Home Equity Line of Credit
A home equity line of credit is a revolving line of credit you can use when you need it; you only repay what you use.
Apply for a HELOC
Uses of a HELOC
A Home Equity Line of Credit is a perfect loan for many purposes in your life. We like to call it a life style loan.
Make home improvements or build an addition.
Help pay for college expenses.
Pay off and consolidate high interest rate debt.
Purchase a new car and set your own payment schedule.
Our HELOC Has Simple Conditions
A Home Equity Line of Credit is easy to understand and manage.
Maximum Loan to Value Ratio (LTV): 85% • Minimum Loan Amount: $10,000
Closing Costs: Home Equity Line of Credit - $350 + appraisal fee (only when applicable)
Benefits of a HELOC
You have access to money for emergencies
Interest may be tax deductible when using a Home Equity Line of Credit (check with your accountant for deductibility)
When paid back, your unused balances become available again • Interest only required each month on outstanding balances
Rates and Terms
Contact a Mortgage Loan Officer at (708) 946-2246 or (708) 258-0530.
Ready to apply?Ready to start your Home Equity Line of Credit application? Start by clicking the Apply Now link to access our online account application. Apply at your own speed, on your time. Save your application and come back as often as you like. If you have questions give us a call at (708) 946-2246. Apply for a HELOC |
How to Calculate your Home's Equity for
a Home Equity Line of Credit
There is a simple formula for calculating how much equity you have available:
Appraised home value x .85 - current mortgage balance = potential home equity
Here's a real-life example assuming your home's appraised value is $150,000 and your current mortgage balance is $70,000:
($150,000 x .85) - $70,000 = $57,500 potential lendable home equity
View our Mortgage Calculators
Use our calculators to view terms and payments you're looking for.
Home Equity Checklist
You will need to following items to start the process for your HELOC.
| Home Equity Checklist | Items |
| All applicants |
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| If self-employed |
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* All offers of credit are subject to credit approval.
| Safe Registry MLO Employees | NMLS ID # |
| Wendy Hoekstra, Vice President - Retail Lending | 527675 |
| Susan Karstensen, Assistant Consumer Loan Officer | 2614815 |
| Tailor Burnes, Marketing Assistant | 2431194 |
| Susan Springfield, Retail Banking Manager | 527674 |
| Tammy Hoffman, Chief Administrative Officer | 1594302 |
| First Community Bank and Trust Bank Identifier | 460979 |
* For licensing information, go to www.nmlsconsumeraccess.org.