Home Equity Line of Credit
Current Rate: 5.05% Variable APR*
*See below for details
Do you have a major upcoming expense or want access to credit in case of emergencies? Then a Home Equity Line of Credit may be a good option for you.
What is a Home Equity Line of Credit?
A HELOC is a line of credit that uses your home as collateral. You apply for a specific credit limit and can borrow as little or as much as you would like, up to that limit. You are only charged interest on what you use, and your bill is based on your balance. As you pay down your balance, funds become available to use again.
HELOC Benefits:
- Convenient access to cash
- No closing costs
- No prepayment penalty
Use your HELOC for anything you want or need:
- Home improvements
- School tuition
- Debt consolidation
- Much needed vacation
- Emergency expenses
- And so much more!
Accessing your HELOC is easy:
- Transfer funds into your checking account through Online Banking
- Write a check
- Visit a branch
- $250 minimum draw
*Subject to credit approval. Homeowners insurance and, if applicable, flood insurance are required. Applicant must have an open 1st Source checking account prior to closing. Rates and terms are effective as of 8/2/2019 and are subject to change. The current APR is a variable rate of 5.05% with a minimum APR of 4.00% and a maximum of 18.00%. The APR is based on an LTV of 80% or less. A $99 annual fee applies. The HELOC must be secured by an owner occupied 1-4 family dwelling in IN, MI or FL. Other products, rates and terms may be available; ask your lender for more information.