip
• Consolidate debts

Drawing on your credit line is easy:  just write a check in any amount from $250 up to your credit line limit.

A Home Equity Line of Credit from 1st Source lets you …

• tap into the buying power of your home
• use that buying power to secure flexible financing that fits your budget
• enjoy a competitively low interest rate:
  • It beats even low introductory credit card rates and won’t soar after a few months, as credit card rates often do
• borrow against your home’s current market value:
  • Take the current market value
  • Multiply it by 80%
  • Subtract your current mortgage balance
  • That’s how much you can borrow
• choose the repayment plan that best fits your budget:
  • Pay off your balance each month or just make the interest payments
  • There are no fixed monthly payments, as with a loan
• enjoy Online Banking bonuses:
  • Sign up for Online Banking, and you have the flexibility of transferring money from your Home Equity Line of Credit into your 1st Source checking account
  • Then you can write a check for any amount you wish (even for less than the $250 minimum) and still enjoy your low Home Equity Line rate