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If it’s a visit to a far away island resort or a trip to the home center to remodel your kitchen, love each moment of your next adventure even more, thanks to the advantages of a home equity line of credit from First Midwest. Right now take advantage of our lowest rates in history, and the convenience to our exclusive EquiflexSM card to access your line. Plus, the interest you pay on your home equity line may be tax-deductible. Of course, please consult your tax advisor regarding the deductibility of interest.
Home Equity 101
Home ownership has many rewards, including the ability to build equity in your home over time. This occurs as you pay your mortgage every month, make improvements to your home, and through your home’s natural tendency to appreciate in value over time. The difference between the value of your home and your mortgage balance is called equity. To determine how much equity you may have available to borrow, simply follow the instructions in the worksheet below.
| 1. Estimate your home’s current value. |
|
$150,000 |
| 2. Multiply line 1 by 90%.* |
|
$135,000 |
| 3. Enter your current mortgage amount. |
|
$100,000 |
| 4. Subtract line 3 from line 2 for the amount you may qualify to borrow. |
|
$35,000 |
Home Equity Advantages
There are no prepayment penalties.
Take advantage of rates that are lower than most traditional loans.
Enjoy the fact that the interest you pay may be 100% tax-deductible1.
Pay down and reuse your line again and again.
Access your line via check or our exclusive EquiflexSM card anywhere VISA® is accepted.
It’s Easy to Apply
Call 1-800-716-6449 to apply right over the phone.
Contact us to request that an application be mailed to you.
Stop by one of our locations.
For a limited time, we’re offering all qualified homeowners our record-breaking rate of 3.49% APR for the first three months on lines of $10,000 or more and a loan-to-value up to 90%. After the three-month period, you’ll enjoy a low variable rate based on your approved line amount and loan-to-value. For complete details, please see below.
1Consult your tax advisor for deductibility of interest.
*Effective 10/8/03, First Midwest Bank's 3.49% Home Equity Line offer is available on
lines of credit with a loan-to-value up to 90% with a minimum approved credit line of
$10,000. APR will change based on Prime plus or minus a margin designated by program
and plan selected. The APR is indexed to the Prime Rate as posted in the Wall Street
Journal as of October 8, 2003. Prime is currently at 4.00%. LTVs up to 80% and
approved lines of $10,000 to $24,999 are Prime +.25; approved lines of $25,000
to $49,999 are at Prime; approved lines of $50,000+ are Prime -.25. LTVs over 80%
up to 90% with approved lines of $10,000 to $24,999 are Prime +.50; approved lines
of $25,000 to $49,999 are Prime +.25; approved lines of $50,000 + are Prime. The
maximum APR is 18%. The minimum APR is 3.49%. Subject to credit approval. Property
insurance is required on property secured for this plan. Other rate enhancements
do not apply. Offer does not apply to purchase money transactions or Home Equity
Installment Loans. If a Credit Line is closed within the first 24 months, a fee
of $350 will be charged (IL residents only.) Current First Midwest Home Equity
Line clients can take advantage, too, for a $100 Loan Modification Fee. This
offer may be withdrawn at any time without notice. Annual fees of $50 for IL and
$15 for IA residents do apply. This offer is only available on owner-occupied
residences only. Please consult your tax advisor regarding the deductibility of
interest.
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