Home Equity Lines
Tap into your financial "house power" with a First Midwest EquiFlexSM Home Equity Line of Credit.1 It may just be the perfect solution for . . .
- Home improvements
- Debt reduction
- College expenses
- Emergency funds
- New car, truck, or boat purchase
- Taking that overdue vacation
When you leverage your home's equity (the difference between how much your home is worth and how much you owe on your mortgage), the funds can be used for any purpose, at any time.
The First Midwest Home Equity Advantage
Our EquiFlex Home Equity Line of Credit is also the most flexible borrowing solution you can find with exclusive features and benefits:
- Up to 90% loan-to-value
- 10-year initial draw period – enjoy the borrowing power of a line of credit at a variable rate2
- Fixed rate lock option – lock up to three portions of your line of credit into a fixed rate, and unlock the funds anytime you want to during the initial draw period
- Flexible repayment choices – take advantage of our interest-only payment option during the initial draw period to keep payments low
- 20-year fixed rate repayment term – no balloon payment! Outstanding balances at the end of the 10-year draw period, automatically convert to a fixed rate term loan
- Low rates and tax deductibility – lower rates than a typical credit card or personal loan and the interest may be tax deductible3
You may also qualify for 100 Tuition Rewards points plus 5% of the original line amount to help with college expenses.
Call 800-241-1749 to get connected with a First Midwest home equity expert, or simply complete your application online right now. Whatever you decide, we'll work with you every step of the way – from application to closing and beyond.Apply Now